Business Technology trends in 2021 are really important for small businesses to grow in a dynamic market. After passing through covid-19, it becomes essential to establish business in every area like online and offline as well as Because in pandemic time only online source were available for communicating to the unlimited audiences.
What are the Latest Business Technology Trends in 2021?
There are 14 Business Technology Trends in 2021 which we are going to see and might be continue in future:
- Social Engagement
- Co-Working Renaissance
- More AI and Hyper Automation
- Retail will Finally be going Omnichannel
- Work from Home
- Data as an Asset
- Business Model Innovation
- Decentralized Finance
- Virtual Interfaces
- Going from Global to Local
- Purposeful and Meaningful
- Demand for Transparency and Data Usage surge
Technology Trends in Business
The top 14 Technology trends that I believe will be driving businesses and every business around the world needs to be ready for those 14 trends.
1. Social Engagement:
What companies need to do is they need to make sure where they engage with their customers and potential customers across social media. This has become such an important channel especially during the pandemic that we’re going through at the moment and businesses that haven’t got a strong presence.
So what we’re seeing is that there’s a big push towards a more authentic presence on social media. Especially a big trend that goes with this is actually engaging influencers not necessarily the massive million subscriber influencers but even micro-influencers that are influential in your industry this is something we need to as a business.
You need to really think about who are the key people that are driving those conversations across social media that have built some trust and how do we engage with them to bring across our message.
2. Co-Working Renaissance:
Co-Working and co-working spaces will be hot, many companies have announced that remote working will be the norm. People can work everywhere and still make that tech salary. So tech hubs such as silicon valley and new york city are seeing a great exodus.
But some employees especially the younger people still want to work in an office for human interactions and they still want to live in a city where their social needs can be met. They might move out of expensive cities but they will just move to other smaller cities like Austin and Miami. So co-working spaces in the cities will have a second spring and will be in high demand.
3. More AI and Hyper Automation:
More businesses are adopting Artificial Intelligence due to the pandemic. If you have an office job and you can work from anywhere, remotely your companies may adopt RPAS or Robotic process automation tools to streamline business processes to free you up from tedious tasks.
More companies will also adopt RPA to help employees as their digital assistants and productivity tool. Yeah don’t worry your company won’t be able to see you but they will ensure your productivity is high from a manufacturing and warehouse perspective.
The more they can automate the less they have to worry about employees getting sick from coveting. For example and if the word gets out that one company is trying to automate all their competitors will try to jump in order to automate to stay competitive.
4. Retail will Finally be going Omnichannel:
No doubt the retail industry was hit very hard in 2020 and the pandemic created an E-commerce boom traditional retailers will need to work extra hard to adopt various strategies. Meeting customers wherever they are in order to survive will mean companies deploying cross-channel analytics to track.
If their online campaigns are resulting in offline or online purchases or in social commerce and shoppable videos companies are seeking to differentiate and deepen their relationship with customers by providing community experience, live interactions, and education online. Perhaps in live streams and personalized offers because these companies understand that we as consumers want to be seen heard and understood.
5. Work from Home:
This time for real what lots of businesses have experienced is that they had to have people working from home because of the coronavirus pandemic and lots of businesses are now re-thinking their entire business model. They’re rethinking do we still need offices but if we’re really honest with ourselves productivity has gone up for businesses but the way people work from home is not necessarily great for everyone.
There are some people that have amazing and comfortable offices in their houses. They have all the equipment they might do all the work very well. There are lots of people that work on a kitchen table that haven’t got a comfortable chair so what businesses now really need to do is they need to reimagine their own workspaces, their offices and really support people working from home. So they need to give them the right office equipment, the right computers comfortable chairs, the right setup for there self, and also the mental health support and everything that goes with it to really make sure everyone can work from home comfortably in the future.
6. Data as an Asset:
Data Volumes have grown massively over the last few years. What we are now seeing is that businesses leverage this data to better understand their customers to improve their decision-making are clearly. The ones that are outperforming everyone else especially with cloud solutions.
We are now able to access data from anywhere artificial intelligence allows us to automate. Even some of the data analysis but what businesses need to do is they need to really treat it as an asset, they need to make sure data is protected and secure. So it can’t be stolen, it can’t interfere with the other thing that we need to do. We need to make sure everyone in the business has access to data and some ability to turn this data into insight. So, we need to boost not only the systems but also the data literacy in the organization and this is a big stumbling block for lots of organizations Where they have massive amounts of data but they haven’t got it.
7. Business Model Innovation:
- What we need to do?
- Now is to really reflect on What are we offering our customers?
- How do we operate as a business?
- What we’ve seen is that lots of industries have been completely transformed during 2020?
