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3 Ways of Doing Business that Mark the Companies of the Future
Companies of the future differ from others because of the way they do business and the tools they use today to improve their business for tomorrow. Companies of the future are likely to undergo significant transformations due to advancements in technology, changing consumer behaviours, and evolving global trends. In other words, they think about the future.
While predicting the exact future is challenging, here are some key characteristics of future-oriented companies that they may exhibit. Find out if your company has them too.
Embracing the digital revolution
“It’s not a matter of IF jobs will become automated, but when. Jobs that are exclusively for people are rarely seen today”, said Nikolas Badminton. In the digital revolution (as Gerd Leonhard calls it), technology such as the CRM platform Salesforce, whose consulting partner is HSM, is used as a tool for solving practical, manual tasks. Using technology like that increases productivity and frees up time for more creative processes.
Companies of the future will increasingly integrate advanced technologies into their operations. Artificial intelligence (AI), machine learning, robotics, automation, and blockchain are likely to play significant roles. These technologies will streamline processes, enhance efficiency, and enable data-driven decision-making. Companies will place an even greater emphasis on understanding and meeting customer needs. Advanced data analytics and AI technologies will enable deeper customer insights, allowing companies to personalize products, services, and experiences. Customer feedback will play a crucial role in shaping business strategies.
Future companies will prioritize innovation as a core value. They will invest heavily in research and development, encouraging creativity, and fostering a culture of experimentation.
Implementing strategic forecasting in business and rethinking the way of working
The COVID-19 pandemic has accelerated the adoption of remote work, and this trend is likely to continue in the future. Companies of the future will leverage digital tools and platforms to facilitate virtual collaboration among teams spread across different locations. Flexible work arrangements and remote productivity will become more common.
According to Erica Orange, “One of the biggest imperatives is long-term thinking and strategic foresight. This has proven especially true in the past three years as the pandemic has exposed the limits of short-term thinking. Also, there is no longer a single office idea that works for everyone. In the future, there will be more and more distributed work, hybrid work.”
Companies will increasingly collaborate with other organizations, forming ecosystems and partnerships to create innovative solutions. The collaboration will enable sharing of resources, expertise, and customer bases, leading to new business models and value creation. Open innovation and co-creation with external stakeholders will become more prevalent.
Future companies will be characterized by flexible and adaptable organizational structures. Hierarchical models may give way to more decentralized, team-based structures that promote quick decision-making and foster innovation. Agility will be key to responding to rapid market changes and embracing new opportunities.
Incorporating sustainability and empathy in all aspects of business
Environmental sustainability will be a top priority for future companies. There will be a growing recognition of the need to address climate change and reduce the carbon footprint. Sustainable practices, such as adopting renewable energy sources, optimizing resource utilization, and promoting eco-friendly products and services, will be integrated into business strategies.
Gerd Leonhard believes that all tech companies should pledge to place humanity over technology in every decision. HSM follows the same principle by participating in the Pledge 1% program. The program involves donating the company’s share, time, product, and profit. The founders of the program are guided by the principle that “giving a small part of future success today can have a huge impact on our tomorrow.”
Future companies will be held to higher ethical standards. Consumers will expect transparency, fair treatment of employees, and social responsibility. Companies will actively engage in social issues, champion diversity and inclusion, and contribute positively to society. Purpose-driven organizations that align profits with societal and environmental impact will gain prominence.
These characteristics represent potential trends and may vary across industries and regions. The future of companies will be shaped by various factors, and adaptability will be crucial for success in an increasingly dynamic business landscape.