9 Business trends to look out for in 2022

The digital revolution has been in full swing for years now and your business is unlikely to survive, if it hasn’t taken steps to adapt already. Innovation is set to continue and further change the way we do business and reach our customers. The digital revolution has impacted every part of the modern business, from business insurance to how we keep in touch and connect with our customers. Read on to discover what trends are set the shape the second half of 2022.

1. How can AI be used in your business?

One of the most important technology trends in business is the use of AI or artificial intelligence. This may sound like something out of a science fiction movie but today many companies are using this technology as a way to improve productivity.

In business, AI can be used in data analysis, customer services with chat bots, and to process automation in routine tasks. AI can also enhance personalisation so retailers can use it to make appropriate recommendations to customers based on historical data.

Like it or not, AI is here to stay and may lead businesses in ways that we have yet to discover.

2. Will Blockchain change Your Business?

There’s a lot of buzz about the blockchain. This has been generated by the move to adopt crypto currencies such as Bitcoin and although many economists are suspicious about a decentralised banking system, this method of financing looks as if it is here to stay.

According to the International Data Corporation, companies spent $6.6 billion on blockchain solutions and this figure is expected to grow to $15 billion by 2024.

Blockchain may change your business in the future. It enables companies to trade with unverified parties without the security of a major financial institution, and because it offers proof that every transaction is tracked blockchain is secure.

3. How can you use the Metaverse?

The Metaverse is a virtual world that you access by using a virtual reality headset and is set to become the next big thing in social interaction, entertainment, and work.

With the Metaverse you can inhabit a whole new world where anything is possible. It is expected to have a major impact on businesses as well as the technology sector.  And as the Metaverse eco system grows, early adopters are likely to reap great benefits in the same way as early adopters of the Internet saw immense profits simply by being first.

It is expected to enhance businesses by providing new models for customer engagement. It will certainly pave the way for the adoption of new types of blockchain currency and it also will make it easier to work with employees who may be working at a distance.

4. Renewable energy for your business

With the costs of energy going through the roof as well as the concerns about climate change, switching to renewable energy for your business has many advantages.  Not only will it cut costs and reduce dangerous carbon emissions, it is something that customers are beginning to favour and take more seriously than ever before.

Business trends that lead companies towards Green or sustainable energy can be based on wind power, solar energy or other renewables. Using these types of clean energy is not only the right thing to do; it will be the most profitable.  Especially as the costs for renewable energy are decreasing at the same time as traditional energy costs such as those based on gas or oil currently at an all time high.

5. Bespoke Business Insurance for your protection

Businesses come in all shapes and sizes so not many companies suit a one size fits all insurance solution. A new tech start-up will have different risks from an established plumbing company or a property company for example, yet may be expected to choose the same level of business insurance based on the same criteria. Even within the same types of industry, geographical location and local conditions may cause risks that are unimaginable in other areas.

Business insurance is one of those business trends that is easy to adopt. It gives you a way to identify your potential risks and protect your livelihood in the way that is best for you.  This type of insurance policy is custom made for your requirements and calls on experienced brokers and insurers who specialise in your line of business.

6. How Does Your Business Treat Internet Security & Privacy?

Internet security and privacy is becoming increasingly compromised as hackers find ever more sophisticated methods to target your data.

Many major corporations such as the British Army, high street retailer The Works and numerous health organisations, banks and airlines suffered crippling cyber attacks in April 2022.

Security breaches lead to millions of customers having their data compromised and is something that no reputable company wishes to inflict on their customers.

The only way to stay safe is to make sure you are up-to-date with cyber security. Applying AI to cyber security protocols will help create more robust protection and is something that no company can afford to ignore.

7. Flexible Working On The Rise

Flexible working is on the rise. The government has announced new plans to make this a right for everyone.  Plans include a range of flexible working methods such as job-sharing, flexitime, compressed, annualised and staggered hours, as well as phased retirement. Flexible working doesn’t just mean working from home.

According to business secretary Kwasi Kwarteng, flexible working leads to more productive businesses and happier employees. But whatever your opinion on the rise of flexible working, social trends in business cannot be ignored and employers will need to consider whether they can offer flexible working before they advertise any job as a legal requirement.

8. Four-Day Work Weeks

Many companies are switching to a four-day workweek. Research has found that companies adopting the four-day week with no loss of pay are more productive and less prone to absenteeism.

Companies can either run on longer working days, condensing five days work into a four-day week. And companies such as Atom Bank have cut hours so employees work for 32 hours a week with no loss of pay.

9. TikTok & the New Social Media

These days no business can afford to ignore social media. Traditional platforms such as Facebook, YouTube, Instagram, Pinterest and Twitter are fantastic for raising brand awareness, promoting customer engagement and increasing sales.

However it is important to keep up with social trends in business and to engage with new forms of social media. Tik Tok for example has had a meteoric rise since its inception. Originally the platform of choice for the younger demographic, these days it is one of the most influential platforms out there.

Staying current with social media is crucially important so make sure you have a social media expert in your company to handle your social media and ensure it is aligned across all platforms.

Is Your Business Prepared for 2022 and beyond?

If your business is not prepared for 2022 and beyond, you may find your company left behind by technology trends. Do things right and your business could be heading towards a promising future.

When choosing business insurance, it’s important to consider the specific needs of your company and the potential risks you may face. Brisco Business can help you evaluate your options and select the right coverage for your business. Please don’t hesitate to contact us for bespoke advice for your business.

Dean Laming

Dean is a Chartered Insurance Broker with more than 25 years insurance experience. Through various underwriting, operational and management roles, Dean has built up extensive knowledge of how to run a business and is now Managing Director of Brisco Business, part of the wider Henry Seymour Group.

All articles by Dean Laming