As we bid farewell to 2017, we look towards its major events and trends to help us better prepare for what’s to come in 2018. Major events in the field of technology, finance and policy will drive how business is done in 2018. Here’s what you need to be on top of as we usher in the new year:
Artificial Intelligence Driving Business
Irrespective of which industry you represent, AI (Artificial Intelligence) already influences a certain part of your business. Expect this influence to rapidly increase over time. Whether this influence is customer facing or internal, it is best to have a look at how AI can streamline your processes. This will help keep your business relevant and save up on costs.
Blockchain
Whether you think Bitcoin was worth the hype in 2017 or not, you will need to keep an eye on Blockchain technology. This encrypted information sharing mechanism caught everyone’s attention especially after the prices of several Crypto-currency sky-rocketed. The applications of Blockchain go beyond Crypto-currency and finance. It has been pitted as the future of information sharing and has been embraced by several corporations and governments.
Social Media Community Management
If you use social media to promote your business or engage with your customers, you know by now that it is no longer as easy as it used to be. Reaching out to existing and potential followers has become very challenging over the years. This is mainly due to changes in how users consume content as well as social media platforms encouraging businesses to pay for ads to reach a larger audience. The trick is to have the audience look out for you instead of the other way around. This can be done effectively through social media community management, through which you are able to provide value to your existing users to encourage others to join in.
VAT in the UAE
Depending on certain eligibility factors, businesses in the UAE may or may not have to register for VAT. This is a big step for businesses in the UAE and 2018 is expected to teach us a lot about this new system. If you are a business owner who has not registered yet, bear in mind that the burden of VAT must be borne by the customer and not the business. Read up on the benefits of registering for VAT voluntarily before making your final decision as to how your accounting mechanism will work in 2018. Do bear in mind however that at the end of the day, even the voluntary registration can be done only if you meet certain eligibility criteria. Log on to shams.ae/VAT to know more.
Watch out for Gen-Z
Had troubles getting along with Millennials? Gen-Z is the latest challenge for you! Anyone born after 1998 falls under this category and you will have to tap into their tastes and preferences from now itself to capture that market. With the eldest of Gen-Z already getting into the workforce, it’s time for you to get acquainted with their habits to make the most of this new generation.
While the above points offer a tiny glimpse of what’s in store for next year, it’s always a great idea to start one step ahead of the others and take the challenges 2018 has to offer head on!