When the pandemic started around a year ago, it caused the Dow Jones to drop around 3,000 points, which is the biggest one-day point drop since 1987. This was just the beginning as businesses around the world were affected by the global health crisis. Thousands of businesses closed with many of them permanently shut down.
With the continuous release of the vaccines, business owners are finally going to see the light at the end of the tunnel. Due to this, it’s essential for them to consider the latest trends in tech so they can jumpstart their businesses after the pandemic ends.
Artificial intelligence (AI) is already being used in numerous industries, including healthcare, education, and wildlife conservation. AI also has significant effects on daily life. Ride-sharing apps, speech recognition software, and commercial flights are already using AI to some degree.
When applied to businesses, it can give business owners the ability to understand changes in customer preferences. This is particularly important during the upcoming new normal after the pandemic. It also allows them to find new opportunities for businesses and identify issues in the operations of a business.
Digital marketing services can also use AI to facilitate the allocation of funds for advertising and promotion purposes to benefit their clients. AI can provide these services with the data they need to ensure the funds are used appropriately. Businesses can even use the technology to start their delivery or ride-sharing business. With the high demand in the industry right now, there’s still a lot of room for new players.
Online Freelance Marketplaces
The popularity of online freelance marketplaces will continue to increase as businesses will turn to hire independent contractors and freelancers. This move stems from the need to reduce expenses to allows businesses to survive the crisis. Hiring freelancers and independent contractors allow businesses to save on spending for benefits. They can tap the global marketplace where the rates of professionals with exceptional skills from other countries are lower.
On the other hand, workers will also see these marketplaces as new opportunities for them to find a job. The platforms offer the flexibility that employees cannot find in an office-based job. Even if they’re working from home, they still need to be available at a specific schedule. Working as an independent contractor allows them to set their schedule and even have multiple clients at the same time.
Businesses can also consider creating an online freelance marketplace. Even though the industry has a lot of players already, the market is so big, there’s still a place for newcomers to attract freelance workers.
Internet of Things
The Internet of Things (IoT) is normally associated with smart devices that people find at home. However, the technology can also benefit businesses in several ways. For instance, it can facilitate inventory-taking. Using interconnected smart devices, including sensors and analytics systems allows a business to check inventory levels in the warehouse and make informed decisions.
Additionally, the IoT also helped the medical industry during the pandemic since it allowed doctors to monitor their patients’ health remotely. It also allowed patients to consult their doctors without visiting their office or the hospital, which was practical in the middle of the pandemic.
The technology can also facilitate advertisements and promotions of the products and services of a business. The business can learn about the preferences and behaviors of its market through AI and ensure that the advertisements and promotions reach potential customers who are more likely to buy from the business.
To ensure the IoT works perfectly, it’s essential to use the next-generation mobile technology network that’s faster than the current technology used today. 5G or fifth-generation technology offers wider coverage, faster speed, lower latency, and a better data bandwidth than 4G. Due to this, it can facilitate the transfer of data necessary to allow IoT to function the way it’s designed.
With 5G, the interaction between machines and humans is faster. It also enhances the functionality of smart devices. For businesses, it increases productivity among its employees due to the faster speed and lower latency it offers. This is particularly advantageous to workers who started working from home when the pandemic started.
The technology also allows businesses to increase sales since it allows them to easily connect with their customers. For instance, real estate agents can give clients a virtual walkthrough of a house without concerns of getting disconnected in the middle of the process. It also allows retailers to effectively sell their products to customers by letting them see the products from different angles without being physically present in the store.
Even as businesses have to deal with the new normal way of selling their products, if they leverage the latest trends in technology, they will have a bigger chance of connecting with their customers and increase their sales.