Tag: workfromhome

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.

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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.

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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. Follow me on Twitter or LinkedIn. Check out my website.

Bernard Marr

 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. Why don’t you connect with Bernard on Twitter (@bernardmarr), LinkedIn (https://uk.linkedin.com/in/bernardmarr) or instagram (bernard.marr)?

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Business Disruptors

Here are 6 trends/industries that are growing faster since the pandemic hit, and you can find many business ideas around them. When looking for business ideas, it’s always a great bet to focus on new trends which result in growing markets and therefore many new opportunities. PS: Sorry for the typo in the video! 😉 Get Business Strategy course here 👉 https://disruptors.academy/business Get Entrepreneurship course here 👉 https://disruptors.academy/startup#business#businessideas

Business Disruptors

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Can the Reemergence of European Travel Save Us From The Worst of the Recession?

Europe is on the verge of an economic crisis that hasn’t been seen for almost a century if forecasts from the EU’s Commission prove correct. 

The anticipated decline of economic activity looks set to reach 7.5 percent due to the widespread chaos caused by COVID-19. Figures are set to fall further should the second wave of infections occur before the pandemic subsides. 

Commissioner for the Economy, Paolo Gentiloni, called the coming recession “a shock without precedent since the Great Depression”.

However, The arrival of news that the reemergence of international travel could resume by as early as July 1st, sent European stocks rebounding by as much as 7 percent. Elsewhere, shares in TUI rose by as much as 35 percent, while British Airways’ owners jumped 20 percent. 

As a continent that’s built on a vibrant travel and tourism industry, could the reopening of borders help to save Europe from the worst of the inevitable global recession? 

Quantifying the value of European tourism.

Europe is the continent that gains the most money from tourism across the world. With over 600 million tourists that were initially forecast to arrive on the continent in 2020, it’s perhaps no surprise that Spain’s foreign minister is battling to achieve a common EU policy on cross-border movement as the summer months arrive. 

Spain has announced that tourists arriving from July 1st will be free to enjoy the country without facing enforced quarantine measures. Despite being something of a risky move considering the voracity of COVID-19 and the devastation it’s caused in the national capital of Madrid, Prime Minister, Pedro Sanchez has announced his desire that Spain opens reciprocal “safe corridors” between European countries that minimise the risk of Coronavirus flare-ups. 

In 2019, tourism brought over EUR 9.4 billion to Spain – amounting to over 12 percent of the nation’s GDP. The importance of establishing an avenue for tourists to enjoy the country during the peak summer months of 2020 could be significant in saving the domestic economy from turmoil and providing a platform to grow from. 

The announcement that Spain was planning to salvage its lucrative tourism season was leapt upon by global airlines, with Ryanair announcing that it was intending to run flights at up to 40 percent of its usual schedule in order to transport tourists to Spain and other European destinations. 

Could a galvanised tourism industry bring European investment opportunities?

The reemergence of tourism in Europe, if successful, could bring levels of investment opportunities that had seemed long dead and buried during the height of the COVID-19 crisis. 

Global work-from-home schemes and furlough initiatives have left a significant number of employees worldwide with an income that they’ve been unable to spend in social scenarios. While it’s reasonable to expect some citizens to be cautious about flying in confined spaces following months of lockdowns, it’s fair to expect huge volumes of tourism should their safety be guaranteed. https://tpc.googlesyndication.com/safeframe/1-0-37/html/container.html

Growing confidence in European tourism has led to a 24 percent boost to the share price of Melia Hotels, Spain’s largest hotel operator, while International Consolidated Airlines Group, the parent company of Iberia Air and Vueling saw price increases of 10 percent. 

To assess the respective value of European tourism markets and whether they’re likely to yield respectable returns, it’s important to come to terms with the risks associated. 

While a vibrant return to tourism would benefit European markets ahead of other continents, it’s important to remember the severity of Coronavirus in its spread across the popular summer tourism destinations and cities. With Spain, Italy and the UK collectively suffering from the worst of outbreaks, a dash to accommodate tourism represents a huge risk that may never be taken. 

The coming months will likely see further market optimism as more European nations declare their intentions for reviving their tourism industry in some form, ready for the hugely lucrative summer months, and investors could benefit from healthy returns should hotels and airlines successfully begin to accommodate guests from July onwards. 

Could tourism save Europe from a deep recession?

It’s clear that the coming months and years will send Europe into a recession of unprecedented proportions, with much of the world following suit. The full scale of devastation will be dictated by consumer spending and governmental initiatives to stage a recovery. 

Nations have turned their attentions towards opening their respective doors in time for the peak tourism season. If consumers are confident enough in their safety, and there are no further outbreaks, the spending of money on summer holidays will be a significant help in softening the initial impact of significant losses in productivity across the continent. https://tpc.googlesyndication.com/safeframe/1-0-37/html/container.html

The loss of tourism across Europe in the summer of 2020 will be a huge blow to the wealth of a continent that largely hinges on welcoming huge numbers of visitors from around the world. While it’s clear that a vibrant peak holidaying season won’t prevent a significant recession, it will go some way in boosting the GDP of hard-hit countries and restore investor confidence in an industry that was reportedly facing widespread cutbacks owing to months of inactivity due to lockdown measures. 

The future is undoubtedly difficult for a lot of international markets, and talks of a return to tourism could be dangerously premature, but ultimately travel could help to cushion the impact of an unprecedented economic downturn.

Dmytro Spilka

Entrepreneur Leadership Network Writer CEO and Founder of Solvid and Pridicto

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