There is a rapid transformation taking place across all sectors and industries in Australian businesses. Additionally, there are tremendous global shifts and challenges for us to contend with. This article will analyze the business trends that will have a significant impact on businesses in Australia. Surely by knowing about the upcoming trends, these businesses can adapt to them ahead of time and benefit.
The last two years were a transformative time for businesses and people. In the year ahead, there are several economic, social, political, environmental, and technological shifts set to take place. And so, what can we look forward to in the year 2022?
Voice search will thrive
Voice technologies like Alexa, Siri, Cortana, and Google Assistant are growing in popularity, every day. Approximately 1.35 million Australians have a smart speaker in their home and that indicates this technology’s popularity.
Though voice search is a fairly new business, it is essential that businesses prepare for the next generation of SEO and that is VSEO or Voice Search Engine Optimization. This means that businesses must have a strong SEO foundation on their website, especially for things like local search keywords and site structure.
Sustainable and resilient operations
The current Australian businesses must look to reduce or outright eliminate the environmental costs of doing business. One step in the right direction will be to decarbonize the supply chain. However, businesses must look beyond the supply chain and improve sustainability across their business operations.
Additionally, sustainability is linked to resilience as it refers to the ability to adapt and survive. Any business that does not address the sustainability issue this year is unlikely to do well in an age of continuous consumer demand.
A Mix of human workers and intelligent workers in the workplace
Artificial Intelligence led to increasingly capable robots that can take on tasks that were once done by humans. This development leaves Australian business owners and employers wondering about balancing their human workers with smart machines. Australia (or any other country) immensely benefits from automation. Hence, business leaders must prepare their companies and organizations for changing the nature of work.
Examples include deploying bots that automatically examine business contracts and alert staff to any discrepancies. Other tools can automatically match invoices with purchase orders and issue them for approval. This approach significantly streamlines the accounts payable process.
A changing talent pool and employee experience
The present working climate is where more younger people are entering industries. Australia is seeing more remote workers and gig workers entering the workforce. Experts claim that full-time employment will become a thing of the past. This tonal shift means that companies and organizations will shift to a contract basis. Here, they will hire remote workers based on their current needs and requirements.
Agile and flatter organizations
A typical organization has a rigid and hierarchical structure. But, that is changing and leaders see the need for flatter and agile organizations. Here, they can quickly reorganize their team structure and adapt to any changes. The move also comes as a response to the way the nature of work changes. Specifically, the increase in freelance and remote workers.
The year 2022 is the age of flat organizational structures rather than a top-down pyramid structure. This setup encourages flexible communication and benefits in the long run.
Authenticity from Australian businesses
Every consumer is looking for a meaningful connection with brands and Australian consumers are no different. This need for connection is what led to the rise of authenticity as a business trend. Authenticity can foster human connections as humans like to see brands display human qualities. These qualities can be anything from honesty to humility, and everything in between. Today’s consumers want brands and leaders that care about issues and want to do more than turn a profit.
The data steward
Businesses require access to reliable and consistent data to function properly. Having multiple sources of information stored in various locations make it nearly impossible to efficiently consolidate the data. Hence, in 2022, many businesses will create a data steward. The data steward’s role is to ensure that data is stored, managed, and provided on a consistent basis.
The data stewards act as a gatekeeper who ensures that multiple versions of the same data do not exist and everyone is working from the same data set. Hence, consistency improves significantly and businesses can make strategic decisions. The data steward ensures that companies have access to the most up-to-date information available.
Australian businesses with a purpose
This trend is similar to authenticity in that it ensures organizations exist to serve a purpose. A good purpose clearly lays out why the organization exists and not what the organization is or what it does. Any Australian business with a strong purpose can potentially strive for something better that appeals to the general audience.
Integration and Co-opetition in Australian businesses
The present world we live in is one where almost anything is possible by outsourcing it. The global business world is integrated in a way like never before. One notable benefit of global integration is the ability to tap into multiple resources and solve complex business problems. Australian businesses will benefit from working together. Those that do not will find it increasingly hard to succeed without any close partnerships with other organizations.
Put into practice, it means greater supply chain integration, more data integrations, and data sharing between organizations. It could also mean competitors working together.
New ways to fund projects
There are plenty of ways for a business to find the necessary resources. Presently, the ways that companies generate finance is changing. The development of new mechanisms and platforms connects businesses to investors and donors as we’ve never seen before. Imagine crowdfunding, ICOs, Special Purpose Acquisition Companies, and tokenization. Many of these new forms of crowdfunding exist thanks to the decentralized finance movement. Here, financial services like trading and borrowing occur in a P2P network under the umbrella of a decentralized blockchain network.
Emphasis on security
The current high-profile data breaches place an emphasis on IT security. It is also a significant concern for other Australian businesses in 2022. The threat landscape evolves every day and sufficient efforts are required to protect a company’s infrastructure.
This year, we will see businesses undertaking a comprehensive review of all measures in place to confirm they are providing the necessary protection. Businesses must approach security in a holistic manner rather than invest in single-point solutions that prevent specific threats.
Companies can consider utilizing a managed security services provider. These companies provide extensive security services and remove the typical complexity faced when internally managing measures.
The end of third-party cookies
Google, in an early 2021 press release announced its intent to end support for third-party cookies in its Chrome browser. This announcement came after Apple Safari and Mozilla Firefox made a similar move.
Third-party cookies were essential to digital marketers as they collected data from users around the world. These cookies made it easier for them to target specific groups, enjoy better engagements, and the sales that come from having such information.
However, Google now aims to tighten up its user’s privacy settings and put an end to third-party cookies. The move means that marketers have to change tactics and find new ways to collect their customer data. Already we are seeing brands shift to the first-party cookie strategy in response to this move.
Businesses now have to invest in upscaling or building their consumer data platforms and put their first-party cookie data to better use. They can do this by using strategies like email optimization and considering other ways to collect data like loyalty programs.
Australian businesses will continue to grow
These are some of the notable trends to watch out for this year. Do note that as we move forward, there will be more trends emerging from various industries. Businesses that adapt to these trends will benefit in the long run.