Future Business Trends In 2024: Future Of Lean

Download ebook

It’s no longer the Big beating the Small, but the Fast beating the Slow. – Eric Pearson

1. Artificial Intelligence

Artificial intelligence is simulation of human intelligence in a machine so as the machine functions and executes all work like a human being. Artificial intelligence is used today in many creative fields    – from automated chess-playing to driving automated cars. Chat bots, Alexa, Siri, are some visible application of artificial intelligence. AI is everywhere and is its application is endless. Implications of AI provide better experience to customers thus many companies have started to restructure products and services on the basis of AI to increase their customer base. AI are highly being utilized in following industries –

• E-Commerce
• Education
• Medicine
• Entertainment
• Public Relation

1)   Robotics – Machines for machines

Robotics is not restricted to gaming consol. In future business trend, robotics has lot more to do with designing, operations, transportation, research and development. In the current scenario robots assists human in small job completion. But in future, one robot will be seen assisting another robot. A bunch of robots and not humans will be required in companies and offices.

Many government departments are also using robotics like – defence, army, security system, satellite monitoring units , etc.

Farming has also been revolutionized with clean and smart robots.

3. Virtual Reality

Expansion of education industry is highly dependent on the augmentation of virtual reality.

Future of education system will become more practical and less theoretical.

With increased innovation, teaching and training will use more and more virtual reality features as a future trend. From engineering to medical learning. Virtual reality gamification in future will support as the most effective method to train army and defense personnel.

4. Data Analysts

Data analysis is implacable in various industries from medical, healthcare, finance, banking, fraud, audit, development and the list goes on.

Future business trends suggest that data will become the foremost thing to make or break a business. Data will help research the complexity of any problem and add value to important decision making in future business. Data analysis will contribute to real-time survey and feedback for customer, product and services.

5. Block Chain

Block chain as the name suggests – are digital pieces of information that are globally stored at thousand different servers which can be accessible in real-time. It is the store house of data with hi security features.

Bitcon is the biggest live example of block chain concept.

Block chain technology are efficiently being standardized in various industries like – shipping and logistic, financial services, healthcare, energy, government works, consumer service companies. All around the banking industry, banks have started to adopt to digital transaction methods and block chain patents.

Crypto currencies have started to use block chain for sorting and processing the block chain technologies.

Block chain is prominently implement is following industries – Cross border payment, Food Safety, Healthcare, Fashion, and Supply Chain Management.

6. Drones

Drones, also named as – Unnamed Aerial Vehicles, and are finding commercial adaptability in business and day to day life. Drones are applied in multiple industries and sectors such as agriculture, mining, construction, defense, and logistics. There is wide spread application of drone

Advancement in technologies has eased out the execution of complex data gathering and data visualization exercise.

Evolution of drones and efficient inception of digitization across all industry will catalyze and induce massive decentralization.

These flying vehicles will meet out the future logistic challenges in densely populated cities.

Future business trends in 2020 will be completely drone driven.

7. Network or Internet services

5G is the new generation broad band network also called the Enhanced Mobile Broad band (eMBB). 

Digitized information will gain its value only when it is well connected. In the digitalized economy, 5G network standards will connect all possible industries to promote an enhanced production development. IT will finally help people to improve their quality of life.

Invention of smart devices embedded with virtual reality, panoramic and 360 degree video require strong and conventional network bandwidth. Digital transformation and sharing economy is challenging the existing wireless networking facilities.

Virtual game, live sporting events, virtual remote control, intelligent navigation, virtual tour guide, training and education are involving more and more of video services. Visual inputs have dominated the way we receive information whether at work or at home.

Uplink bandwidth, increased network capacity and an energy saving design is expected from the future generation broad band or internet services.

5G will support National Energy Transformation, cross country communication and co-ordination     , increase automotive safety and efficiency. Thus networking and internet services form one of the best future business trends in 2020.

8.  3D Printing

This is another most interesting idea of future business trend in 2020. In the world of virtual reality, 3D printing technology allows us to create anything and everything in a virtual or artificial mode.

You can manufacture objects with just a push of a button.  Now a day, 3D printers mostly use plastic as the material source. 3D printers are expensive and not everyone can afford it. Thus in the business of 3D printing people would need to pay fee to give shape to their imagination.

Human body organs can also be printed and created with the help of 3D printer. Thus 3D printer has brought revolution in the world of Prosthetic. Opening of 3D printing shop is solid business plan for next 10 years.

9.  Fitness Tech

Smart Watches, Fitbit – Fitness band, sleek ear plugs, echo, virtual training apps, step counters, sleep detector, YogiFi, vibrating leggings are examples of some super speedily developed fitness gift of the digital world.

Work from home has made people crazy for fitness. High end technology users are heading towards more of a sedentary life. Thus fitness tech has become the new life style around the world.

10. Energy Management

Renewable Energy Technology is the next big thing. Development in renewable energy will no longer be restricted to charging batteries.

