It is the start-ups which have caused a major impact in the world market. And these companies are writing off the traditional methods of handling offices. There were days when, in a software firm, a project used to start at 9.30 pm and complete at 6.30 pm. Next day, it was the same.
But smart minds changed the concept. In India, a project was started from 7.30 am to 4.30 pm. Then it went for review and testing.
Then, based on the report, the project went live in the US, Indian standard time, 5.30 PM to 5.30 AM. Testing is once again done, and the project was completed before the deadline. The reason – work went non-stop.
Similarly, businesses have also transformed themselves into extremely profitable margins by roping in new trends discussed below.
1. Social Media Adoption
Remember, the funny and likable ads you used to see about two decades ago in television. Or there were special song programmes in radio. There were times, when companies spent a sizable amount of their profits in television even though they got few returns.
But social media platforms changed the entire concept. Every business, right from home improvement services to film production houses to international sports competitions have started used social media. The growth has been a staggering more than 35 percent, and it is in tune with the improvement in number of internet users worldwide.
Let us imagine, you have worked in the air conditioning business for more than five decades. You reside in Karnataka and have recently opened an online platform for AC Service Centre in Bangalore for all brands.
Instead of spending on advertisements in television, you depend on social media presence. It can enhance the awareness of your company brand, improve the client base, get direct interaction with customers and build loyal relationships.
2. Virtual Firms
There has been a rapid change in technology, and every industry segment is rife with competition. There is a pressure in every industry to reduce prices. In fact, virtual firms have become more attractive to may businesses. Definitely, in the future, many companies will have virtual offices and there will be very less reasons for hardware, mortar brick offices.
Start-ups are, in recent times, hire contract employees, place their entire data in the cloud and utilize only small physician offices. By this method, they can reduce their costs and improve their profit margins. When every professional course is online, can businesses be far behind? Now, instead of physical face-to-face interaction, the messages and daily target are shared by virtual platforms.
3. Revenue Model
Just half a decade ago, many freelance professionals charged on a hourly basis. But the trend has changed. To reduce costs, businesses have shifted to value-oriented bills. This method becomes profitable for the company even in audits.
Start-ups and even existing companies have realized the profit margins of working with each other, even though their businesses span across different business segments. Let us take the previous example. After starting the AC service center in Bangalore, you also tie up with other handyman professionals.
The reason, while you provide service, if a client asks for a new plumbing service, you can help the plumber who is in your contact list. The electrician or water-tank cleaning guy can also help in similar ways.
In case, you get a call from an individual who resides 100 km away from your business area, you contact a reliable service center in your contact list. By this method, all of you can succeed.
Business are mainly divided into two types. Back end and front end processes. Now, automation is being used to for reducing the cost in back-end services. The emergence of chatbots has reduced the interaction to the customer care division.
Even professional service companies (legal services and accounting) have automated their back-end processes so that they can stay in tune with their front-end services. Now, companies are in favor of electronic check records. They are moving away from the traditional methods of filing papers and scanning techniques.
It is a fact, that technology in the future will create jobs, which are not existent today. Who would have believed that online payment is possible five decades ago? It has come true.
And in the future, there will be a world where maybe, laptops and computers will not be required. With a mobile, you can complete your daily tasks. In the future, a super gadget will be invented which may have many technological uses.
And oh! How can we forget artificial intelligence and robotics? Do you envision in the future, a company will have only robots working for hardcore jobs? There are many movies where human-made robots have caused destruction to man. So there are many questions to be answered. Only time will tell. Let us, till then, wait and watch.