Cross-Industry Trends: Industries benefiting from coronavirus
The devastating impacts of the coronavirus pandemic are far from over, even with vaccine testing and development reaching the final stages. The implications on the social and economic level will remain for a good portion of the next decade, if not beyond. On the other hand, the Covid-19 pandemic has accelerated many of the tech development and business trends.
Table of Contents
AI-Empowered Businesses
From drug development to facial recognition and from extensive data processing to digital banking, the impacts of artificial intelligence are imperial. It was the very ability of artificial intelligence and machine learning that made possible the idea of digital banks and Robo-advisors. AI has touched every industry thus far. Largely, the way AI embedded technology empowers tech firms to process big data and rapidly amplify the outcomes even more.
Artificial intelligence has accelerated the trends and pace of technological advancement further. A few key areas that will witness the rising trends with AI-empowered businesses:
- Processing of Big data, Encryption, and Blockchain
- Biotechnology
- 3D printing
- Autonomous Robots and Uncrewed vehicle
- Increased digital banking and digital trading
- Virtual reality and Gaming
Watch TED Talk on how AI is empowering futuristic businesses
Cloud Computing and Shared Networks
Cloud computing and open-source networks are both closely linked technologies with AI and machine learning. The overlapping technologies have meant we can now process more big data and at a much faster pace than before. For example, cloud computing and DNA data networking has made it possible to record and process enormous data, including large images, voice, and video content. That means faster data processing for businesses in all industries.
As more businesses expand beyond geographical boundaries, cloud computing and shared networks empower the centralized administration of international businesses. Domestic businesses with multiple locations will harness the benefits of centralized communication empowered by cloud and shared data networks. The distribution of cloud data and network sharing means a broader and customized customer outreach for businesses.
Increased Provisional Workforce Trends
With the economic recession, we witnessed employee layoffs around the world. From multinationals to small businesses, the workforce layoff remained the first cost-cutting decision across the globe. However, the newer trend that emerged with a coronavirus hit economy was the reliance on a provisional and contingent workforce.
Many organizations around the world took the initiative of hiring laid-off staff temporarily. Many businesses shifted towards a work-from-home and temporary working hours basis. The slower economic recovery means full-time jobs will diminish consistently. Telecommunication and shared data networks have enabled companies to hire employees from around the world.
These trends of hiring staff on provisional terms are likely to accelerate in the coming years. Call it a compulsion or progress, but the virtual assistants will become the new virtual CEOs sooner.
Embracing Automation
Just a few years ago, CEOs in the banking industries discarded the notion of AI and digital banks. Today we have seen a sharp rise in digital banks and Robo-advisors. Technologies like AI, cloud computing, and machine learning have enabled business process automation.
The cross-industries trend of embracing automation is already influential in many sectors. It was two decades ago since the doctors performed remote surgery. Robotics in countries like Japan now welcomes customers regularly. With more digitization and automation, the choice of technological improvement has become a necessity.
Watch short video on how automation can help small business in expanding new horizons
Entrepreneurship and Startups
Small businesses and entrepreneurs were the worst-hit businesses in the last year of the pandemic hit by a recession. On the other hand, large entities laid off their employees frequently. The skilled youth and dynamics of newer social trends mean the trends with entrepreneurship are likely to remain on a high in the coming years.
Technology is empowering more individuals, from ready to use e-commerce templates to automation and marketing campaigns. The developing IT and business automation trends mean more individuals turn towards startups and entrepreneurship than the job industry. It will be another phenomenon that Covid-19 crises have just accelerated on a global scale.
Redefined Skillset and Job roles
According to a Gartner survey poll, 87% of the HR managers considered redefined performance criteria for new hiring in early 2020. Well, the appraisal of employee works will certainly derive some critical redefinitions in the hiring process in the first place.
More HR managers will likely be looking for multi-skilled employees. As a result, the focus will shift from profiling to achievements. In addition, the newer tech trends will demand a redefined skills and job role in any industry, from communication to problem-solving skills.
A more dynamic and employee engaging working model will work smoothly from the employer’s perspective than earlier. Young graduates aggressively seek modern job satisfaction criteria like work-life balance and reward-based incentives.
Business-to-Business Trade Transformation
A recent Mckinsey and Co. survey revealed that more than 90% of business-to-business sales are likely to continue with a remote and digital mechanism. The research also revealed that more than 73% of businesses found ongoing practices as effective as before the covid-19 business model. A rising trend in the B2B market emerged with video and telecommunication sales. These trends in the B2B market are likely to continue in a post-coronavirus world too. Most of the direct B2B sales will likely take place through transformative digital communication and video meetings.