Energy industry will have to provide greater flexibility in terms of allowing the energy firms to balance between the supply and demand of energy. Renewable energy will be required in large scale to support facilitation of technology functioning.

Drones would definitely play a big role in the coming decade. But is the world prepared for the amount of energy consumption that would be required for tracking the drone journey and safety hazards of the drone?

11. Online Medical Supply and Equipment Provider

The beginning of year 2020 has prominently announced that health and fitness is the mantra of life.

Healthcare providers and medical equipment suppliers are going to see a huge profit in the business in future. Future business trends in medical industry will require supplying the ordered medicine of equipments in short notice and fastest possible way.

Medical equipments that are high in demands are – gloves, masks, sanitizers, monitoring machine etc. The huge traffic of demand and supply will give a boost to medical equipment manufacturing and distributing industry.

Internet of Medical Thing (IoMT) has become the next common phrase after Internet of Things (IoT). Pharmaceutical companies and health care companies have gone digital. They are optimizing and streamlining systems so as to come to the level of adoption of digital strategies.

12. Yoga and Meditation Studio

With the rise in usage of technology people are spending more time on laptops, tablet, social media and software. While working from home there is lots of stress and postural problems. Yoga and meditation help people to relax themselves, regain energy and realign their focus on their goal.

Before stress enters into your culture it is always advisable to let positivity enter your culture. Positivity will transmit deeper power and inner strength. A yoga studio is now supported with trained staff and is accessible form home online. So if you are having space as big for a studio, yoga and meditation are the future business trend in 2020

13.  Online Tutoring Platform.

Online education or e-Learning market is flourishing because of surge in network and internet facility. Online education is way for students to gain knowledge by travelling nowhere.e-Learings and other virtual learing platforms is gaining importance as it helps students to save time in terms of travellingand also help them to learn at their own pace.

Althought online courses are still not considered that valuable , however the higher rate of enlorment for online training reflects a hogher demand for in-person training system. Online chat, forums, power pont presentation, youtube lectures, debates and virtual classroom are few basic online education techonolgy which are used.

Education business is one area of business which has never given negative growth. The landmark year of 2020 will witness drastic improvement in web based learning with 5G enabled learning system. It will have a widespread adaption in rural and remote locations as well.

2020 will also be the year of cloud based social teaching and leaning year. Here students will have the freedom to solve all queries on real time basis.

14. Photography and Videography 

Digital marketing, social media marketing and creative marketing are the latest marketing tools. When customers do not come to you need to penetrate customer’s world.

All business take support of podcast, you tube, social media and many other platforms to promote and grow their business and reach out to as much possible customers. All these promotional platform need to have a skilled photographer and videographer.A virtual event planning platform requires 360 degree photography.

All social media platform requires good visual which requires behind the scene work of photography and videography. There are multiple of photo filter apps available to add variety to the social media platforms.

The above list is exhaustive. You may plan to set up any business or start ups, but the next generation demands more than a business idea. Establishing a business with so many mushrooming competitors every minute is a tough task. Future business trends show that business run with a good system will not only survive but also sustain with challenges thrown by the innovating and continually evolving world. When the decision is to serve to customers who are none other than humans, you need to deal with many things like choices, services, quality, customer satisfaction and many more. Focus on customer is the future business trend in 2020.

Also Check Our Other Courses

• Six Sigma Green Belt Certification
• Six Sigma Black Belt Certification
• Six Sigma Master Black Belt Certification

Customer Focus – The New Business Trend In 2020

The old and traditional way of business – big or small, was to grow business and earn maximum profits. Advent of digitization has now started to shift the focus from profit maximization to customer acquisition and customer satisfaction. “Customer is King” statement has reduced its importance.

There has been a paradigm shift in the customer definition. Today’s customer has become more intelligent with the augmentation of digital environment. The selling strategy has shifted from “selling product” to “selling ideas”.

Attracting new customers have put the product innovation team to constantly chase and formulate the “next big thing”. “Customer Intelligence” is the new digi word, which is helping the companies to figure out new strategies to leverage their data analytics to pocket in big business decision.

In order to increase your customer catchment the sales team needs to deal proactively with the changing business scenario. They need to change from ‘reactive’ customer support team to ‘proactive’ customer support or call center.

Approaching 2030 and digital platform of serving customer, a continues efforts to accelerate customer experience is very much needed. Companies need to resort to out-of-the box thinking strategies to capitalize the benefits of customer revolution. Service and Quality goes hand in hand and this is where future of lean comes into picture in the coming decade of robotics and automation.

The Digital Reform And The Future Of Lean

LEAN IS READY TO TAKE CHALLENGES

The biggest challenge is CHANGE. In 20^th century changes are faster and rapid. The ongoing changes in today’s digital business world, the economy and market have been constantly evolving. This has impacted the priorities of different industries and business. There was change in choices, needs, demographics, culture and diversity.

