By 2030, IT’s primary focus will shift to providing strategic business value by delivering innovative products and services. However, traditionally siloed and process-driven IT departments are not well suited for the speed and adaptability needed to take advantage of emerging digital business opportunities.
This means that IT and business strategy must be aligned to boost the responsiveness and agility that will be required to compete in the future. This can be accomplished by embracing collaborative management techniques and increasing autonomy among IT staff. To build context for the future of IT, here are a few of my predictions for information technology in the year 2030:
We usually associate blockchain with cryptocurrencies: Its application in other industries remains untapped, as it’s still in the nascent stages of development.
But in a short time, blockchain has emerged as a key financial technology (fintech) that can enhance financial management for small-business leaders and finance managers.
Key blockchain for finance facts:
- Blockchain has the potential to secure financial transactions with the use of advanced cryptography.
- Blockchain enhances financial compliance and transparency by creating a decentralized ledger for small businesses.
- Blockchain is gaining traction among business leaders as more proof of concepts (POCs) have emerged that can be applied in finance for small businesses.
However, like other emerging technologies, such as AI and machine learning, small business owners and finance managers face some key challenges in understanding the impact of blockchain such as:
- Thirty-one percent of small business owners aren’t sure which technology is the best fit for them.
- Eighteen percent of small businesses find it difficult to integrate new technology with their current technology setup.
While consumer internet of things (IoT) devices such as smart thermostats and fitness trackers have garnered much of the media’s attention, the internet of things has been quietly optimizing business operations around the world. In fact, according to a recent GSMA study, the number of internet of things endpoints used for business operations will surpass the consumer market by 2025.
Business IoT has shown promising results: A recent Gartner survey found that 80 percent of companies that have implemented IoT technology feel that their return on investment has been better than expected (report available to clients).
2018 was a tough year for small-business owners when it came to understanding the implications of tax reforms introduced by the Tax Cuts and Jobs Acts (TJCA).
Not only were small-business owners unsure about the benefits of the new tax rules, they also had to reassess their tax obligations to find applicable tax breaks after the tax brackets changed.
As we approach the 2019 tax season, understanding tax regulations is still a key challenge for small-business owners and certified public accountants (CPAs) at small firms because of all the changes.
Overall job satisfaction is closely linked to the efficient management of office space. According to Gartner, employees who are satisfied with their physical workplace are 16 percent more productive, 18 percent more likely to stay, and 30 percent more attracted to the company over competitors (report available to clients).
Small and midsize businesses must rethink how they use space by designing workplaces that improve productivity and retain talent.