As companies adjust to a “new normal,” the role of technology could not be bigger. If the COVID-19 crisis has taught us anything, it is that you need to be ready for any sudden disruption in the market. Large corporations which were slow on the uptake of new tech in the past had to buck up. The sudden reliance on technology will make tech-driven business trends mandatory in the months to follow.
Top tech-driven business trends
Zoom and Google Meet have become the norm even for teams that would scoff at video conferencing. The prices of laptops and business tablets have shot up because most executives have switched to remote working. Tech-driven business trends include these new “habits” as well as a transformation in the way organisations function.
Telecom companies are expanding their networks to fill the demand for instant communication in the age of social distancing. You don’t have an excuse for staying out of the digital arena anymore. As more corporations walk in the footsteps of techno-giants Apple, Facebook and Amazon, tech-driven business trends will be ubiquitous. Companies like TCS and IBM which have successfully profited during the pandemic can credit the confidence to their “agile approach”. To put it simply, Agile is all about continuous improvement while being able to adapt quickly and smoothly.
Data is no longer a fringe benefit of business but rather the driving force. Location-dependent apps and hyper connectivity imply that big data can be extracted from anywhere. You could be walking your dog to the park while related brands extract reams of data relevant to them based on your movement. Brands are waking up to the realization that capturing big data and putting it to profitable use can be good for business. The firms which are making the first move are the ones that will profit the most in their own sector; call it a first-mover advantage, if you will. Big data can also be crucial in making big decisions. However, data-driven companies need to ensure that the information is correct to avoid going in the wrong direction. If you are unsure of the accuracy of your big data, hire a third party for the purpose.
Predictive analysis and intuitive tech
Predictive analysis is having a moment. Data analytics used to give us insight into the past or present, but the real advantage is knowing where and how we are going. Predictive analysis will help companies foresee their progress and find out how to optimise their growth trajectory.
With intuitive tech becoming more accessible, more companies will use artificial intelligence (AI) to sift through messy data. Businesses can create strategies for unexpected events – like future pandemics and natural disasters – and stay safe. In this scenario, ethical AI will be even more important in 2021. The case of Cambridge Analytica misusing data to sway US elections is one example of the need for ethical AI.
The year 2021 will see more tech-driven business trends for improving society and customer experience. As companies build back in the new normal, they will need the force of cutting edge technology to build back better and more securely.