Lean is typical process oriented technique. So the challenge for this technique is to adapt to the changing environment and bring out realistic modification in the system and process keeping in view for the customer’s requirement. Future of lean requires narrowing down approach towards –

• Process and Product Quality
• Process/Product lifecycle
• High return on investment
• Implementation on change with best utilization of available resources.

Future of lean is lies in analyzing all the complexity and performance improvement scope of a project or a process in a short duration of time to pace up with the constraint of time deadline. Lean will develop a strong responsive system to progress with oncoming challenges and new opportunities.

LEAN TO GO BEYOND CHANGES

Lean is opening new windows of improvements in the business progression. Lean business development works on principle of optimization. Future of lean, in this ever changing business environment, aims for continues improvement and relentless customer value.

Lean follows a simple system of improvement and testing on a continues mode keeping the life cycle and scope of a project or process to remain the same. As a trend setter for efficient utilization of resources, its replacing all the traditional methods and tools to address to major problems of many business. It also includes empowerment and capability building of employees to motivate them to embrace effective and profitable changes in work atmosphere.

Lean lays the right foundation and building block for financially disciplined company having best opportunity of transformation and growth.

LEAN GETS OUT OFF THE MANUFACTURING FLOOR

When Toyota met Amazon it made stories. Today lean is not just restriced to manufacturing industry. It has entered the arena of service industries, health care, education, hotel, restaurant finance, software development etc. The shrink thought process does not exist anymore. Rather future of lean has narrowed the list of possible failures and waste in any industry.

The work line of providing right service to the customer at the right time has expanded the horizon this Japanese concept and has made the future of lean broad. Learn more about lean six sigma.

SMALL BUSINESS ARE NO MORE SMALL WITH LEAN

With practical approach improving workflow and quality, lean methodologies have penetrated across all segments of business.

A synchronized and a well defined workflow or business process with small changes gives push to accomplishment of large organizational goals. When we start a business, clear definition of business activities and customer base from the very beginning will always help elevate your progress graph from day one.

All the more beneficial will be to implement the principles and tools of Lean management for customer service and process enhancement. Growing awareness of lean in the SME sector, business owners grabbing the best of advantages of the lean management. Lean transformation is having heavy impact in improving investment returns in business creating a cutting edge for competitors

LEAN WELCOMES THE DIGITAL ECONOMY

Lean is simple process of visible display of error in real time. Making the problems visible and solving them to throw back a visible impact in efficiency is what explains Lean beast.

What’s next?? Smart Technologies!! Future of lean!!

The era of digitalization will promote more of automation and robotics. In future of lean, Lean Robotics is going to be the new buzz word for the business world.

Machine replacing humans at work would definitely require a pre-programmed error management system to eliminate all possible bottlenecks in a process.

Smart working with smart technologies will push startups and entrepreneur to adapt to the lean management to compete with the changing and innovative business transformation.

Even the traditional banking system is taking a U-turn to digital transaction mechanism by acquiring data scientists and block chain patents.

Consumer analytics, Data Analytics and cloud based programming has become the latest priority for any business.

LEAN TRAINING TO INCREASE EMPLOYEE PRODUCTIVITY

As the mission and vision of the organization is downloaded to the last employee, similarly implementation of Lean in an organization has its impact.

Training and development of exiting workforce for the lean methodologies will promote increased productivity and efficiency in any organization. This is another aspect of the future of lean.

Capability building of problem solving and team work as the basics of Lean thinking will keep the organization at the top in the business race.

Filtered flow of Lean Information Management System will create positive impact on physical and mental health of staff at a workplace.

LEAN – THE NEW MANAGER

 “Transformation is often more about unlearning then learning” – Richard Rohr

In the future of lean, leadership has a new role in any origination today. 2020 will see the implementation of downsizing, reengineering, transformational technologies and minimal manning. The organization that adapts and implements the tools based on transformation propels the company to out shine in market.

Once the transformation is implemented, the leaders come into picture to engage and monitor how the implementation has impacted the process and progress, whether the problem-solving technique are actually resolving the front end and ground level issues.

Soft Skills like communication, networking and creativity will be the much needed skills for the managers of the automated and virtual world. Remote work, advanced technology and analytics would combine to form the lean revolution and future trend of business in 2020.

Recommended Reads

• Best Six Sigma Course in India
• Best Six Sigma Courses in Bangalore
• Best Six Sigma Black Belt Courses in Delhi
• Best Six Sigma Courses in Chennai
  • Best Six Sigma Courses in UK
  • Best Six Sigma Courses in USA

FAQs

1) What are the upcoming business trend in 2020?

Robots replace humans, nano technology, 3D printed human organs, Mobile broad Band, online tutorial, drones manufacturing, etc.

2) What business are in demand ?

Social Media consulting, Senior Citizen Care, Healthcare consltancy, Wellness and nutrition consultancy

                                                

Download ebook