Preparing for the Future
If anything that we can’t predict for the future, it is the uncertainty looming around for another such incident. However, individuals and businesses need to adapt to the newer realities in a post-coronavirus world sooner than later.
Take a glance at some essential points that may affect your future preparedness in a post-coronavirus world:
- Realize the change as soon as possible
- Adapt to the new social behaviours
- Embrace the economic impacts and slow return
- Adapt the technological trends
- Embrace the new diversified skill sets and demands
- Trust innovation to solve problems
Global crises like the recent one caused by Coronavirus in the last year leave lasting impacts. The changing economic and business behaviors have already begun to reshape new industry trends. For businesses, these changing trends present both challenges and opportunities. Consumer behavior and a shift in consumer behavior will remain the most significant change drivers in the coming years.
Globally the anticipated new norms in businesses with internal and external factors will begin to reshape our lives. Some of the discussed tech and business trends had already made their marks, and the covid-19 only accelerated them.
Smart Cities
Technological advancement and necessity brought modern inventions like imaginative city concepts across the contemporary world. In a post-coronavirus world, we’ll witness digital and smart cities. Urban planning will also put a focus on more technological advancement than ever before.
The tech-based startup collaborating with traditional businesses have already set the tone. We have seen the rising popularity of concepts like intelligent cabs, innovative dining, and the digital work industry. Shortly, we’ll see smart cities moving towards virtual gatherings, e-bikes, telemedicine, digital events, and other manageable tasks from the tip of the fingers.
Akon is building the biggest smart-city in the world - Here is a showcase of the city
Virtual Social Events
Concepts like intelligent urban planning, ride-sharing, logistics and supplies, smart parking, and car cinemas have already started in different cities. These trends are likely to form the broader social norms in a post-coronavirus world.
Teleconferencing applications like ZOOM and MEETING have opened the new concepts of social gatherings. Although primarily, these apps became popular among corporate and education in particular. These teleconferencing apps, along with modern VR and Hologram technologies, will frequently present the concepts of virtual gatherings.
The currently focused distance participation for the corporate world is likely to drive the demand for the social sector. There is a lot to ponder now, but the already available technology will only need customization to accommodate both participants and organizers.
Workplace Safety Standards
The devastating impacts of the Covid-19 catastrophe mean we cannot justify the accelerated measures taken for safety and healthcare. Remote working trends present one aspect of new working conditions. On the other hand, those continuing with physical presence will need a safer and hygienic workplace to restore trust.
More businesses adapting to the trends of contactless interactions, dedicated workspace, and increased hygienic measures will come as no surprise. The health and safety standards will embed the newer biosecurity issues for the workplace. Companies will maintain the currently adopted protective actions at a threshold level for emergency responses.
New Social Norms on Mental Health
When global giants like Microsoft announce new features and technological advancements, they become industry standards. For example, Microsoft recently announced new commute features for its products Outlook and Meetings. These features intend to bring back the work-life balance and reduce remote work fatigue in particular. Such innovative tech reforms are likely to pressure conventional businesses to accommodate the employees in a better way.
Thanks to online education and remote working conditions in the last year or so, the world now realizes the scale of mental health issues. These issues relate to both at-work and at-home conditions. We are likely to see an increased focus from the business and economic societies on mental and emotional well-being for sure.
Flooded Misinformation Trends
Along with several other misuses of social media and communication applications, the alarming rise in misinformation spread has become scary. Even in the mainstream media, many informed entities rely too heavily on social media-fed news. This became worryingly evident during the early days of the pandemic. The pace at which the misinformation spread made clear these trends will hardly diminish in the future too.
As more businesses, media networks, and individuals adapt to the online mode of living, and it’s inevitable to avoid the spread of misinformation. The very concept of social media monetization needs to revise the focus on the “popularity” of the content towards the genuineness and responsibility. These trends were only accelerated by the Coronavirus from a more digital and online community but are likely to become a new normal, unfortunately.
Watch TED Talk on how to fight against Miss-Informational campaigns (Fake News)
Revitalizing Focus on Earth Sustainability
As the earth took a breath from the industrial slowdown, we all reimagined how a cooler, greener earth could look like. The reduced pollution in air for many of the biggest cities in the world was evident even with a naked eye.
The world-leading platforms have already taken many initiatives on sustainable and renewable energy. More private businesses are investing in eco-friendly products and practices. The revitalizing focus means communities at large have finally started playing an active role for a sustainable, greener earth. Concepts like up-cycling, recycling, and vegan eateries have already become socially popular. With an increased focus, large corporations and businesses worldwide are under pressure to reduce the carbon footprint on the earth.