Summary: The article explains how COVID-19 has made it important to adopt and embrace technological innovations in the business process and what the organizations can do to avoid huge revenue loss and evolve strategically in such situations.
From the 1940s to the 1960s to 2020, the world has seen rapid technological evolution. The pace of technological transformation has always been noticeable, from the era of jet engine planes to the television remote control to present-day IoT, Artificial Intelligence, and Blockchain. With the technology revolution in each disruptive era, human behavior has also changed drastically.
Technology giants have this immense pressure of innovating quickly; else they would become obsolete in no time. Humans are under pressure to learn new technology and adapt it into daily operations to work flawlessly. With every new invention, tech and non-tech businesses need to upgrade their strategies and processes to keep pace.
Digital transformation is on everyone’s mind, but each of us is perceiving it in our ways. For some, the horizon of technology improvement expands to business continuity, while for others, it’s something related to thinking forward or sustainable improvements.
To succeed in the current competition while following future practices, companies need to implement an agile infrastructure. As this technological evolution continued, computing resources and data centers evolved, and the IT infrastructure began to explode.
A Synopsis of the Unprecedented Situation
When the COVID-19 pandemic hit the world, eCommerce businesses were the first to take over technological enhancements. Companies that have never thought digital start selling products exclusively online. With this transformation, the online shopping and home delivery of products, particularly food and beverage, has accelerated by 60% in 2020.
We all have seen that digitally empowered companies have experienced minimal loss in the COVID-19 era and are more stable. The reason may be that they have incorporated innovation in the business processes years before the pandemic. The uncertain era has proved that digital is not a choice or an option; it’s significantly essential.
Contemporary operational strategies and traditional business models have transformed into AI-driven business practices. With all these implications, we all can expect to emerge with improved, digitally empowered workplaces.
Here’s something that will drive sustainable growth in the processes and production.
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Data-Driven Approach
Businesses are once again trying to become normal, but the risk of becoming obsolete is ruling the minds of many entrepreneurs. To succeed in these uncertain times, businesses – big or small, need to adapt to that changing operational trend.
Not just having an evolved infrastructure is sufficient, but adapting to these innovations as an individual and as a team is significantly important. The businesses and workforce need to embrace a data-driven approach in processes and a data-mindset to make things happen in the right direction.
From gathering information to processing it into useful data, businesses need to align their operational strategies to the current market standards. In short, from data collection to data storage and data analytics to data monetization, businesses need to execute a proactive approach to lead the competition.
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Automation is No More Optional
Yes, you heard it right. With the changing business trends in COVID 19 world, automation is no longer optional; in fact, it’s crucial. Social distancing has become a norm, and we all are taking it extremely seriously.
Not just manufacturing, but retail, marketing, hospitality, etc., are working profoundly to automate their business operations- as much as possible. Improved customer experience with better business-user interactions can be the byproducts of RPA (Robotics Process Automation).
Automation in processes will contribute, to some extent, to make things normal. Certainly, this new normal will have positive implications on business processes as organizations will experience enhanced productivity, superior products, and controlled expenses.
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IoT is Hard-Core Essential
In these uncertain times, one certain thing is that COVID is here to stay for longer, if not forever. So, we should become more flexible in adopting technology as much as we can. Internet of Things (IoT) is essential for business continuity, not only in the pandemic but later and forever.
IoT has played and will continue to play a vital role in driving businesses towards success as far as the technology is disrupted and explored intuitively for sustainable growth. Businesses across the globe are leveraging the power of IoT endpoints to emerge as the leaders in field operations and manufacturing.
IoT implementation through smart asset management will unlock and unveil new revenue opportunities by enabling businesses to create actionable insights for improved productivity and minimized costs. If the organizations want to become next-gen in all true senses, tracking and tracing of assets and people is crucial.
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‘Reality’ is ‘Real’ Than Ever
Well, till lockdown, VR technology was just limited to games and movies for most of us. But the ‘Reality’ technologies have empowered many businesses through COVID by enabling their workforce to collaborate remotely and drive resilience. Undoubtedly, AR and VR apps will continue to serve as the pillar of strength for many businesses after COVID.
AR (Augmented Reality) and VR (Virtual Reality) will help to redefine business processes by simplifying access to real-time information across disparate channels. With the increasing demand for AR and VR products in organizations across various domains, the manufacturers and Java web development experts need to note the necessity to engineer more innovative devices and apps.
Without a doubt, all the businesses, regardless of the industry vertical or volume, will continue to implement AR and VR assisted technology into the premises to drive growth and survive the competition that may balloon post-COVID.
Final Thoughts
The bottom line is that pandemics will come and go, but technology will always help us to survive uncertain situations and evolve stronger.
The pandemic has enlightened and ignited the need for adopting new technologies and innovative solutions into the business. Situations like COVID-19 can never be predicted in advance, but we can embrace technology to avoid facing the negative implications of these situations on business productivity and revenue.
Implementing innovative technology into the business can make us future-ready, no matter what. Moreover, pandemic or no-pandemic, technological advancements will always help businesses in making data-driven, more informed decisions by addressing future challenges.
