Nine digital trends that have been embraced by businesses worldwide
While the world is running on recovery mode, the scale of optimism is rising exponentially. Business leaders around the world are keen on using the low-risk approach and leveraging digital trends and rapid technological advancements. Two months into 2021, trends and sought-after technology in business strategies have been identified.
Switching to online business models
Digitization has leaped ten years ahead of its expected growth. Brands are exploring new digital ecosystems that can bring in a quick turnaround. One strategy that is being increasingly used by the C suite is to implement models that either complements their existing system or flexible enough without fixed regulatory structures. Experts predict that digital business models will soon become a complex system providing better customer services.
Data-driven Customer Experience (CX)
It may seem crazy to invest in technology during the recovery mode, but it is the only way to acquire customers, since they strongly lean toward digital experiences. Business leaders are leveraging AI and data-driven customer analytics as a roadmap for better CX. Another major reason for increased analytics-based CX is the probability of further lockdowns or transport restrictions in the future.
AI to the rescue for use cases
There was a time when AI was used in silos, but now use cases have leveraged AI as a complementary technology. Allowing good scalability, AI has integrated itself into every possible business system from automation to data analytics and cloud. Experts recommend that AI be used as an assisted technology and not replace the industry’s existing technology.
New and improved supply chain solutions
Lockdowns and travel restrictions affected supply chain systems the most. Facing worse conditions in the business industry, supply chains are now in full recovery mode. Resilient networks and local sources have provided them comfort and expected revenue. Taking increased measures to strengthen their system, supply chains and service providers are leveraging data analytics. For resilient logistics, data analytics is beginning to gain traction.
IoT and Cloud for growth
Everyday brands are moving their data software and application to the cloud. Offering flexibility and security, most enterprises prefer cloud systems, and it is reckoned that most global brands will shift their functions to the cloud in the coming years. IoT is an easy choice for executive leaders as it improves operational services and brings together a seamless customer experience.
5G, a digital requirement
While IoT is becoming a constant trend in the industry, the need for 5G services is inching into the priority list of CMOs. Digitization has urged telephone companies to retarget their focus on expanding infrastructure to enable 5G service. The EU had assured that one-fifth of its recovery fund would improve the digital sphere of the industry. With the rapid increase in IoT edge devices along with the growth of remote working, businesses worldwide will prioritize the need for 5G services in 2021.
Blockchain to become mainstream
Blockchain applications have been around for years, but business leaders now realize the potential and impact of blockchain. It might not have reached its full potential yet, but its growing utilization in various functional areas will improve and evolve. Experts believe that blockchain will become a mainstream application within two years.
Cybersecurity, a continued priority
The more digital services come to be, the more cyber-attacks are prone to follow. On highest priority, an ISG Index 2020 Q3 survey reveals that fraud prevention, payment security, web security, and network security are the most prominent business problems faced by global companies. Predicting a talent gap, executive leaders must hire employees with the requisite skills.
A modified, co-existing work culture
Although some companies have brought their workforce back to on-site working experiences, many brands have accommodated remote working. Inculcating a digital culture for remote talent will require nurturing thought and more resources. Creating a hybrid work culture with improved technology infrastructure is expected to benefit the business greatly.
C suite executives are taking informed risks and treading on a low-risk approach for a year of damage control. With technology being the front seat driver, digital transformation trends are likely to bring more significant revenue and benefits to the industry worldwide.
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