With a new year comes new business opportunities and technology trends that will encourage growth. In 2020, businesses had to adjust their digital strategies to stay operational during the COVID-19 pandemic. This year, we expect even more businesses ramping up their digital and business strategies to get ahead of the competition.
However, with so many new business trends and technologies every year, it can be daunting to figure out which ones to capitalize on. That’s why we’ve compiled four of the biggest business trends you should consider in 2021.
The importance of big data
Our growing reliance on online technology has led to a rise in big data analytics: the ability for companies to gather, organize, and assess large data sets to identify new business opportunities. With online activity spiking during quarantine, the need for such skills has only grown more prevalent.
With big data now brought to the fore, improvements in data collection, visualization, data integration, and analytical models are sure to follow. Access to crucial, higher-quality customer insights is only set to grow in efficiency. As such, businesses are recommended to invest in their online analytics, ensuring the right tools, practices, and processes are in place to track important metrics.
Companies are now building a greater awareness of the environmental crisis, with many reflecting on the broader impact of their current operations. A sustainable business strategy not only reduces your environmental footprint, but can also ensure a positive environment for your workers.
Additionally, consumers are increasingly drawn to businesses who are “purpose-driven” and mindful of their effect on society. In fact, a global 2020 study discovered consumers to be four times more likely to purchase from such brands, and 4.5 times more likely to champion the brand to family and friends.
Sustainability can thus lead to a greater competitive advantage, as well as mitigate risks and drive positive change, and the best part is it’s one that impacts us all.
Automation has grown in both sophistication and popularity, occupying the mundane, routine aspects of business and making room for jobs in more valuable areas of growth and innovation. The trend is here to stay, with further advancements set to come.
With automation, you can streamline accounting and administrative processes, supply chain management, and even production processes. In 2021, businesses are encouraged to embrace new developments in automation, helping them improve efficiency, productivity, and discover fresh areas of opportunity.
Virtual and augmented reality
As customers continue to shop from the safety of their homes, virtual, augmented, and mixed reality are predicted to take center stage this year. Such software needn’t be too complex, with some companies simply offering virtual avatars to allow customers to try products like clothing through a simulation before buying.
However, as further developments advance this trend, we may see a rise in virtual storefronts and even gamified environments, changing the face of retail, professional services, and other organizations for years to come.
The 2020 pandemic has shone light on the benefits of teleworking, and the capability of businesses to thrive on the practice. As such, the trend is now predicted to set the “new normal” of the 2021 workforce.
Businesses are thus encouraged to embrace this change and the opportunities that come with it. Many may find a physical office unnecessary, or may opt for a combined arrangement, with specific teams working from home on designated weeks. Remote work can also financially benefit both business owners and employees. In fact, recent statistics claim that a company can save around $11,000 for each employee who occasionally works from home, and those who telecommute part time can save between $2,000 and $6,000 per year.
Most businesses have also discovered the benefits of better productivity, performance, and work-life balance among workers, leading to less turnover and lower costs in new hires and training.
With remote work here to stay, businesses can leverage the many collaboration tools and technologies available for a more efficient, happier workforce.
Boost your business tech for the new year!
As we continue to navigate our changing business landscape, the right tech will keep us productive, efficient, and ever-competitive. InTouch IT currently offers a wide range of technical services to keep your business in quality shape for 2021. Get in touch with our experts today to learn more.