8 Business Trends Due to Recent Tech Advancements
Post-pandemic, businesses will need to exert effort not just to keep up with the competition but instead remain ahead of the game. Many developments in technology now pave the way towards more optimized business operations and smart office spaces. New platforms and software are now being integrated to provide seamless working experiences for both onsite and remote employees. Hybrid work is also being adopted by many companies.
Aside from these, most global companies are also embracing automated processes to scale more efficiently. Security systems are also being strengthened to reduce the possibility of cyberattacks and data breaches.
So that you can remain in the loop about the rapid changes that may happen post-pandemic, here are the current businesses trends supported by the latest developments in technology:
Business and Tech Trends to Watch Out for, Post-Pandemic
1. Artificial Intelligence Will Provide Better Business Solutions
Artificial intelligence and machine learning have been on top business news and trends for the last few years. These technologies provide various solutions, and business owners can incorporate them to come up with new processes and upgrade existing ones. The solutions that AI algorithms provide range from having voice assistants for more efficient operations to creating more personalized customer experiences.
A decade ago, it seemed like AI was something that only large companies could use. This isn’t true anymore. Even small businesses can gain massive benefits from seemingly simple AI solutions, as they can be used to optimize even small business operations. For example, instead of manually inputting data, AI can be used to automate data inputting and even analysis.
Currently, studies show that over 90% of businesses are implementing AI-powered solutions to provide better customer journeys. AI algorithms help provide new ways to interact with customers and help deliver them more personalized experiences. Since most businesses have already implemented AI solutions, it is predicted that investment in AI and predictive analytics will go past 11% of marketing budgets by 2022 among businesses in almost all industries. Financial investments in AI software are also expected to go past $125B by 2025 as companies adopt machine-learning tools.
2. The Proliferation of 5G Leads to Smarter Offices
5G, which stands for the fifth generation of wireless networking technology, potentially has much faster data transmission speeds than 4G, its predecessor. It also boasts little to no latency, or delay in data transfer, as compared to 4G LTE. This led to the development of the internet of things, or IoT, a network of physical objects that have sensors, software, and digital technologies. Through the IoT, various devices can remain connected and continuously exchange data with each other.
This will give rise to smart offices spaces, as 5G coverage will drastically improve workflows by being able to collect and data from a pool of wireless devices. 5G will also change the face of e-commerce, as its low latency will solve common problems related to the management of supply chains and inventory processes.
3. Tech-Assisted Shopping Will Continue to Grow
There has been significant growth in the use of tech-assisted shopping due to the pandemic. Lockdowns and other social restrictions have urged businesses to fully utilize digital technology, mobile scheduling, and online shopping tools to provide a contactless experience for shoppers.
These tools have allowed shopping to evolve from the usual curbside pickups. Customers can now check various products through mobile devices and have them delivered straight to their doorsteps. Most transactions are now also cashless. This helps greatly curb the spread of diseases by lessening physical handling and interactions. It also helps reduce crowds in brick-and-mortar stores.
4. New HR Tools for Remote Work Will Be Embraced
Most companies had to shift to remote work during the pandemic. However, it is predicted that remote work is here to stay. Other companies have instead shifted to hybrid work models to allow employees more flexibility while still catering to the need to have in-house workers.
Remote work has also allowed companies to hire employees from farther locations, which increases the size of the talent pool. In the future, this may cause populations to shrink in urban areas, leading to less densely populated cities. This allows employees to save on housing and transportation costs.
As more businesses turn to remote work setups, they also have to be prepared with remote onboarding tools and processes. This will allow employees to gain the information they need about their roles and responsibilities, as well as know about the company culture. However, remote onboarding can be tricky as new employees need to be provided the benefits of the in-person experience even though the process is done entirely virtually.
Companies instead use the right software to ensure that all steps of the onboarding experience are executed perfectly. New employees must feel fully welcome and understand all the processes even when they can’t physically interact with their co-workers or managers. The right tools can help deliver all these both synchronously and asynchronously.
Aside from remote onboarding, other new tech tools must also be put in place. This is for companies who intend to continue with either hybrid or fully remote work setups. A comprehensive HR software will help managers better keep track of employees and their needs. It will also ensure productivity and better employee engagement.
