But make no mistake: the pandemic has changed the way we live and work. It’s already safe to say that the coronavirus has triggered a global digital shift and there’s no turning back.
For businesses that are committed to this digital transformation, the next year will offer opportunities to expand and thrive . If 2020 was about finding your feet in the digital world, 2021 will be about establishing the new foundations needed to move forward in exciting new ways.
Here are four trends to watch and embrace as we prepare for the new year and continue the digital transformation the pandemic has brought about.
1. A shift to make room for diversity and inclusion
Businesses need every advantage they can get this year, and studies show that embracing diversity and inclusion increases profits and revenues, and fosters innovation. Diversity is better for business , just as it is better for the economy.
As more companies look at how they can attract shareholder database and retain diverse talent, we can expect to see a level playing field where everyone can excel. Companies that have embedded these practices into their culture will already have an advantage.
2. The rise of working from anywhere
Operating from anywhere allows a company to conduct almost every aspect of its business remotely and adapt to fluctuations in demand. Additionally, it allows teams to respond flexibly and efficiently to opportunities as they arise and reduces the friction that stands in the way of a sale.
Companies are already rethinking how they design and use offices. Many, including Shopify and Google, have already launched a “work from anywhere” policy for staff and are reducing physical office space. This shift means companies have access to talent anywhere in Canada – or around the world.
The shift to digital can also create challenges in building a vibrant company culture . Without in-person meetings and other office events that help promote vision and values, some staff members may feel isolated and disconnected. When staff are out of the office, every company needs to make sure to prioritize its culture.
3. Digitization of the employee experience
Businesses have long prioritised customer-facing solutions like contactless payments, but it’s equally important to digitise the employee experience, especially when staff aren’t working in the office. Finding creative ways to engage staff will be more important than ever, and businesses will be investing heavily in digitising the employee experience in the coming year.
This people-centric digitalization has undeniable value. According to a Gallup report, organizations that rank in the top 20% for engagement experience a 41% decrease in absenteeism, a 59% decrease in employee turnover, and a 21% increase in profitability.
One way to increase engagement is to adopt tools that microtarget employees to get their feedback on workplace culture, support programs, and professional development needs. This creates personalization similar to how brands use data to target consumers with promotional offers.
Workflows are another great place to start. Many companies have simply moved offline processes to the digital world, but that change won’t make for a productive or satisfying workday. Instead, teams need to streamline workflows and leverage automation where possible so staff aren’t inundated with regular changes. ProcedureFlow, Beanworks , and Kiite are three Canadian startups offering solutions.
4. The growing influence of the Internet of behavior
The average person produces 2.5 quintillion bytes of data every day through their connected devices. This presents an extraordinary opportunity for businesses to learn more about them. When these insights are packaged into a cohesive story, businesses can effectively influence customers—the Internet of Behavior.
Competitive advantages truly emerge when companies create detailed portraits of their customers. An AI-powered customer data platform that brings together data from disparate sources is invaluable in creating this portrait. This allows companies to build more meaningful relationships with their customers and proactively address their needs. Customers don’t like to give away their data without getting something valuable in return; the Internet of Behavior helps companies address this concern.
The tip of the iceberg
We have all faced unthinkable challenges over the past year, as individuals, tradespeople and business owners. We have seen more digital transformation in the past six months than we have seen in the past decade, and this is just the tip of the iceberg. Businesses that address the challenges this brings quickly and put their people and customers first while embracing technology will thrive.
