Up to 52% of consumers view technology as a significant part of their daily lives, as mentioned in the Technology Vision Consumer Survey. In a post-digital era, about 6.4 hours are spent on the internet by people around the world.
As another decade starts, digital services and technology are expected to cater to more users with diverse preferences and needs. This could influence the accessibility of information and the impact of the fourth industrial revolution on the broadening reach to consumers. As a business, it is vital that you invest in technologies that can be appropriated into a globalized context.
Technology innovations to go after this 2021
Digitalization and the continuous innovation of technology bolster solutions created to meet the transforming market opportunities and recent solution and product alternatives. Here are technologies that are inclined to develop in 2021.
Artificial Intelligence (AI)
The significance of AI is seen in its efficient analysis of information, which yields independent decision-making. AI makes use of a complex system and intricate algorithms directed towards obtaining data from the environment and then accomplishing a certain objective.
For businesses, a specific and oriented plan is required in order to maximize the capacity of AI. According to Adobe, around 41% of established businesses in 2020 were utilizing AI for functions such as recommending keywords to alert instances of fraud.
Gartner indicates that by 2021, it is probable that 15% of customer service communication will be done by AI.
Automation and Robotics
Presently, with work associated with logistics, surveillance, and warehousing, machines are incorporated to replace human labor. Several industries are also seeing progress in automation.
Robotics and automation aim for time and cost efficiency and for disburdening human resources so that these are reassigned to more specialized and complex tasks. While focusing on production, companies may be able to yield more output and uniform and accurate quality with fewer expenditures.
Blockchain
An indication of the importance of blockchain in businesses is linked to cryptocurrency, which enables the flow and exchange of cash values among entities. Practical applications include insurance, logistics, management of property, and products.
Based on Deloitte’s 2019 Global Blockchain Survey, about 84% of Chief Experience Officers (CXOs) utilize blockchain for better security instead of already widely used IT interventions.
Blockchain is critical in building trust within transactions, as it ensures that all involved parties have similar information. A quorum in decision-making among the parties is a requisite prior to allowing any changes in the database.
Digital Assistants
Digital assistants are depicted as Robotics Process Automation (RPA), and are mostly seen as chatbots. These help improve customer experience (CX) and replace actual employees in responding to queries and resolving issues brought up by clients. In 2020, Gartner estimated that chatbots will be used for 90% of interactions with customers.
Internet of Things (IoT)
This network also includes third parties, which provide further information to users. IoT objects encompass electronics that can conduct the transfer of information and solutions through the cloud and the internet.
The connectivity of devices and gadgets may be utilized by businesses and optimized through emerging operational configurations.
By 2020, Gartner estimates an increase from 30% to 65% of businesses that are using IoT products.
Virtual and Augmented Reality
Virtual Reality (VR) refers to the rendition of an actual setting through computer simulation that serves as a platform for user interaction, while Augmented Reality (AR) is the combination of VR and may be used for industrial purposes and for the presentation of design and quality information.
Furthermore, AR and VR heighten user experience (UX) and are time-efficient in terms of physical work.
Long-Term Benefits of Tech Investment
It is critical for businesses to prioritize investments for innovations in technology especially when markets are constantly evolving and customer demands and expectations are on the rise. Systems must be constantly updated and evaluated in order to stay in shape to manage technical transactions and operations.
Coping with Competition
Primarily, the market is immensely competitive with instantaneous technological developments, and with businesses matching their priorities with the current needs of the market. Businesses should consider both the management of systems and the improvement of technology.
The IT sector has proved to be a major player in the service industry, but it only comprises 6% of the overall economy in the US. Despite this, the industry covers over 80% of the GDP output, which was crucial in the recovery of the economy.
Likewise, there was an observed growth of GDP from 2.3% between 2010 and 2018 in the US.
Immediate Response to Demands
Technology has an important part in streamlining transactions and in producing more efficient outputs and services. Customer relationship management (CRM) systems are integral in helping ensure that system issues are regulated and improved.
Software Advice provided that 88% of CRM users are looking for CRM systems that ease contact and coordination, 80% are seeking more accessible customer communication, and 75% are directed towards CRM systems that simplify schedules and customize prompts. CRM also highly revamped accessibility to customer databases for 74% of CRM users.
Capterra showed that retaining and satisfying existing customers is an advantage for 47% of CRM users.
Furthermore, to establish your business, you should think about upgrading your platforms to the current technology to retain clients and draw in prospective customers. By doing so, businesses increase efficiency and productivity to maintain and further boost their investments.
Enhancement of Security
Businesses should safely keep their IT setting to avoid risks in system operations since there are numerous threats to information and privacy with technological innovations and the progress of digitalization of data.
It was found that from the transition to remote work arrangements, there was a 630% increase in attacks on cloud servers during the first quarter of 2020. At that time as well, collaboration tools and cloud services became more sought after by businesses adopting work-from-home arrangements.
Consistency in risk analysis is crucial to guard your business in processes such as authentication, encryption, and communications. Ensure that your e-commerce stores or business adhere to the General Data Protection Regulation (GDPR).
Conclusions
Generally, it is best to apply technology investment that is set within the context of the goals of your organization and designate personnel to oversee and identify which technologies are available and which trends are the best to comply with. Business needs should be assessed by determining technology applications such as wireless technologies, web development, and data warehousing. Moreover, a list of technologies should be prepared relative to business growth and areas for improvement.
As derived from the Global CIO Survey, business operations are allocated 57% of technology budgets, with 26% of expenditures used for making necessary updates and changes in business, and 16% set aside for potential innovations.
Information Technology (IT) investment plans should be run through with an IT advisor so that maintenance costs and other items such as required staff, implementation, and assessment of new technologies could be balanced and reviewed in accordance with the objective of your business.
