The global digital transformation has reinvigorated business and re-imagined customer experience. This trend is only expected to continue as the world enters a new era of technology in 2021, with many more innovations on the horizon. Experts predict this will reshape your business into one that can thrive in an ever changing environment.
Current business trends 2021 will be disrupted by new technologies such as “post-crisis digital trends” that will reshape the way businesses operate. Read more in detail here: current business trends 2021.
The most difficult aspect of starting a business is dealing with uncertainty. This year, that uncertainty has most certainly multiplied tenfold. But one thing is certain: in times of crisis, innovations have accelerated at a breakneck speed, obliterating old methods and forcing many businesses to totally rethink their business models.
Survival was the initial step of this catastrophe. Cutting expenses, reviewing projections, and stabilizing your company are all things you should consider. But that’ll only go you so far; you’ll need to look beyond COVID-19 now.
You’re not forgetting it, and you’re not abandoning the strategies that have kept your company afloat so far. Instead, you’re sticking to your crisis strategy while searching for newly undiscovered ways to gain traction in 2021.
Today, McKinsey Digital experts believe that the crisis has resulted in new business possibilities, and that COVID-19 recovery will be mainly digital. So, what can small company owners do to emerge victorious from the COVID-19 crisis?
Let’s take a look at the current IT developments and four practical suggestions for using them in your company throughout your recovery.
Business Technology Trends for 2021-2022
Many technological innovations that had been slowly gaining momentum have exploded in popularity in the last year. As you’ve moved your staff to working remotely or looked into establishing an eCommerce platform, you’ve probably seen a few of them. However, there are a few more things to be cautious of in 2021.
Upwork and other freelance marketplaces
Freelancing marketplaces like Upwork, like on-demand delivery services, will continue to grow in popularity. Online freelancing platforms will allow firms to tap into larger pools of global talent and recruit skilled workers as a result of job losses and budget cuts pushing them to hire more freelancers.
Companies would also have additional possibilities to join the freelancing platform development industry. There are several methods to disrupt this growing business, whether it’s via improved service, faster applications, or more job curation.
AI stands for Artificial Intelligence.
Over the past decade, AI has been a constant presence and focus for startups and technology businesses. While it has previously been helpful for incremental functionality (think iPhone and Siri or Tesla with self-driving vehicles), it is now transforming into a significant corporate disruptor. Not just because it can speed up and automate rule-based operations, but also because it can improve operational efficiency and minimize human error. AI is also likely to be your most valuable asset in the event of a company recovery. Here are a few examples of what you can accomplish using data analytics:
- Gain a deeper grasp of how consumer tastes are evolving.
- Learn about new business possibilities.
- Identify and remove bottlenecks in your processes.
- Reduce advertising expenses and better distribute them.
- Automated chat may help you provide better customer service.
You may utilize AI to create as-a-service operations for entrepreneurs seeking to launch a company or for existing companies wishing to pivot their business model. Take, for example, delivery startups like Instacart, which employ AI analytics to learn more about its clients and their habits. There are still lots of sectors that are ideal for these services, as well as opportunity for rivalry in existing ride-sharing and food-delivery routes that are worth investigating.
The Internet of Things (IoT)
While artificial intelligence (AI) aids companies in making sense of their data, the Internet of Things (IoT) aids in the collection and delivery of data from a wide range of linked devices. Simply stated, the Internet of Things (IoT) is a collection of sensor and data analytics technologies that enable companies to aggregate information and make more precise choices.
IoT is becoming the primary driver of telehealth in the post-COVID-19 era, allowing doctors to remotely monitor patients’ status and immediately notify them to life-threatening situations. Remote medical visits are also increasing, enabling patients and physicians to have more flexible check-ups without needing to meet in person.
The advantages of IoT extend to goods and services as well. Businesses are using these data sources in app development for smart inventory management, shipping, and merchandising in the supply chain management sector. IoT applications are being used in sectors such as manufacturing, automotive, agriculture, energy, logistics, and hospitality, to mention a few.
Because of the rise in remote work, cybersecurity has become one of the most important post-COVID-19 objectives. As the number of different links to sensitive data grows, so does the number of possible targets for criminals.
Phishing, IoT attacks, cryptojacking, the development of ransomware tactics, state-sponsored assaults, and crypto-physical attacks were among the top cybersecurity concerns this year. In other words, data breaches are getting more common, and the techniques for committing them are growing more complex.
Health information, business intellectual property, smart vehicles, and linked gadgets were the most susceptible targets in 2020, according to data breaches. For addressing cybersecurity problems, IT firms are increasingly relying on data encryption and blockchain technology, which is becoming more widely accessible.
5G Wireless Network
5G is a next-generation cellular network technology that offers many benefits over 4G, including more data capacity, faster speeds, and reduced latency. As a result, it has the potential to change the way we live by improving the functioning of self-driving vehicles, smart cities, AR/VR, and machine-to-human interactions.
Although 5G mobile service is anticipated to be available by 2030, the deployment of the 5G telecommunication network began in 2020. The long-awaited arrival of 5th generation mobile networks will provide a significant boost to the development and acceptance of most of today’s game-changing technology.
With 5G, these tendencies will grow in tandem. Supporting the growth of IoT, accelerating the use of AI and data analytics, and necessitating the development of advanced cybersecurity solutions.
What should you do to be ready for a digital transition?
You now have a better understanding of how digital trends have changed over the last year. However, the issue remains: how can you use them to benefit your company? Or perhaps to assist you in starting a company? Here are our four suggestions.
