Nine digital trends that have been embraced by businesses worldwide
While the world is running on recovery mode, the scale of optimism is rising exponentially. Global business leaders are keen on using the low-risk approach and leveraging digital trends and rapid technological advancements. The Middle East countries are high-spirited and are looking forward to diving deep into digital transformations. A SAP and Oxford Economics survey report reveals that AI is considered the top investment in UAE.
Two months into 2021, Martechvibe looks at the top business trends that are rooted in companies worldwide.
Digitisation has leapt ten years ahead of its expected growth. Brands are exploring new digital ecosystems that can bring in a quick turnaround. One strategy that is being increasingly used by leadership teams in implementing models that either complement their existing system or are flexible enough without fixed regulatory structures. Experts predict that digital business models will soon become a complex system providing better customer service.
Qatar Airways recently launched its IATA Travel Pass mobile application that allows flyers a seamless travel experience. It may seem crazy to invest in technology during the recovery mode, but it is the only way to record and analyse customer behaviour that strongly leans toward digital experiences. Business leaders are leveraging AI and data-driven customer analytics as a roadmap for better CX. Another major reason for increased analytics-based CX is the probability of further lockdowns or transport restrictions in the future. To come out of another such phase, a data-driven roadmap is the only recourse.
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There was a time when AI was used in silos but now use cases have leveraged AI as a complementary technology. Allowing good scalability, AI has integrated itself into every possible business system from automation to data analytics and cloud. Experts recommend that AI be used as an assisted technology and not replace the industry’s existing technology. For instance, Ai Build partnered with Dubai based 3D VinciCreations to develop a Factory-as-a-service model in the UAE.
Lockdowns and travel restrictions affected supply chain systems the most. Having faced some of the industry’s worst conditions due to the pandemic, supply chains are now in full recovery mode. Resilient networks and local sources have provided them with comfort and expected revenue. Averda, a waste management company headquartered in the UAE, optimised its supply chain with a decentralised and localised operational structure. Taking increased measures to strengthen the business system, supply chains, and service providers worldwide are also leveraging data analytics. For resilient logistics, data analytics is beginning to gain traction.
Everyday brands are moving their data software and application to the cloud. Offering flexibility and security, most enterprises prefer cloud systems, and it is estimated that most global brands will shift their functions to the cloud in the coming years. IoT is an easy choice for executive leaders as it improves operational services and brings together a seamless customer experience. According to IDC, the Middle East’s IoT market is set to increase over $12 billion this year.
While IoT is becoming a constant trend in the industry, the need for 5G services is inching into the priority list of CMOs. Digitisation has urged telephone companies to retarget their focus on expanding infrastructure to enable the 5G service. The EU assured that one-fifth of its recovery fund would improve the digital sphere of the industry. With the rapid increase in IoT edge devices and the growth of remote working, businesses worldwide will prioritise the need for 5G services in 2021. Middle East’s first 5G-enabled construction zone is the Red Sea Project, and it claims to be committed to Saudi Vision 2030.
Blockchain applications have been around for years, but business leaders now realise the potential and impact of blockchain. It might not have reached its full potential yet, but its growing utilisation in various functional areas will improve and evolve. Experts believe that blockchain will become a mainstream application within two years.
The more digital services come to be, the more cyberattacks are prone to follow. A Cybersecurity Ventures study predicts risk of over $5 trillion worth of global economic impact this year. An ISG Index 2020 Q3 survey reveals that fraud prevention, payment security, web security, and network security are the most prominent business problems faced by global companies. On highest priority, brands are looking to strengthen their security measures. Recently, Dubai International Financial Centre partnered with MasterCard to improve cyber readiness in the financial industry.
Hybrid Work Culture
Although some companies have brought their workforce back to on-site working experiences, many brands have accommodated remote working. Inculcating a digital culture for remote talent will require nurturing thought and more resources. Creating a hybrid work culture with improved technology infrastructure is expected to benefit the business significantly.
Realising the post-pandemic impact in 2021, CSuite executives worldwide take informed risks and implement new or modified business strategies. With technology being the front seat driver, these digital transformation trends are likely to bring more significant revenue and benefits to the industry worldwide.