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Rahaf Makarati: 5 Business trends that will shape the near future

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In the next few years, the latest trends in information technology will not only be visible in cars, smartphones, laptops or even on new wearable products – they will be also visible in daily business operations.

These trends are important to make businesses continuously more productive, flexible and effective in using their time.

This article will have a look at the 5 main domains impacted by these changes.

 

Business-Areas

1. Accounting

More and more accountants are involved in systems and software implementation and use. This trend will continue in coming years.

As all accountants need to know applications and business software, IT training will become an even more important priority.

Another trend we will witness in the next years is the growth of cloud bookkeeping software usage – it is indeed easier, maybe cheaper, automatically updated and greater quantities of storage are now available.

 

2. Fiscal domain

The tax system is also another domain that will undergo various changes in the upcoming years. It will be more and more digitally-focused.

Moreover, there will be an introduction of Real Time Information, which means registering everything on an daily or weekly basis instead of a monthly, quarterly or yearly basis, depending on the company size.

 

3. Audit

Audit is an important domain for big sized businesses. It is about controlling the activities/production and assuring the reliability and transparency of financial systems.

In the next 10 years auditing services for businesses will become automatically generated.

In addition there will be real-time monitoring and IT will be more and more involved in the accounting domain.

 

4. Insurance

The biggest changes in insurance will be in the domain of risk assessment.

Moreover, the next generation of customers is going to demand insurance products that are interactive, constantly changing to meet new needs, and that can keep up to date with fast social and technological changes.

 

5. Legal

Several businesses have trials running in courts. Going to the court and the sessions to be heard takes time. Businessowners lose a lot of time on that.

Courts will be managed digitally in the future.

You won’t have to physically attend a sitting anymore. The lawyer will defend you virtually and you will be able to add or change anything, and to answer the questions of the court’s president via Skype. Which means no more traffic problems, and no need to wait for hours before it is your turn.

 

And these 5 domains are just the tip of the iceberg. More domains likely to be impacted — depending on the size of the businesses in question — are ERP, SCP, CRM (supply and procurement, production/planning and inventory), business intelligence, project management, payments and more. Only time will tell how and when!

 

Rahaf Makarati is a Belgium-based interpreter and translator. She is founder of techbusiness.me and cashflowec.com, and was one of LeWeb’13 Paris’ official bloggers. Get in touch with her via Twitter or LinkedIn!