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The future of business: 5 myths debunked

3 mins to read
The future of business: 5 myths debunked

Whether your business is small, medium or large, planning for the future is a major concern for many executives.

We encounter talk of the changing business environment on a daily basis. Emerging technologies, the changing concerns of customers and the evolving workplace are three heavily discussed issues. In fact, many of the jobs we do today did not exist 5-10 years ago. As such, planning for the future can be daunting due to the sheer amount of uncertainties we face.

A quick google search for ‘Future business trends’ gives you about 266 million hits. To complicate things further, most websites identify different and sometimes opposing trends. It may seem that planning for the future of your business is akin to navigating a dense jungle, where any piece of information could potentially send your business in the wrong direction.

At Phocas, we recognize we are not fortune tellers and cannot tell you exactly down to the smallest amount of detail what the world will look like in 10 or 20 years. We do however know a lot about technology and what it is like working with customers. We have put this expertize to use to debunk some of the myths that are making their way around the Internet.

Myth 1: Hierarchy promotes business growth

More millennials entering the workforce leads to changes in the way we work. As discussed in a previous blog on leadership, millennials often have different values to those of earlier generations. As such businesses have seen a decline in so called ‘alpha leadership’, or authoritarian leadership, and a rise in team-work and collaboration.

While team leadership is still required, businesses are starting to realize that the most effective forms of innovation, and therefore growth, starts with employees across all levels of an organization. As an executive, you should ensure that your employees have an outlet to pitch ideas so you can implement positive change within your business.

Myth 2: Millennials are the whole future

On the topic of millennials, it is important to note that while this generation will in time replace the existing workforce, they are not the fastest growing group of technology users. While millennials are considered ‘natives’ in technology, the fastest growing group of technology users right now are in their 50’s. While this does not affect how you plan for your business in 30 years, it certainly affects 5 to 10-year plans. Indeed, it will have an impact on everything from marketing, to e-commerce, to customer service and beyond.

Myth 3: Everything will be automated

As a larger part of the population is using technology in their daily activities, it may seem as if we are moving away from human interaction and towards automation or interaction through technology. In extreme cases, you might think of science fictions movies where the world is entirely operated by artificial intelligence. No matter how entertaining those movies can be, they will mostly remain fiction.

Although the adoption rates of automated technologies will see continued increases, human interaction will remain essential. Emerging technologies should therefore serve to increase productivity, profit and enable employees to do their job better and faster. At Phocas, we work hard to ensure that our product makes your life easier and enables you to make experiences with your customers even better.

Myth 4: Corporate responsibility costs more than it ads

An increasing number of companies are publically engaging with topics of corporate responsibility and sustainability. From a profit driven point of view, corporate social initiatives which may involve giving your staff a day off work to assist a not-for-profit may seem like a waste of resources. However, studies have shown that companies who engage with corporate social initiatives have increased their profits through improved staff morale. With the increased access to information, consumers are becoming more aware of issues facing global and local societies, and the concept of ‘voting with your dollar’ has gained popularity.

From an environmental standpoint, many businesses are becoming paperless which results in cost savings and enables businesses to trade on their environmental credentials. Investing in the right technology can be seen as a double win.

Myth 5: The only way forward is replacing existing systems with new ones

Every executive knows implementing change can cause resistance from employees who are used to doing their jobs in a certain way. This resistance can be even stronger when implementing technology to less tech-savvy employees. On the other hand, not adapting to the changing business environment can cause significant losses for your business.

In the modern era, changing no longer means replacing entire systems. New software should be able to integrate with almost all your existing systems. Phocas integrates with a wide range of ERP systems and other data sources, making it all the easier to introduce to your employees.

Phocas can help you become more competitive in both the present and future business environment by allowing you to access your data and create reports at anytime, anywhere.