1. Understand how to manage a distributed staff.
If you’re thinking about returning to on-site employment, there’s one thing to keep in mind. According to a Deloitte study, businesses ignore social and psychological aspects while planning for post-crisis rehabilitation. Simply stated, they are more concerned with an employee’s capacity to return to work than with their desire to do so. People are hesitant to return to work even after the lockdown has been lifted due to concerns for their safety and the safety of their families, as well as their perception of dangers.
Under these conditions, ensuring clear and open communication, accurate information on hazards, and the company’s safety procedures is critical. Including your workers in the decision-making process as you agree on return-to-work dates and timetables will have a beneficial impact on employee loyalty.
Staying remote may be essential if you are still worried about staff health and morale when you return to the office. However, there are many cost-cutting, productivity, and even recruiting advantages to working remotely. It will be difficult to make a full or partial shift to a long-term work from home (WFH) paradigm. Even if it isn’t completely distant, it may be worth it.
For most companies, a hybrid approach, which combines on-site and remote labor, is the logical next step. It retains the productivity and cost advantages of remote work while allowing for in-person contact (when it is safe to do so again).
Simply stated, remote work is here to stay, and understanding how to manage a remote workforce can aid your company’s digital transformation. Remote workforce monitoring tools and applications for increasing employee engagement should make this simpler in the future. However, the sooner you accept it, the sooner you will enjoy the advantages.
2. Expand your business outside your main business.
To satisfy shifting post-crisis consumer expectations, company owners have had to develop new products or pursue new income sources outside of their main industry. Some of these changes are minor tweaks to products or features, while others require a willingness to change the whole business strategy.
For example, the Red Roof hotel chain began providing WFH employees hotel rooms for as little as $29 a day that they could use as temporary offices. Workers would not be distracted by dogs, children, or spouses at home if they worked in a quiet area. Essentially, they converted a hotel chain into a network of coworking spaces, allowing them to remain in business.
Many businesses are attempting to develop digital alternatives to their physical services, and many are relying on artificial intelligence (AI) and analytics to rapidly iterate, test, and launch these new initiatives. The fast growth of telemedicine, e-commerce, and e-learning, as well as many delivery services, are some of the most inspirational instances.
One excellent rule of thumb to follow when making company changes is to concentrate on reevaluating, enhancing, and reimagining your fundamental business model. Examine your business strategy, projections, and corporate objectives again. Investigate digital options that complement, improve, or revive your existing company, and then move ahead.
3. Make an investment in analytics.
For businesses to remain competitive, they must become data-driven. Business intelligence tools and solutions may help you identify weak areas in your processes, in addition to customer and market data. This is particularly true when it comes to digital efforts and determining which departments or technologies have the most potential for improvement.
Artificial intelligence (AI) analytics may also assist you in identifying new business possibilities. For example, a cab firm in China found a new business sector by employing artificial intelligence to monitor what people were saying on social media. Many IT workers who were obliged to report to work during the shutdown struggled with transportation, as it turned out. The cab firm was able to limit revenue losses and remain in business by providing specialized services to these employees.
Begin with solutions that provide you with a clearer picture of your company’s health. Whether it’s automated financials, online KPIs, equipment diagnostics, sales platforms, or anything else that offers you a better understanding of your company, we’ve got you covered. Then, figure out how to use these tools to get a better understanding of your industry and uncover new business possibilities.
4. Adopt a start-up mindset.
Consumer demands have changed, and in recent years on an expedited schedule, so have your company operations. Changing business methods may be very tough for established companies, or basically any company that isn’t a startup. The more established you get and the more comfortable you grow with particular procedures, the more difficult it becomes to make changes.
That is why, in order to make your company more agile, you must begin changing the way you operate right now. COVID has most certainly pushed you to make more choices and adjustments, and although those may have been forced, it does offer a blueprint for making your company behave more like a startup. Making lean choices, testing minimal viable products (MVP), constantly seeking input, and being ready to make constant changes in the quest of optimization are all examples of lean decision-making.
When it comes to agile operations, the greatest thing you can do is constantly go back to your business strategy, projections, and corporate objectives. Do sure that any changes or tests you make are compatible with your entire company operations, and that any technological expenditures you make are financially viable. You’ll be more likely to anticipate consumer requirements and be precisely where they need you if you can operate like a startup, testing, failing, and improving on a frequent basis.
Embracing digital trends today will set your company up for success in the future.
For many businesses, the crisis and the transition to a “new normal” has opened them a window of opportunity. With shifting consumer purchasing patterns, digitalization, and the proliferation of remote labor, it seems that the world will never be the same again. However, merely expanding into new company sectors will not guarantee success.
While it’s critical to continue to concentrate on managing your company during this crisis, it’s also critical to look forward. To increase your chances of growing your company post-crisis, listen to your consumers, become data-driven, form new alliances, and encourage worker resilience.
“Small business trends 2021” is a post-crisis digital trend that will reshape your business in 2021. The trend will be driven by the rise of automation and AI. Reference: small business trends 2021.
Frequently Asked Questions
What business will trend in 2021?
A: It is difficult to say, but many experts believe that virtual reality will have a large part in this.
What are the key trends in digital transformation in 2021?
A: Digital transformation is the term given to a process of digital change. It refers to how technology will disrupt and evolve all aspects of our lives in order to make them more efficient, cost-effective and beneficial than they were before. These key trends are set out below:
What are the trends in 2021?
A: There is a lot of speculation about what will happen in 2021, but here are some predictions. The next decade or so well see the rise of technology being used to help us instead of just hindering us, with more focus on human-centric AI and less automation. We may also see different types as technology becomes more accessible for everyone and people start using it differently depending on their needs or interests.
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