Why will businesses rely on Technology to Thrive
As expected, technology has become more and more part of our lives and the way we do business. The pace of this transition, however, has been significantly accelerated by the pandemic.
We all know what has happened to businesses world wide due to the pandemic – many of them had to close permanently or partially shut down – resulting in massive losses and layouts.
The ones that are still standing (typically mid-big corp) are facing a fork in the road that is not necessarily the result of the pandemic, but rather a straightforward, predictable and continuous growing stream of technological progress. The pace of technological adoption and expansion was gaining more traction year by year but the pandemic has accelerated digitalisation by several years. During the pandemic New and existing businesses are now conditioned to accelerate the implementation of technology into their everyday operations.
During lockdown, businesses relied on the internet (digital marketing) to interact with their customers and continue to sell their products and services, and this “trend” will not decrease even in a post-lockdown, pandemic free (hopefully) world. There are several good reasons for this – one solid argument already being made, that technology was already set to become an ever greater part of daily human life, society and business. With machine learning and artificial intelligence constantly improving and Internet of Things (IoT) devices seeing an impressive increase, it doesn’t seem like the world is willing to get rid of their gadgets anytime soon.
Driven by demand, many technology trends accelerated. Machine learning algorithms continued to improve, Internet of Things (IoT) devices became more numerous, infrastructure needs shifted quickly, and data-driven business operations multiplied.
With technology playing a key role for all organizations just to maintain daily activities, IT has become a critical function of almost every business.
The typical IT department has now become a core element behind any business successful operations.
Technology is here to stay for the long term.
Although a post-pandemic world is somewhere on the horizon, businesses won’t reduce their IT requirements or stop relying on their IT help desks. The role of the IT department will continue to be a critical component in business, as organisations will want to avoid any disruption in the event of a future crisis.
There are multiple ways companies can still adapt technology into their operation streams in order to improve their bottom line.
Machine learning will create new business categories
Artificial Intelligence and Machine Learning are further developing and becoming an integral part of daily life, as well as products or services.
Well established businesses and start-ups are now harnessing the potential of machine learning, thus creating new business categories and pathways for exploration and innovation.
More people are working with technology
Workers that traditionally wouldn’t use technology are now learning and developing their digital skills, in order to become adequate and robust employees in their job market.
The adoption of artificial intelligence knowledge and technological skills into their skill-set will dramatically improve worker’s value in the eyes of future employees.
Climate sustainability depends on the use of technology
Among the top subjects of international discourse is Climate Change. With the United Nations targeting to slice half of the carbon emissions by 2030 and reach 0 net emissions by 2050.
Many organisations are agreeing that the use of technology, AI and ML can provide clinical tools that would help achieve the UN’s sustainability goals.
It is without doubt that technology is here to stay and businesses must adapt to new market demands by leveraging the power of tech. It is no longer a matter of “if” but at a matter of “how much” technological development are businesses willing to engage in, in order to place themselves in pole positions within their marketplace and among their competitors.