Even though many parts of the world still cannot say adieu to the pandemic year of 2020, there is no doubt that coronavirus had changed our lives everywhere. Especially, businesses of all types had to readjust to ensure their survival. So let us explore the trajectory of 2021 for businesses here. Companies should understand the latest technologies and trends to offer guidance on preparing their businesses to fight and strive. Here are the top trends which will drive each business in 2021,and every business across the world should be ready for them.
Top 2021 business trends
When all the employees and businesses were under the lockdown orders at the peak of COVID, companies had to very quickly adapt to the practice of their operations being moved on to remote work. Now there are some lessons learned from this quick initial experiment, and most businesses are rethinking their entire business model for the future. Some have already started thinking about whether office space is needed anymore! In addition, companies have started experiencing an increase in productivity with their remote workforce started moving their projects.
However, working from home is not ideal for everyone. So, in 2021, the businesses need to re-imagine their workspaces and provide proper support for the people working from remote. It is important to equip the remote workforce with the right office equipment, mental health support, amenities, etc., to make everyone working from home comfortable and productive.
Data is turning out to be the most crucial asset
This is not just a 2021 trend, but it has been so for many years. The volume of data has massively grown, and businesses now relate it to understand the customers better and improve their decision-making processes. There are many cloud solutions allowing business decision-makers to access data from anywhere and anytime. However, businesses also need to protect this data and secure it as one of the most important assets. Another important thing for all types of businesses is to consider ways to boost the data literacy across various levels of their company to get more decision-making insights. This requires an investment in appropriate systems and tools to efficiently analyze the data and do the live streaming of data-driven insights into different organizational levels. For data and database management, it is important to explore the reliable services offered by third-party providers like Remote DBA.
Business models thriving in 2021
All business leaders need to reflect on what they offer to the customers and how they operate their business. Many industries were completely transformed in their operational model in 2020, like the event industry, tourism, hospitality, etc. We can see those types of businesses are still running even during the pandemic, but by adapting to the changing needs of the time. For example, a restaurant switched to take take-away facilities and tend to utilize their space to offer altered ventilator facilities to ensure survival. Even though businesses have always had to think about the market shifts and transformations, it means a lot now for the existing businesses. This is going to be a more important trend in 2021 too.
Automation than ever before
Another notable business trend in 2021 is automation. The businesses will run their processes and monitor the same to see whether they can call on people out of the process if they are not rendering any true value. There had already been some shifts in this direction from the warehouses, autonomic vehicles where chatbots and robots, etc., automatically take over the activities. Like many industry giants like McKinsey & Company projects, up to 800 million global workers may be replaced by robots by 2030. In 2021, we can expect more white-collar automation also. This being the trend, we may consider some doctors, lawyers, and other white-collar professionals too can be given to the robots and computers and deliver through automated interfaces.
Decentralized finance
Another result of the economic turmoil caused by COVID-19 is that the capital market continues to be shivering. This is creating a big challenge for businesses that want to raise the capital for expansion or start new. The ideal option for funding now is avenues like crowdfunding over blockchain technology and other decentralized finance options, which are largely gaining momentum lately. It will be one of the biggest trends in 2021, which will allow the businesses to acquire more running capital than relying on the traditional financial channels.
Virtual user interfaces
As the companies are trying to find new ways to deliver services to the customers who are not the conventional walk-in to the stores, they tend to consider how to deliver the services in digital format by using augmented reality technologies. They explore the possibility of virtual reality and mixed reality to ensure as much closer to real user experience as possible. To comply with the stay-at-home orders, consumers also want to use virtual avatars to try out fashion, makeup, and other utilities before they buy through the virtual interfaces. This change is supposed to transform how businesses offer their services in the future.
Global to local
In the year 2020, businesses have many reasons to start thinking about operating more locally than going global. COVID-19 distracted International supply chains, and there was also increasing tension between nations. In addition, many companies had just started to rethink the ways they were operating, sourcing, and selling goods as the international economic turmoil started disrupting all the sectors. So, more localized manufacturing and selling are also found to be appealing in this changing scenario. It is also found ideal for increased environmental awareness.
Sustainability
Sustainability remained a major concern for some time, but common things had shifted in terms of their emphasis at the time of the pandemic. Companies started recognizing the environmental crisis too, which had been very damaging to the world and expedited the pandemic itself at the bottom line. As a result, each company had to rethink their operations according to environmental impacts and their products regarding how they are for this trend of sustainability. By honoring the need for a meaningful purpose, the businesses largely started to reduce their carbon footprint and water footprint on the earth.
Overall, during the pandemic, brands have started relying more on engaging with the customers and stakeholders. In the year 2021, there may also be a big push towards an authentic presence on social media. Along with it, companies will also engage the influencers and the micro-influencers in various Industries. This will keep businesses that drive more conversation and engagement with the customers at the center stage.
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