2020 has been a marquee year for most of us, especially businesses. From having to find our footing in extremely uncertain times to adjusting the sails to suit the current winds, businesses have had to re-evaluate their goals, working and execution patterns. A lot of the shift can be attributed to the storm of change that technology has brought with it. It has played a crucial role in ensuring that we stay connected to our customers as well as to our internal team members.
The importance of technology in today’s scenario cannot be emphasized enough. Apart from offering innovative solutions, it has also provided a wide scope for those who want to experiment with it and get creative. Every day there have been new features, new announcements, new technological advancements that have made our lives easier.
But will this momentum keep going?
What else can we expect from the whizzes of technology?
How do we wrap our heads around the new technology as well as use it to push the boundaries of our businesses?
These are questions running through the minds of most entrepreneurs, business owners and strategy heads. We have picked out some technology trends or changes that can be expected to boom or rule the markets in 2021. Let’s find out what they are.
- Smart Work coupled with Home Technologies
COVID-19 made sure to lock us up in the confines of our homes and show us the potential of how much can be done from there. Some of the biggest conglomerates have realised that working from home has improved productivity, allowed employees to explore their personalities as well as heightened the importance of technology. This is a change that is expected to outlast the pandemic. To be able to utilise this for the benefit of your business, it is important to instil smart home technology that can improve accountability, efficiency and output.
- Artificial intelligence
Before the pandemic, AI was finding its way into our lives slowly but in 2020, the speed has been accelerated and how! More companies are finding the benefits of this technology as well as data and machine learning by incorporating it into various frameworks and software. Harnessing the power of AI will help take businesses to the next level.
- Internet of Behaviours (IoB)
This is a term that is currently in its nascent stage but it will definitely boom in 2021. Companies worldwide are using technology to understand and monitor consumer behaviour to innovate and eventually grow the business. From location tracking to facial recognition, we are already engulfed in the matrix of IoB but it is estimated that by 2025, more than half the world’s population will be under atleast one IoB tool. Time to get on the bandwagon and unlock the benefits of this technology.
- Social Responsibility and Sustainability
Another important lesson that we have learnt this year is that with technological advancements, we have to be more aware of the importance of community, the responsibility towards every other human being as well as the environment. Around 90% of customers around the world are aware of the impact they have on the environment and want to change it to a positive one. Choosing to be a brand that uses superior technology but is sustainable as well as responsible towards society will definitely go a long way. 2021 will be about making this shift to garner customers and increase loyalty.
The business environment is undergoing a transition and if you are a working professional, it’s time to comprehend, assess and move with it. Innovation doesn’t stop but to be part of the foundation building is an option we have now and we must grab it!
- By Mr. Vikram Kumar, Co-Founder and Managing Director, SRV Media Pvt. Ltd.