2020 has been a year that represents aggressive and sustained volatility with a confluence of unexpected situations, including economic shifts and market disturbance confluence. The COVID-19 pandemic forces businesses to adjust their methods of operations to ensure survival. These adjustments become the trajectory and guidance of what 2021 should look like and what companies should do to get ready for said year.
This article highlights eight key business trends and technologies in 2021 that every business in Singapore should be aware of and get ready for if they wish to thrive within the competitive business world.
Working From Home
When the government ordered a lockdown due to the COVID-19 outbreak, businesses had to swiftly adapt activities to remote manpower. Now that businesses have learned from the initial experiment, most of them are currently refashioned their whole business model. While some businesses experienced a boost in productivity when their manpower went remote, working from home was not ideal for other businesses.
Hence, in 2021, businesses need to rethink their workspaces and offer the right support for employees working from home, including providing them with proper office tools and equipment and mental health support to ensure every employee can work from home efficiently and comfortably.
Data As An Asset
Data volumes have expanded significantly over the last few years. Businesses leveraging this data to better understand their clients and enhance their decision-making manage to outperform everybody else. Cloud solutions enable businesses to access data from any place.
Companies need to secure and safeguard data just as they would any other asset. Another key thing they need to consider is how to improve data literacy in their companies in 2021 to derive decision-making acumens from it. This initiative also needs an investment in a system which can effectively analyse, process, and store data streaming into the company.
Business Model Revolution
In 2021, all business leaders have to reflect on their offerings and business operations. Many industries were fully transformed in 2020, including events and hospitality sectors. Businesses that are thriving now even during the COVID-19 pandemic manage to react swiftly to the changes. For instance, restaurants which pivoted to allow expanded take-out capacity modified their usual operations to ensure survival. While businesses often need to think about market shifts and how these shifts transform their business, it will be imperative for them to innovate their business model in 2021.
Automation is another top business trend in 2021. Businesses will assess their business procedure to determine where they can remove staff that do not add true value. There have been considerable shifts in this direction from supply chains, warehouses, autonomous vehicles, ships and trucks, and chatbots that automatically entertain customer service inquiries.
Capital markets remain on edge due to the economic turbulence left by COVID-19, creating a challenge for businesses that wish to raise capital to set up a new business or expand. Blockchain technology, crowdfunding, and other decentralised finance alternatives are a few solutions for raising capital. These solutions will become a huge trend in 2021, allowing businesses to obtain capital easier than conventional methods.
As businesses strive to discover new methods of delivering services to customers who are not walking into shops, they start to consider ways to deliver services digitally with technology, such as virtual reality, augmented reality and mixed reality. Customers would utilise virtual avatars to try on eyewear, makeup and clothes to adhere to stay-at-home orders. Eventually, this try-before-you-buy method with virtual interfaces will change how businesses provide their services.
During the COVID-19, brands engaged with their customers and prospective customers across social media platforms. Huge efforts will be cast in 2021 toward a more genuine presence on social media and one which is less selected by social media experts, such as a company’s actual behind-the-scenes appearance. The number of engaging influencers and micro-influencers across multiple industries will also increase, helping companies drive connections and engagement with their target audience.
While COVID-19 significantly disrupts the world’s economy and business operations, companies are recognising the more damaging effect of the environmental crisis to the planet. Hence, each company needs to rethink its business activities, environmental effect and its products or services and how they are utilised. The sustainability trend is closely related to the past trend of meaningful purpose as businesses strive to decrease their water and carbon footprint.
Getting Guidance From Advisory Services Provider In Singapore
Professional business advisory services providers in Singapore help Singapore companies better understand the current trends and technologies relevant to their business to ensure their survival, especially during economic uncertainty. Some advisory services agencies, such as Corporate Services Singapore, also offer other essential business solutions, including company incorporation, accounting, payroll, audit, and company secretarial services Singapore.