The 10 Biggest Business Trends For 2021 Everyone Must
Be Ready For
While there are many who can't wait to bid adieu to 2020, there's no doubt the coronavirus pandemic and the ways businesses had to adjust to ensure their survival changed the trajectory of what 2021 will look like and what businesses should do to get ready for the upcoming year. As a futurist, I help companies understand the latest trends and technologies and offer guidance on how to prepare their businesses for them. Here are the top 10 trends that will drive every business in 2021. I believe every business around the world needs to be ready for these trends.
Work from Home. . .For Real!
When employees were under lockdown orders due to
COVID, companies had to quickly adapt operations to a remote workforce. Now
that there are some distance and lessons learned from that initial experiment,
most businesses are now rethinking their entire business model. Are offices
still needed? Some companies experienced an increase in productivity when their
workforce went remote. However, working from home wasn't ideal for others.
Therefore in 2021, businesses need to reimagine their own workspaces as well as
provide the proper support for people working from home, such as outfit them
with the right office equipment, mental health support, and more so everyone
can work from home comfortably.
Data as an Asset
Over the last few years, data volumes have grown
massively. The businesses that leveraged this data to better understand their
customers and to improve their decision-making are clearly the ones that are
outperforming everyone else. Cloud solutions allow us to access data from
anywhere. Businesses need to protect and secure data just as they would any
other asset. Another important thing for businesses to consider is how to boost
data literacy in their company in 2021 in order to glean decision-making
insights from it. This also requires an investment in systems that can
efficiently and effectively process, analyze, and store the data streaming into
the organization.
Business Model Innovation
In 2021, every business leader needs to reflect on
what they're offering customers and how they operate as a business. There were
lots of industries that were completely transformed in 2020, such as the
hospitality and events industry. The businesses that are currently thriving
even during a pandemic are those that reacted quickly to the changes. For
example, restaurants that pivoted to enable expanded take-out abilities or
Formula 1 companies that were producing ventilators altered their typical
operations to ensure survival. Although businesses have always had to think
about how the market is shifting and what transformations that means for
business, it will be more important in 2021 to innovate your business model.
Automation
Another top business trend in 2021 will be
automation. Businesses will evaluate their business processes to see where they
can take people out of the process when they aren't adding any true value.
There have already been quite a few shifts in this direction from warehouses,
supply chains, autonomous vehicles, trucks, and ships, as well as chatbots that
automatically take over customer service inquiries. In 2021, I expect that
white-collar automation will be a trend as we consider what bits of a lawyer,
doctor, or other white-collar professional's jobs can be given over to
computers and smart robots and delivered through automated interfaces.
Decentralized Finance
As a result of the economic turmoil COVID-19 left in
its path, capital markets continue to be nervous. This creates a challenge for
businesses that want to raise capital to expand or start a new business. One
solution for raising capital has been crowdfunding, blockchain technology, and
other decentralized finance options. This will be a big trend in 2021 that will
allow businesses to acquire capital easier than through traditional
channels.
Virtual Interfaces
As companies raced to find new ways of delivering
service to customers that were not walking into stores, they began to consider
how to deliver some of the services in digital forms using technology such as
augmented reality, virtual reality, and mixed reality. To comply with
stay-at-home orders, people would use virtual avatars to "try" on
make-up, eyewear, and clothes. Ultimately, this "try before you buy"
with virtual interfaces will transform how businesses offer their services.
Going from Global to Local
In 2020 there were a lot of reasons to begin to
think more locally rather than globally—COVID-10 disrupted international supply
chains, there were increasing tensions between the U.S. And China, and Brexit
was delivered. Companies began to rethink where they were sourcing and selling
their goods because international turmoil could disrupt business. More
localized manufacturing and selling are also appealing for environmental
awareness.
Purposeful & Meaningful
There's a trend to have more purpose and meaning in
our jobs. Younger generations that are entering the workforce want to connect
with a purpose or work for a company that has real meaning. Companies that
don't have a clear or meaningful purpose will struggle to attract talent and
customers.
Sustainability
Sustainability has been a concern for some time, but
during the pandemic, things shifted in emphasis. As disruptive as the
coronavirus was to business, companies are recognizing the environmental crisis
could be much more damaging to the world as well as the bottom line than the
pandemic. Therefore, every company needs to rethink operations, environmental
impact, and their products and how they are being used. This trend of
sustainability links closely to the previous trend of a meaningful purpose as
companies work to reduce their carbon and water footprint.
Social Engagement
During the pandemic, brands relied on engaging with
their customers and potential customers across social media. In 2021, there
will be a big push toward a more authentic presence on social media and one
that's less curated by social media experts, such as real behind-the-scenes
looks at a company. Along with this will be engaging influencers and
micro-influencers in your industry—those key people who are driving
conversations and engage with your customers.
If you would like to learn more about technology
trends, then have a look at my new books: Tech Trends in Practice: The 25
Technologies That Are Driving The 4th Industrial Revolution and The
Intelligence Revolution: Transforming Your Business With AI.
Thank you for reading my post. Here at
LinkedIn and at Forbes I regularly write about management and
technology trends. I have also written a new book about AI, click here for
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About Bernard Marr
Bernard Marr is an internationally best-selling
author, popular keynote speaker, futurist, and a strategic business &
technology advisor to governments and companies. He helps organisations improve
their business performance, use data more intelligently, and understand the implications
of new technologies such as artificial intelligence, big
data, blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s
top 5 business influencers. He is a frequent contributor to the World Economic
Forum and writes a regular column for Forbes. Every day Bernard actively
engages his 1.5 million social media followers and shares content that reaches
millions of readers.
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