2020 has been one of the most uncertain and challenging years in history. The impact of the pandemic has been disproportionately hard on the working schedule of every economy and the businesses worldwide had to adapt to a new normal. However, if 2020 was a year of disruption and transition for businesses, 2021 will be a year of continued evolution because with every challenge comes an opportunity. Considering the fact that markets are very volatile and the real-time consumer preferences are the key to growth, we’ve curated a roundup of the latest business trends. Embracing these will help your business succeed in 2021 and beyond.
1. WORKING FROM HOME IS THE FUTURE
Due to the recent COVID-19 pandemic, many employees were pushed to work from home. And a trend, that is showing no signs of slowing down, remote work has definitely changed how the global workspace operates. No matter how distant this used to seem, it has definitely allowed autonomy to the employees and has helped the companies to go beyond the stringent workplace policies and see the future trends in working remotely.
While on one hand the benefits of work from home for the employees can be summarized in one word – savings, the benefits of telecommuting for the companies reap in the forms of increased productivity and lesser costs. While some organizations could witness a rise in productivity and could source a smarter and better workforce (who are usually unwilling to relocate), it wasn’t ideal for others. To see the outcomes, businesses need to constantly boost the morale of the people working from home, make the workspace more inclusive and be supportive by keeping frequent checks on the mental and physical health of their employees.
No matter how you look at, it’s data and information. With the growth of technologies, we are now able to collect much more data. And it’s time to treat data as a valuable asset. Big and growing companies rely heavily on having holistic, end-to-end management of operations. And data has proved to provide a competitive edge to these companies. Data makes it possible to deliver expected outcomes that make the best use of scarce resources, optimize the entire customer experience, and react efficiently to changing business and market trends. It even helps in grabbing new productivity opportunities that foster continuous growth.
3. BUSINESS MODEL INNOVATION
Today, the novel coronavirus has caused tremendous shifts in both the national and global economy. And it goes without saying that the companies have been forced to develop new approaches, innovate and adapt their business models to successfully face these challenges and come out stronger or else fall a victim to these changes.
Business model innovation reflects a fundamental change in how a company delivers value to its customers either by way of developing new revenue generation streams or distribution channels. To cite an example, Amazon is known for continuously innovating its business model. The video game industry has gone through a series of business model innovations in recent years.