Technology and innovation are driving the evolution of most businesses these days. Here are some of the key business trends to watch out for in 2018. Are you and your business ready for them?

 

What are Blockchains and Cryptocurrencies?

In the world of technology, a blockchain is a digital, decentralised, public ledger of all cryptocurrency transactions. Blockchain is a way of bringing trust and transparency to the way businesses operate online, while mitigating many of the weakest points in existing processes. Cryptocurrencies such as Bitcoin are receiving a lot of press coverage. These online, digital currencies use blockchain technology to facilitate payments. Both are likely to be a big trend in 2018 and beyond. For your information, HMRC has set out a brief on cryptocurrencies and the tax treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies, specifically for VAT, Corporation Tax (CT), Income Tax (IT) and Capital Gains Tax (CGT).

What about Artificial intelligence (AI)?

AI has developed in 2017 and looks set to continue to do so in 2018. Businesses are starting to find ways to utilise this technology in terms of automating tasks and creating efficiencies. Some are starting to use AI to automate document assembly or to analyse large data sets. Businesses are experiencing cost pressures and AI is front and centre when it comes to finding ways to deliver more with less cost. AI is also part of the latest government Industrial Strategy to boost productivity and earning power of people across the UK.

Are Millennials moving into management?

Millennials are no longer children – the oldest of them are now 35. Millennials are starting to take leadership roles within businesses and in addition to managing their peers, they will soon be managing Generation Z employees. It will be interesting to see if Millennial managers complain about Generation Z as much as Baby Boomers and Generation X complained about Millennials.

Will Cloud Computing continue to develop?

Software as a Service (SaaS) created a flexible opportunity for businesses and consumers to try out early cloud services. The growth of infrastructure and platform as a service (Iaas and PaaS) has expanded the number of cloud solutions available in the public and private sectors. Cloud based file storage will likely continue to be a big trend and this should drive ongoing developments in the cyber security sector.

Is my business tech efficient?

All these trends will affect your business whether or not you are already aware of them. So you need to start familiarising yourself with them and use them when and where appropriate.

  

Lotuswise Chartered Accountants and Business Consultants can give you more insights into these upcoming trends and help you make your business more efficient. So please contact us now.

Share This: