The corporate world has seen a massive transformation in the last decade. There were tactics, strategies, and initiatives that not only changed the face of business but also won the hearts of consumers. From using going digital to business automation to the use of cloud technologies, businesses nowadays are more careful about resources and time management.
The adoption of cloud-based solutions in the business fraternity is one of the biggest transformations in the last decade. What’s more, executives and decision-makers are keener on investing in multi-purpose business solutions like board portal software, Salesforce, Sage, Quickbooks, etc.
Here are some major business transformations that changed the business world in the last decade.
1. Digitalization
Paper documentation has remained a global data maintenance method for centuries. However, it changed after the introduction of computers. Cloud data management solutions are arguably the best thing that has happened to data management so far.
In addition to data management, corporations have moved to secure online communication channels. For example, tools like Slack are used globally for international communication. Similarly, virtual boardrooms are here to facilitate online board meetings.
The trend of using multi-purpose solutions is also on the rise. That said, a large number of executives and decision-makers in the corporate world use tools like virtual board software, which is not only a perfect paperless meeting solution but a resourceful project and data management tool as well.
In addition to that, businesses employ Saas-based solutions in other business areas such as accounting, HR, marketing, sales, etc.
2. Cyber protection
Digitalization has proved to be a blessing and a curse at the same time. It has skyrocketed productivity and operational efficiency but also created room for horrific cyber crimes.
Every year, millions of online records are compromised or stolen and put to the wrong use. According to statistics, data breaches in the first quarter of 2023 affected over six million records worldwide. These numbers have been much higher in the past few years.
However, the good thing is that businesses have started investing in better and more secure data management solutions. What’s more, regulatory authorities have been vigilant in minimizing security threats by updating data management practices according to the situation.
For instance, ISO, the global standardization body, FINRA, FISMA, HIPAA, GDPR, SOC, and SOX are some notable regulatory entities and acts that govern data management practices in the United States, the UK, the European Union, and other parts of the world.
Cyber protection is not just an option anymore; it is a necessity. According to Jesus Rivas, Marketing Strategist at board-room.org – “Cybersecurity is the safeguard that protects businesses from digital threats, ensuring trust and continuity in the modern world. Embracing robust security measures is not just a choice, but a necessity for businesses to thrive securely in today’s interconnected landscape.”
You can also read about SOX Compliance in the UK to ensure the best data management practices for your business.
3. Direct to the customer (D2C)
During the 2010s, a new retail trend emerged called direct-to-consumer (D2C) distribution. Companies started selling their products directly to customers rather than using multiple channels. This transformation was driven by consumers’ preference for online shopping, which led to a downfall in department stores and large-sized shopping malls.
To improve the customer experience, companies started creating their self-owned outlets and stores. These stores allowed customers to interact with products before making online purchases from home.
The D2C model became popular mainly due to successful businesses like Dollar Shave Club. It allowed startups to enter the market with much lower starting costs. They could easily set up online stores using platforms like Shopify and precisely target audiences through online marketing.
Although some businesses were not successful, the success stories of lesser-known brands made selling directly to customers an attractive strategy.
In a nutshell,
- Dollar Shave Club’s success boosted the direct-to-consumer approach.
- Companies now prefer owning their outlets to offer a better customer experience.
- Setting up an online store has become more accessible and cost-effective, allowing startups to reach their target customers with ease.
4. Increased M&A activities
The increase in mergers and acquisitions has been another notable trend in the past few years; 2021 was the best year in M&A history.
Competition regulators have shown more leniency in the 21st century, which has allowed the industry giants to buy smaller, growing businesses. This way, they can minimize the risk of their own ventures, create a monopoly, and get both valuable products and proficient employees.
Buying companies for their talent was a popular strategy in the 2010s. The acquisition of a 12-member Paribus team by CapitalOne is a classic example of buying a business for its pool of talent.
Summing it up
Direct selling to customers, digitalization, increased investments in cyber protection, and a rise in M&A activities are some of the top business trends in the last decade. Apart from that, businesses have focused on automation, social media marketing, and growth-over-profit strategies.
