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How technology is changing work and organisations. In recent years, the word “digitalisation” has firmly entered our lexicon. Today you can hear about the digitalisation of almost everything: individual companies and entire industries, education and medicine, and sometimes entire cities.
In just a few months, completely new problems emerged that the business had never faced before. What hasn’t changed in business is competition! Increased demand for limited goods, price competition in services and shopping, online and internet marketing.
This is why companies still need to pay attention to the latest business trends, especially in 2021. This is also true for small businesses, which have been so badly hit by the coronavirus that many have not survived the blow. Small businesses need to keep an eye on everything from small business lending opportunities to competitor activity and market trends.
We decided to find out how technology is actually transforming the business and what has changed.
Impact on different spheres
Digital technologies have penetrated almost all stages of real estate transactions. Digital real estate agencies with fully automated processes have appeared on the market. Realtors skillfully manage all stages of transactions in a mobile application. Agents hone their skills of “cold calling” on smart voice bots, which allows better dialogue with a potential client.
The changes also affected the financial side: buyers can already make an advance payment online. In the near future, a “digital mortgage” will be common on the market. The interaction of the parties (bank, agency, buyer and seller) will take place on one digital platform in the shortest possible time.
Telecommunications and information technologies have taken a huge leap forward and are now transforming other businesses and industries. Telecommunications companies successfully solve the problems of clients from various fields: transport, urbanism, shipping, tele-medicine and many others.
According to our estimates, in the next three years, the corporate market for the Internet of Things is expected to grow by one and a half times. The combined volume of the global telecommunications and smart technologies market is trillions of dollars.
The largest megacities of the world are gradually “getting smarter”, as technological solutions are gradually being introduced for the unified management of various infrastructure elements: transport, energy supply, water supply, and communications.
Thanks to, among other things, 5G, we also have the opportunity to create self-driving cars — they must constantly exchange data with each other, so telecommunications plays a key role here. In addition, 5G enables the creation of smart systems for the management of road transport infrastructure.
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Analytics and banking
Modern information technologies have significantly improved the efficiency of the analytical departments of banking organisations. So, just a few years ago, a security and payment fraud specialist (fraud analyst) worked only with payment data.
Today, Big Data technologies provide the ability to collect and aggregate hundreds of different signs of fraud, especially from the client side: information about devices, patterns of user behaviour, IP addresses, etc.
The data collected during the analysis of a group of transactions can and should be used to evaluate others’ products and projects – not only for risk analysis but also in lending, insurance, marketing.
The use of data analysis technologies, including a combination of machine learning and artificial intelligence, has made it possible to optimise the costs of banking organisations by reducing the number of human employees. Neural networks do not replace a professional, but they give specialists time to analyse really complex cases of fraud, which increases work efficiency.
In addition, modern IT architecture has increased the speed of decision-making, since technologies allow analysing huge amounts of data in a split second, which has a positive effect on the quality of fraud monitoring.
Information technology today improves the balance between security and business performance — it helps to increase business conversions, launch new online products faster, and all this with less risk.
Covid-19 and new technology in 2021
Online platforms help small and medium businesses conquer the internet
The pandemic has accelerated the transition to e-commerce by five years, according to IBM. This has had a positive impact on large companies like Amazon. But small businesses with little online presence have been hit hard by declining traffic to offline stores. The dominance of large players causes a negative reaction from consumers, therefore, small and medium-sized enterprises with a small presence on the Internet are looking for new partners:
Shopify, an international e-commerce platform, increased its user base by 71% in the second quarter of 2020. This platform provides the infrastructure for building your own online store, processing transactions and delivering.
In May 2020, Canada launched the DMS ShopHERE program, which helps small businesses grow their online presence in collaboration with partners such as Shopify, Mastercard, Facebook and Google. Indian e-commerce platform Flipkart has launched a program to help local small stores accept online orders. As of September 2020, Flipkart has helped over 50,000 stores in 850 cities in India.
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Virtual offices instead of real ones
Remote work is becoming the norm. Many companies are rethinking this format of work, offering new unusual solutions.
For example, Dropbox announced that it is now becoming virtual. It will primarily focus on virtual desktops and ditch real offices. This is unusual since in 2017 the company signed the largest lease in San Francisco history, and now it will rent out these premises itself.
Other companies are setting up virtual offices in which employees can walk through familiar spaces, attend meetings, and simply get together over coffee and chat.
In April 2020, Sine Wave Entertainment launched Breakroom, a virtual world product for remote workplaces that provides 3D offices for companies such as Virgin Group and Torque Esports. Italian energy company Enel is assembling workers as avatars in virtual conference rooms using a combination of augmented and virtual reality technologies.
New technologies have made it possible and easy to work from home. With the help of services and applications such as Slack, Teams or any alternatives to Teams, that are convenient to use, entire teams can communicate, exchange information and data. This made the job easier, faster and more efficient.
Experts believe that the time of large offline offices is a thing of the past, and the time for remote work is coming.
‘The future’ is already here. Technology is changing work and organisations. Automation of work processes and the use of digital technologies for work in recent years have become commonplace. As a result of the mass transfer of employees of various companies to remote working, the demand for technology has increased. To meet the spirit of the times and to keep up with new realities, companies must become digital and use new technologies.