Innovation Trends Businesses Should Consider in 2021

Innovation

Innovation

Businesses must adapt to new changes to become relevant and resilient in 2021.

The pace of change in today’s world is happening faster than ever before. Realising changes will help not only businesses but individuals alike to adapt themselves to sustain. Rapid technological innovations are also making it crucial for everyone to adopt new forms of technology and business models that will help them become more productive and reachable. The extensive dependence on digital solutions to bring customers into the mainstream will also pave greater opportunities for organizations to drive innovation. 

With the global socio-economic crisis due to COVID-19, most businesses are adapting to the changing ecosystem brought up by the pandemic to remain resilient. McKinsey & Company estimations show the economic value that has been faded by this crisis is about US$9 trillion. In this context, we are already seeing major shifts in consumer behaviour and business models. Companies, be it tech or non-tech, big or large, all are now turning and encouraging to remote working. In this crisis time, while some have disrupted profoundly and bouncing back will take years of effort, some are experiencing short-term impact and taking the right actions properly will help to stand up again in the new normal.

Undeniably, COVID-19 will have a pessimistic impact on global GDP. But thinking strategically and futuristically will support companies and individuals alike. Embracing longer-term innovation will have a significant influence on psychological and economic dimensions, and will encourage leaders to look forward to analysing what is required to meet changing demands. This unprecedented pandemic has created chaos across the global supply chain and supermarkets, forcing governments and private entities to increasingly focus to new and promising technologies to accommodate the economy and take disease control measures.

This sudden event has stimulated many of the innovative trends people talk about this year. Sustainability is one of such trends. Reimagining business in the next normal, companies must embrace sustainability as customers care more about it. In a survey, McKinsey found that European consumers want fashion firms to act responsibly by considering their social and environmental impact. With changing customer behaviour and expectation, enterprises must upgrade their strategies towards personalization to keep customers up. They should quickly shift their focus from product-centric to customer-centric. Enterprises that prioritise their people by steering their own digital experiences will gain most from their businesses and better understand what their customers want and prefer.

Leveraging digital technologies such as AI, big data and analytics, and IoT, among others, will significantly be impactful in helping companies in the new normal. Reports show the demand for digital platforms and experiences will only continue to rise in the future. This is majorly because businesses and consumers will seek alternatives to fulfill their needs such as in-person gatherings, to meet their daily needs and others post the pandemic world.