How Technology Will Reshape Business In 2021 & Beyond
Technology today is rapidly evolving, making faster changes in all sectors of livelihood. However, it was the outbreak of the Covid-19 virus that accelerated digital transformation, making tech professionals realize the crucial it is to create a contactless tomorrow.
As a result of which, tech organizations around the globe took a giant leap towards innovation. Businesses are changing their models to meet their customer preferences and keep up with technological advancements.
In 2021, industries will implement various advanced technology to improve business functioning, from artificial intelligence to automation and gamification. Let’s dive deeper to learn how technology may upgrade businesses in 2021 and beyond.
Edge AI will reduce latency issues.
Edge AI is considered advanced artificial intelligence that will allow algorithms to run at the edge of the data. One of the significant benefits of edge computing is that it increases proficiency by processing the user’s information closer to the required device rather than sending it to the central locations in the cloud for processing.
Companies can embed AI locally to preserve bandwidth and cellular data, which will reduce the connectivity cost. As AI is embedded locally, plants will face fewer connectivity losses even in unstable communication structures and make decisions quickly.
Deploying edge AI on pumps and motors will also improve monitoring capabilities and eventually develop a predictive maintenance effort.
5G will revolutionize manufacturing
According to sources, 5G network will generate a global economic output of $13.2 trillion and 22.3 million jobs by 2035. With such exclusive technological advancement, the wireless service is expected to make a shift towards Industry 4.0.
5G can meet the power requirements of millions of connections and boost the digital capabilities of the manufacturing industry. The speed is 100X faster than 4G, which will help in reducing latency, processing delays and ensure data is shared exceptionally quickly so the company systems can deliver results in real-time.
Whether it’s a manufacturing business or an online academic service that provides analytical essay writing help to students on different analytical essay topics, 5G would ideate new business opportunities.
The reliability of this connection will be greater, as it guarantees a stable connection anywhere in the factory so that employees can complete all critical business-related work without hindrance.
Automated AI to improve operational performance
2021 will witness the development of user-friendly AI platforms so everyone without limited computer science knowledge can carry out different functional activities. It will allow the employees to build models and understand the output quickly to make quick decisions.
For instance, Brain by DreamQuark is a completely automated platform for financial companies’ sales and customer engagement teams. It allows the employees with limited data science knowledge to create models using prebuilt apps to leverage deep-learning technologies’ capabilities.
In 2021, more and more companies will use advanced technology to detect fraudsters, assess customer’s preferences on different products and services, and provide insights into various financial activities.
IoT will play a key role in securing data
2020 saw a sudden spike in online activities due to the outbreak of the Covid-19 virus. The entire world went under sudden lockdown to contain the spread of the virus. The majority of the companies turned to online platforms for carrying out different business activities. And because of the digital transformation and lockdowns, the amount of data skyrocketed.
So, to make sure their data is protected, companies will be more focused on using data analytics technology to analyze and gather insights from unused operational data. Businesses from the travel and hospitality industry are the hard-hit industries during the lockdown. Their ability to use stored data for offering a better customer experience will play a pivotal role.
IoT will play a more significant role in automating processes and providing information to companies safely and timely in all of these.
Use of automation to improve customer experience
Due to the prevailing Covid-19 pandemic and localized lockdowns in most countries, 2021 will see more businesses using various digital platforms and technologies to improve and automate different tasks.
The ongoing pandemic has wholly altered how businesses think about their customers. Automating repetitive, predictable tasks will enhance operational efficiency, reduce inaccuracies, and boost user experience across various ecosystems. Such innovations will help businesses to reduce costs and repurpose their resources and workforce in innovations for enhancing customer experience.
In 2021, companies will restructure their business models and adopt unique strategies to overcome the setback caused due to the pandemic. They will adopt advanced technology trends and solutions to increase remote work efficiency, user experience, and data security. With AI, IoT, and 5G connectivity, we only hope to see more fantastic digital transformation in 2021.