5. The Rise of Unified Software in Business
The rise of various tech solutions has paved the way for better communication methods for work. For example, many companies that have remote or hybrid workforces use messaging tools instead of email. Others use automated software to reach out to potential leads. There are also now various project management tools to track productivity.
The current trend is to be able to connect these various types of platforms and software. For example, some project management platforms now also feature time-tracking tools, while some have incorporated messaging tools to foster easier communication. What is important is for companies to be able to feel that they’re not constantly changing platforms just to get work done. Instead, finding methods to centralize and unify software is the best way forward.
6. Strengthening Cybersecurity Is Essential
Businesses need to be constantly vigilant against the possibility of cyberattacks. Some may think that their businesses aren’t large enough to be the target of cybercriminals. This isn’t always the case. Many small and medium businesses have been targeted within the past five years, which is why a company’s size shouldn’t be seen as a factor. All businesses, regardless of size, should strive to protect themselves against security breaches.
Accenture’s recent Cost of Cybercrime Study states that up to 43% of all cyberattacks are towards small businesses. However, only 14% have the proper security in place. The report also delves into the specifics of cybercrime on small to medium-sized businesses. It states that up to 57% of the attacks started from phishing vital information, about 33% were due to compromised or stolen devices, and up to 30% were due to stolen logins and credentials.
The World Economic Forum predicts that the frequency of cyberattacks will double by 2025. It is also predicted that by 2025, different types of cybercrime will cost companies an estimated $10.5 trillion annually. This is why businesses are now scrambling to strengthen their security protocols.
7. Automated Processes Will Scale Businesses
Scaling a business means being able to increase revenue while keeping operational costs low. This is where automated processes come in. As new technologies continue to become developed, various tools also become available to help business processes become more efficient.
There are many ways to incorporate business processes automation within existing workflows. For example, management software can be used to develop, implement, and even analyze the execution of tasks. Many manual processes can also be automated, leading to less time and manpower needed. This also means that employees can instead focus on decision-making and more creative processes, instead of mundane tasks.
Using automated software can also lead to less human error, which leads to more efficient business operations, and eventually, an increase in the bottom line. Automation also means that more tasks can be executed with less effort.
Though there are many tools available to automate tasks, what businesses need to focus on is finding the right software for their specific needs.
This is why the global market size for business process automation is expected to grow to a staggering $19.6 billion by 2026, at a 12.2% compound annual growth rate during the forecast period. More businesses are expected to adopt automated processes post-pandemic. This is because many enterprises around the world plan to migrate their various IT infrastructures to the cloud. In turn, fully utilizing cloud-based systems will provide better business continuity and more efficient business operations.
8. Digital Marketing Will Continue to Dominate
Traditional marketing is out. Most businesses already know the importance and impact of digital marketing, which is why it is predicted that more innovations in digital advertising campaigns will be made. These encompass search engine optimization, pay-per-click marketing, and even social media advertising. Tools to target the right demographics also give rise to more personalized marketing campaigns, which allow businesses to better connect with their potential customers and better carve a niche in their industry.
Another important aspect of digital marketing is being able to collaborate with the right social media influencers. Influencers already have an established relationship with their followers. They also greatly help businesses by providing a familiar face to potential customers, which instantly bolsters trust.
Currently, the global digital marketing spend is estimated to be at almost $390 billion. The trends point towards a focus on creating video advertisements specifically for mobile devices.
Business processes continue to evolve due to the development of technology. Artificial intelligence and machine learning are paving the way towards optimizing business operations, as well as providing better customer experiences. 5G is leading the way towards smart office spaces, allowing various devices to gather and exchange data through the internet of things.
There are also changes in the way business is done that are a direct effect of the pandemic. It seems like these changes are here to stay, however. These include remote and hybrid work setups, which require the right HR management and onboarding software. These also include a shift towards tech-assisted shopping and e-commerce, which are supported by digital technology and mobile devices.
To be able to keep with the changes, businesses will need to embrace automated processes. These are what will allow them to scale more efficiently, as well as remain to have a competitive advantage. Companies should also look into the possibility of unifying software and various platforms to provide seamless working experiences for all employees. Lastly, businesses–no matter the size or scale–need to strengthen their security systems as cyberattacks continue and are expected to further increase as companies shift to IoT. If not, they may experience setbacks and a pronounced financial loss.
These are the current businesses trends supported by the latest developments in technology. Businesses have to do their best to not just keep up with the competition but instead remain ahead of the game.