Today, we’ll address some of the ways you can future-proof your business with technology.
Specifically, we’ll explain:
- What future-proofing is (in the business sense)
- How to tell whether your business is future-proof
- How to leverage technology to achieve this goal
- What that technology is
- Bonus trends you can implement to ensure future-proofing
So if you want to know the most effective ways of making your business remain relevant now and in the future, you’ll find them all right here.
What is future-proofing a business?
Future-proofing is a business strategy. The basic(dictionary) definition of future-proofing states that:
“If something is future-proof, it will continue to be useful or successful in future if the situation changes.”
To future-proof your business, you’ll have to adapt to present challenges without losing sight of any future pain points that may appear down the line. You’ll have to make changes to the structure, processes, people, and technology within your organization so that they don’t become irrelevant in the future.
This future-proofs your business by helping you create an agile organization that easily adapts and overcomes any challenges it encounters. One of the simplest ways to ensure a stable future of your company is to leverage technology.
How can technology help future-proof a business?
The first step to using technology for future proofing your business is to promote a positive attitude and the right understanding of new technologies. In fact, technology can help your organization to evolve and enhance inside work practices.
The future of work is to use automation to eliminate tasks that no longer require human engagement. This allows employees to focus on more complex operations, which raises output and efficiency, and saves your business time and money. An example is the automated marketing process. A forecast suggests that this will allow the marketing industry to grow up to $6.4 billion by 2024.
Whether you’re a startup or a large enterprise, using new technologies will make it possible for you to adapt to business industry trends and sudden disruptions, as was the COVID-19 outbreak in 2020.
Which technology should you look to implement?
Implementing a range of digital technologies helps businesses improve efficiency and security. The main thing to decide here is which aspects of the business need the most attention.
Let’s see some of the top technologies that you can adopt to secure the future of your firm.
Hyper-automation is a combination of machine learning, multiple software, and robotic process automation. These technologies create an intelligent system that can control and complete a variety of business processes. Basically, this enhanced system does menial tasks automatically, instead of your employees having to do them manually.
Multi-Cloud computing means splitting data storage and management between several cloud platforms. Your company can split storage between multiple providers, or you can use a distributed cloud provider that distributes the data between multiple data centers. Distribution across multiple data centers protects your data and creates a secure remote working environment for everyone involved with the organization.
The threat of cyber-attacks against businesses is increasing as a result of the COVID-19 pandemic and the subsequent move to remote work. A lot of companies lose millions of dollars each year because cyber-criminals get unauthorized access to critical data and assets. To avoid this, you should invest in technology that can strengthen your company’s cybersecurity.
New trends in business that future proof business
Here are 3 emerging business trends that future-proof your organization:
#1 Engaging your employees
Employee’s represent a significant investment of a company’s time and effort. Low retention rates are forcing businesses to constantly hire and train new staff. Your company should be attractive to potential hires. You can get there by offering, training, bonuses and other benefits.
Keeping your employees satisfied can be a great way to future-proof your business. Besides having a consistent workforce, you will also enhance productivity.
#2 The rise of the data economy
Nowadays, companies have the ability to collect huge amounts of data related to various business activities. One way is to use data to gain a deeper understanding of your customers.
For example, you can use online surveys to collect information about customers’ needs. You can then leverage data analytics to generate meaningful insights and adjust sales strategies according to what your customers want vs. what you think they want. You can also use the data to implement UI and UX trends that future-proof your website, and create a personalized experience that’s also easy to use and navigate.
#3 The growth of virtual marketplaces
The way people buy goods and services is constantly changing. Thanks to the disruption caused by COVID-19, more people are shopping online now than at the height of the pandemic. In fact, according to a new survey by PYMNTS, nearly 36% of all U.S. consumers are buying retail goods over the internet.
This is why you have to move your goods or services offers online, and create an e-commerce store besides your bricks-and-mortar points of sale.
Is your business future-proof?
To answer this question, you’ll need to evaluate your organization:
- Can you handle the disruption caused by COVID-19?
- Are your sales figures down? Why are they dropping?
- Can you support a remote working environment?
- Did you dismiss some of your staff in 2020? Why?
Whatever your answer, the outlook isn’t bleak. A few simple adjustments and the right technology can remove all of these pain points.
And we can help you with that!
Demakis Technologies can help future-proof your business so it can overcome any of the modern challenges you face now and in the future.