Technology Trends in Business 2021
by Arina Smith Business Intelligence 19 July 2021
Technology has helped businesses stay connected through the pandemic. With remote work becoming the ‘norm’ and recent advancements in the way we stay connected, businesses will be under constant pressure to keep up with the latest technology trends to sustain competitive advantage; otherwise, they risk losing momentum in 2021.
Here are a few of our top technology trends to help your business stay ahead this year.
1. Enhanced online security measures
In July 2020, more than 85,000 businesses launched online services in response to the pandemic and as of January 2021, the global digital population has grown to 4.66 billion – 59.5% of the world’s population.
The sudden rush of businesses becoming digital and uploading confidential information to cloud-based services to essentially keep them afloat throughout the pandemic allowed room for malicious cybersecurity activity. This was predominant in the remote work sector. In fact, 20% of US businesses experienced a cybersecurity breach through remote work protocols, and 24% incurred additional expenses to deal with them.
It’s important now for businesses to invest in online or remote working security measures to avoid long-term, higher costs down the line. Even protocols as simple as automating threat prevention at all company network points to prevent advanced attacks from spreading or breaching sensitive levels of data can be a starting point for companies.
2. Investing in Artificial intelligence or AI
The global artificial intelligence (AI) market is expected to grow from $58.3 billion in 2021 to $309.6 billion in 2026, growing at a compound annual growth rate of 39.7%.
This anticipated growth is related to the increase in data-based artificial intelligence and the advancements needed to achieve robotic autonomy for businesses to stay competitive in the new, modern world.
Although AI can be an expensive upfront investment, in the long term, it is worth it. From voice assistants to a more personalized customer experience, AI can help businesses free up manual and labor-intensive tasks, like data entry or invoicing, to deliver both business efficiency and cost-saving gains.
3. Adopting 5G to improve latency
Although 5G is still in its early stages, identifying how it will assist your business now means your business will be better prepared to receive its benefits in the future.
What 5G offers in comparison to 4G is little to no latency. Latency is how much time it takes for data to go from one point to the other. The smaller the latency, the faster the connection’. Why should this matter to businesses? The more devices connected to the internet of things (IoT), the slower the connection.
Have you ever found yourself connecting to Wi-Fi in a public space and wondering why it is so slow compared to home? Likely because there are far more people connecting to the one Wi-Fi hub at the shops, or rather, more IoT devices are connecting. By 2022, there will be 18 billion IoT devices, with around 1.5 billion operating across cellular connections.
Businesses who rely on IoT technology, say connecting several devices and sensors to provide business insight on operations or online product placements, will require faster speeds to communicate data.
You may also like: 3 Ways In Which Internet Of Things (IoT) Could Change Your Business Model
4. Embracing remote working models
Although many businesses were forced into a “remote work” model to sustain operations, several are now realizing the potential long-term benefits from embracing this model permanently, such as reducing overheads. Some businesses are even taking this concept further and exploring a variety of resourcing models which allow them to access a wider global talent pool. Outsourcing is an example of this.
Outsourcing is the process of sending internal time-consuming or labor-intensive tasks to an external third party. This could be tasks such as data entry, software development, or even recruitment. Businesses can even save up to 70% on employment costs while freeing up their own time to work on internal strategies and nurturing client relationships instead of getting caught up in the repetitive daily tasks.
So, what does the future hold?
Businesses that embrace or invest time into researching how technology will affect their future will ultimately have less difficulty adapting to changes in their environment. Because of advancements in technological communication, consumer behavior is shifting. Customers these days are less patient and expect faster turnarounds on queries and concerns. They are constantly critiquing a brand’s social footprint and whether they are digitally active. If businesses do not keep on top of these 2021 tech trends, then they risk being left behind in a world that is becoming more and more technology-based.