Insights
5 Technology Trends Shaping 2020 in the Wake of the Coronavirus Pandemic
Posted March 31, 2020 in Articles
New technological innovations continue to change the ways that companies conduct business in the United States and around the world. With the novel coronavirus impacting companies on a worldwide scale, the ways in which technology influences business operations in 2020 will be unique in many respects. In light of the COVID-19 pandemic, here are five ways we see technology shaping the business world in 2020:
1. Remote Workforce Capabilities
With many companies being forced to have their employees work from home during the pandemic, remote workforce capabilities are in demand like never before. Not only is it essential for businesses to establish these capabilities if it is feasible to do so, but they must also do so on the fly while attempting to minimize any disruptions for their clients and customers. For companies that had these capabilities in place already, scaling them up could be a fairly straightforward process. But, for companies that are asking employees to work from home for the first time, implementing the necessary systems, policies and procedures could present some significant challenges.
2. Data Security in the Work-at-Home Environment
In this same vein, companies must ensure that their data security protocols are both adequate and appropriate for the work-at-home environment. Companies in different industries can have vastly different regulatory obligations with regard to protecting sensitive data, but all companies need to adopt safeguards that are tailored to protecting employee and consumer data at remote locations. Unfortunately, hackers are likely to view the novel coronavirus pandemic as an opportunity, and companies that leave their data exposed could suffer attacks that result in substantial losses.
3. Marketing and Human Resources (HR) Automation
When things eventually start to return to normal, many companies will need to quickly scale up their marketing and hiring efforts to respond to what is almost certain to be a significant market demand. Marketing and HR automation were trends in the business technology world already, and we see these potentially jumping to the forefront as the economic effects of the pandemic come to an end.
4. Consumer-Centric Technology
Companies in a broad range of industries have attempted to connect with their customer bases in various capacities during the COVID-19 outbreak. When discussing the “new normal” in the aftermath of the pandemic, it seems very possible that customers will expect this level of engagement to continue. With this in mind, companies seeking to maintain strong relationships with their customers will likely want to focus on adopting consumer-centric technologies, whether in the form of apps that customize the customer experience (CX) or enhanced service offerings that leverage artificial intelligence (AI) and other cutting-edge innovations.
5. Cryptocurrency for Consumer Transactions
The stock market crash that accompanied the novel coronavirus pandemic scared many people, and it appears that some people responded by leveraging the growing access to cryptocurrencies. Similar to automation and AI, the rise of cryptocurrency was already a technology trend prior to the pandemic, and it appears that the pandemic could jumpstart the need for companies to be prepared to accept cryptocurrency in consumer transactions in 2020 and beyond.
Contact Mithras Investments
Mithras Investments is a global consulting firm that helps public and private companies leverage new technologies in all aspects of their businesses. To speak with a consultant about what your company should do in response to the novel coronavirus pandemic, call 305-517-7911 or inquire online today.
