Tech trends driving business in 2021 and beyond
Technology solutions play an important role in daily business operations. They help reduce costs, add value to offerings, and keep profits high. More companies are prioritizing technology and rapid transformations are occurring across all industries, allowing companies to keep pace with changing market dynamics.
Consumer behavior is changing very quickly and entrepreneurs need to think about the future instead of waiting for changes to happen. Here are four tech trends that are driving business in 2021 and beyond.
1. Machine Learning (ML) and Artificial Intelligence (AI)
Machine learning and artificial intelligence impact businesses in several ways. B2B and B2C businesses are now using machine learning to deliver value-added services to customers. They offer personalized solutions that meet the growing demands and expectations of consumers.
Companies are also using artificial intelligence to make critical sourcing and production decisions and to design products. AI software can identify what matters most to customers, educating business owners on solutions to offer and marketing strategies to use.
2. Contactless solutions
Contactless business solutions such as digital payments and online shopping are becoming increasingly popular. Their popularity increased last year due to the pandemic. Mastercard’s global consumer study shows that eight out of ten people use contactless payments.
Even loan applications no longer require tedious paperwork. For example, entrepreneurs can apply for small business loans or car title loans online and receive funds in their accounts the same day if they are eligible. They can use their vehicles as collateral and get quick loans. Online lenders often offer faster and easier access to small business loans than banks.
Technologies like IoT, AI, VR, AR, and XR continue to become popular day by day. However, their global adoption will depend heavily on the deployment of 5G. The fifth generation wireless network will change the way consumers interact with brands and products.
Thanks to AI and VR, consumers can now purchase new products by taking virtual tours. But with 5G, they will be able to quickly see in-store location services and inventory information through AR apps.
The high-speed wireless network should also inspire more innovative products and services. Businesses will be able to capture important data and information in real time and use it to develop better solutions.
4. Robotic Process Automation (RPM)
The automation of robotic processes is increasingly popular in fields where tasks are repetitive. And it’s easy to see why, bots can automate data collection, manage CRM systems, respond to emails and retain customers.
Many global companies are already using robotic process automation to manage market data. The adoption of robotics became widespread during the height of the pandemic, when human interaction was limited. Robots are now more advanced and have replaced humans in some industries. They are fast, accurate, affordable, and don’t get sick. Businesses should spend $ 2.4 billion on the automation of robotic processes in 2022.
Technological innovations have changed the way businesses operate. And as the world continues to prepare for the full adoption of AI and the rollout of 5G, we can only imagine the innovations that will be developed in the years to come. Businesses need to be proactive and start investing in technologies that will help them achieve their visions.
(Devdiscourse journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse assumes no responsibility in this regard.)