The significant impact that the COVID-19 pandemic has made across the globe has changed the way business owners manage their businesses, communicate with their customers, and even sell their products. The economy has seen major shifts in consumer trends and behavior, forcing businesses to innovate or get left behind. Many companies, big and small, have had to adapt to these sudden changes caused by the global health crisis. Businesses were forced to pivot and, in some cases, completely restructure their business framework to adapt to the times.
Those who were successful have one thing in common: technology. Technology not only plays a critical role in the growth and efficiency of a business, but it has also revolutionized the way we work and do business.
The Rise of 5G
The talk about 5G has been around for a while, but now, many telecom companies around the world are starting to implement the 5th generation mobile network into their systems. However, not a lot of people know what exactly 5G is or does. Simply put, 5G is 4G but better. This new form of the mobile network allows us to do the things we could in 4G but at faster speeds, making activities like streaming and watching videos a much smoother experience.
Most of 5G’s benefits however are likely to emerge with future technology. More devices will have the ability to connect to the internet, driverless cars will make use of online maps and smart roads to improve safety, and even make smartphones more compatible with virtual reality (VR) and augmented reality (AR) equipment. It’s safe to say that 5G may change the digital economy we live in and make our lives more efficient by streamlining our daily activities with technology.
Artificial Intelligence
From virtual assistants like Siri, Bixby, and Cortana, to personalized experiences based on user data, artificial intelligence has made daily tasks more efficient for people and businesses alike. These technologies are beginning to be implemented as solutions to hurdles that many businesses, especially small businesses, face due to the pandemic. With the increase in demand for online services and online shopping, many small businesses find themselves having to deal with new ways to manage their data and operations.
This year and in the future, we’re likely to see more businesses big and small incorporating AI into their operations for a more efficient workflow by automating processes.
More Streamlined Work Applications
As people continue to work from home, companies need to use different applications to communicate with teams, monitor progress, share files, and more, to keep the business running. For instance, companies use programs like Slack to communicate via messages, Zoom to hold virtual meetings, and Google Drive to share files, which can be inefficient in terms of switching between programs or needing to access a browser to go to certain sites.
With this in mind, more programs are opening their doors to 3rd-party applications, making it easier to access other programs and files within one application, or at least make the process of switching between tasks smoother. Streamlining tasks will benefit companies by saving on time and increasing productivity.
Emphasis on Data Privacy and Protection
Most data in this age no longer exists on paper, instead, they’re found digitally. Whether it’s stored in internal or external storage devices or inside the cloud, sensitive data needs to be protected from the prying hands of individuals or even competitors interested in this data. With digital data being created at an astounding rate, cybersecurity has increasingly become an issue with even big companies like Facebook, Adobe, and LinkedIn falling victim to data breaches.
Because of these issues, more businesses are working with trusted IT solutions providers that can help protect their data from hackers and other individuals with malicious intentions.
Establishing Remote-Working Tools
At the beginning of the pandemic, many companies implemented work-from-home setups to keep employees safe. At the time, many thought this would only be temporary. But as the pandemic continues to make significant impacts on economies across the globe, companies are now planning to allow employees to work from home regularly, even after the pandemic ends.
However, they will need to provide the right equipment and tools to ensure that employees are productive while working at home, from making sure that their phone and internet services are up to standard and providing access to programs needed for work.
With technology evolving quicker than ever, businesses need to keep an eye out for upcoming trends in technology and make use of these trends to prepare their business for the new era of the digital economy. We’re likely to see these trends in the coming months that will reshape the future of business technology and could revolutionize businesses across the globe.