Always looking towards the future, and planning to ensure that they can guide their clients in the best ways possible, our four Newbury Directors meet regularly to discuss what is happening with our clients and the wider world. In their latest round-table discussions, they identified the key trends likely to affect our clients over the next 10 years.
What key trends will we see in business in the next 10 years?
- Increased automation and use of artificial intelligence (AI) in various industries will lead to more efficient and cost-effective operations. We have already seen the impact that ChatGPT has had on many businesses.
- Continued growth of e-commerce and online marketplaces resulting in more competition for high street retailers. There are many arguments why tax policies should be adapted to meet this new challenge.
- Greater focus on sustainability and environmental responsibility requiring companies to invest in more eco-friendly practices and positive CSR.
- Increased adoption of remote work and digital collaboration tools will leading to more flexible working arrangements and less dependence on physical office space.
- Greater emphasis on data analytics and insights, with companies leveraging big data to gain a competitive edge and make more informed business decisions.
- More widespread use of virtual and augmented reality technology in various industries, such as retail, tourism, and healthcare.
- Greater focus on personalisation and customised experiences using data and technology to tailor products and services to individual customers.
- Increased use of blockchain technology in various industries, such as finance and supply chain management, leading to more secure and transparent transactions.
- More emphasis on digital security and privacy, as companies and individuals become more aware of the risks of data breaches and cyberattacks.
- Continued growth of the gig economy and increase in the number of freelancers and independent contractors, leading to a shift in traditional employment models.
Naturally, some of these trends will take longer to be adopted into the mainstream but many of them are already here, and their impact on all of us is only set to grow.
Emily Ness, said afterwards “The Directors’ meeting helps us focus our attentions to where we should be investing resources and how we should be reshaping our own business in order to best guide and lead our clients over the next decade.”
By investing in our people with ongoing professional development and relevant courses, we can stay ahead of the game.
Phil Kinzett-Evans is a strong proponent for helping individuals and businesses maximise their growth potential through the use of sensible, tailored tax planning initiatives.
Chris Davies who is one of our crypto specialists was particularly excited about the potential uses for blockchain in the world outside Defi.
Dean Blunden was enthusiastic about the efficiencies offered in the use of AI and Big Data in the field of auditing.
To discuss your organisation’s future challenges and to see what solutions we can offer you, please get in touch.