We see this in the hospitality industry, In the events industry and businesses that have carried on thriving are the ones that have been able to react to this really quickly. We have always needed to do think about how is the market shifting and how do we transform our own business model and innovating our own business model. This I think more important in 2021 for Business Technology Trends than ever before because of covid passes through.
Another massive Business technology trend for 2021 is Automation. What businesses have been doing is they’ve looked at their own business processes and said where can we take our people out of the process, where they’re not really adding true value. We now have automated vehicles, we have trucks and ships driving and sailing autonomously. We’re seeing this in lots of business operations where we now have chatbots that can replace call centers or at least a big part of it and more.
What we’ll see in 2021 is this white-collar automation where we think okay if we look at the job of a lawyer, the job of a doctor. For example, which bits can we actually automate, which bits can we give to artificial intelligence and smart robots and this will carry on.
9. Decentralized Finance:
Capital markets are very nervous, if you want to raise capital to expand to start a new business this is extremely difficult in current circumstances where banks want more security. What we are now seeing is that things like crowdfunding enables businesses to get money very quickly for lots of different projects. So this decentralized finance where we can raise money from lots of news sources where blockchain technology comes in. We can issue coins and we can go to crowdfunding sites to gain capital this is going to be a big business technology trends in 2021.
10. Virtual Interfaces:
This is another big trend where we really think about how can we deliver some of the services in a digital format especially using things like augmented reality virtual reality and mixed reality again during the pandemic. People realize actually do I really need to go into the shop to try on makeup if I can use an augmented reality app that allows me to put the layout on and try and test it do. I really need to have a consultation with a fashion advisor if my virtual avatar can try this on in VR and I can actually place this in different settings be this a war room or an office environment to see what the clothes will actually look like from all different perspectives. So this whole try before you buy and this new world of virtual interfaces will continue in 2021 and will transform how businesses offer their services.
11. Going from Global to Local:
What we are seeing in this current political and economic climate is that we have seen supply chains being disrupted by a coronavirus, we’re seeing increasing tensions between the us and china, we’re seeing Brexit being delivered in Europe and all of this means that companies need to rethink On
- where am I sourcing my goods
- where am I selling my goods
what we are seeing is that there’s a big movement towards more localized buying, more localized manufacturing, more localized selling and this is also a movement towards, more environmental awareness because what people realize is okay do I really need to ship my fruit and vegetable from across the world or can we grow this locally and sell this locally so this is a big trend where businesses really rethink where their products come from and where they are going.
12. Purposeful and Meaningful:
We also need to make sure that our businesses become more purposeful and meaningful. What we have realized especially during 2020 many of us re-thought their own jobs and what they’re doing and what especially also with the younger generation that coming through.
What we’re seeing is that people want to connect to a purpose they want to work for a company that has a real meaning and that also links to their own values and companies that haven’t got a clear purpose and a meaningful purpose will find it very difficult to not only attract talent in 2021 but also attract customers.
This is something that has been important for such a long time but I feel that during the current pandemic things have shifted in emphasis organizations have maybe thought.
We need to focus on the coronavirus and less on the impact our business has on the environment on global warming and other things. If we are really serious about all of this we need to recognize that the environmental crisis could potentially be much bigger than the coronavirus crisis that we’re going through at the moment. So businesses need to make sure that they re-think their own operations.
The Environmental impact those have but also their products and how they’re being used and we need to be very clear that to reduce our carbon footprints and our water footprint and we need to make sure we have a business that is green.
14. Demand for Transparency and Data Usage surge:
Apple just announced that with IOS 14 a new app transparency feature will be coming in 2021. It will show users exactly how often an app developer requests User data and how often it shares that data with third-party apps and services. It is now forcing other tech companies such as Facebook to be more transparent about how they’re using or selling customer data this made Facebook so angry that they took out full-page ads in newspapers such as the wall street journal and new york times.
That’s right Facebook is buying newspaper ads but why Facebook is not likely to win any sympathy from its users. So they won’t put the ads about that in front of us but the reason why they bought those newspaper ads is because the people who are most likely to regulate such data privacy practices are likely boomers who are still reading newspapers. So there we see all Business Technology Trends.
QnA Related to Technology Trends in Business
Q1. WHY IS TECHNOLOGY IMPORTANT IN BUSINESS?
Technology has important effects on business programs. There are few points which affect business directly:
- Communication with customers.
- Security for consumers and businesses.
- Efficiency of operations.
- Increase Rich very fast.
Q2. How has technology helped small business grow?
- Connect with more people.
- Use social media as a useful tool
- Technology as a mean of security
- Automate tasks to save time
- Provide better and decent customer services