Key Players and Trends for Businesses in 2021
As the popular saying goes, “Change is the only thing that changes.” Every business needs to have the adaptability to work with change in order to survive. Growth is a continuous process in any industry, and at the current pace of change in the world right now, businesses need to have significant growth to sustain success over the long term.
Technology plays a crucial role in advancement and improvement across industries. Businesses that fail to capitalize on this fact are often the ones to fall first during a crisis situation. The business models are also changing rapidly, and it is time to be flexible and innovative to make the best out of the opportunities.
As we make our way through the year 2021, after having faced the social, economic, and global crisis of Covid-19, it is time to relook at our strategies and realize the best way forward. Here we have highlighted a few trends that will become part of the core strategy for businesses in the upcoming year.
The world has already been moving toward a digital era with technological innovations riding on top of every industry. The unprecedented event Covid-19 has, however, accelerated this process even more with a huge shift in digital transformation happening in less than six months.
This was quite evident from the fact that many companies started operating remote working facilities, keeping businesses running smoothly while also ensuring employee safety. While this digital transformation did benefit many businesses, it also brings us to the question of “What next?”
A digital transformation that was planned over a number of years has now happened in a period of a few months. Much talked-about tools like AI and data analytics might have taken a backseat to other technological innovations coming our way.
It is now clear that technology is of paramount importance in the next twelve months. What remains to be seen is the kind of technology that will gain priority in the days to come.
We have already moved toward online payments and online shopping options. Ecommerce has stressed its dominance across industries.
Application of AI and its uses has been realized, and businesses are already implementing machine-learning capabilities into their processes.
Customer data platforms are coming up, which helps in a better organization of information regarding customer preferences and other data that helps the companies to grow.
It is time to look beyond what we have already achieved and to attain perfection and sustainability.
Cybersecurity at the top
Thanks to the recent pandemic, the entire world is more online than it has ever been. And given that the internet has become the most sought platform, cybersecurity automatically takes the front seat. Among other innovative ideas and technology, businesses will also have to invest considerably in improving security for their online assets.
Online crimes like hacking have risen like never before during this pandemic, and this reiterates the importance of cybersecurity. Companies must upgrade their online security measures and reexamine their strategy for encryption, data storage, and more. This is also be a good time for the companies that build security systems like firewalls to capitalize on this situation and build up their growth.
No matter which year we are in and what kind of crisis we face, the rule that never changes business is “the customer is king.”
With so many brands and so many choices, customers do not have the time to search for a particular brand to shop. In fact, research indicates that 74% of the current brands might vanish and do not even get noticed by customers.
If you want to sustain your growth and stay in the market, you have to focus on your customers. It is about customer servicing with personalized experiences, be it in shopping or sharing information. You have to be on your toes when handling customer complaints, resolve them quickly, and be highly responsive. It is your engagement with your customers that will decide your edge over your competition.
We are heading toward a data-driven era, where every simple and single information has the potential to rewrite history. Knowing and making sense out of these large quantities of data invariably demands you to make use of AI and other machine learning-capabilities. Digital transformation has already begun intensively in 2020 and will continue to grow exponentially in the future. Personalization, customization, and security will be the key players for the businesses in the upcoming year.
Industry Wired, “Innovation Trends Businesses Should Consider in 2021.”
Forbes, “Top 10 Digital Transformation Trends for 2021.”
Compare Camp, “11 Current Business Trends: 2021/2022 Data, Insights, and Predictions.”
Super Office, “7 B2B Growth Trends You Need to Know in 2021 (And Beyond).”