Although the global pandemic changed economies around the world with many service-based businesses closing their doors, many other businesses, particularly in the technology sector, continued to grow because of the increased reliance of the business community on digital communication.
Some encouraging business trends that suggest that businesses will rebound once enough vaccines have been distributed and economies around the planet can get back to normal include trends that will improve business automation, encourage green technology, and enhance employee retention.
Increased Appreciation for Business Automation
Business automation has flourished over the years and continues to show no sign of slowing down. Technology-based automation is popular because it handles tedious, repetitive, and complex work better than people. Unlike human beings, business automation doesn’t get tired, frustrated, bored, call in sick, or ask for raises.
The benefits of business automation are enormous. A company that achieves a high level of digital automation can streamline its business processes, increase the quality of its services, speed up the deliverability of its products, and reduce its costs while increasing its profits.
One company that has clearly shown the far-reaching potential of business automation is emerged.com. This company provides its clients, B2B companies in the healthcare industry, an opportunity to increase their sales to healthcare practitioners by automating prospecting and lead nurturing tasks. It identifies target Healthcare practitioners, nurtures prospects with multi-channel campaigns, and encourages prospects to engage with their client’s sales reps.
Renewed Interest in Green Technology
Many companies are now on board with changing their operations to align with the principles and practices of green technology.
Since it was expensive to transition from traditional business operations to manufacturing and distribution processes that benefit the environment, change has been slow. However, the promotion of a tax credit for transmission projects under the new Biden Administration to offset the costs of implementing green technology is expected to encourage America’s businesses to focus on protecting the environment.
Nevertheless, the biggest long-term changes will occur around 2030 when the Electric Power Research Institute will have a smart grid technology in place. Besides providing an eco-friendly alternative to the current electric grid, the smart grid will reduce electricity costs for businesses and consumers by tens of billions of dollars.
Enhanced Employee Retention Measures
One of the biggest problems facing U.S. businesses nationwide, a problem affecting small, medium, and large companies, is the high rate of employee turnover. To retain more of their top employees, whose loss costs employers thousands of dollars every quarter, many companies may provide a more community-oriented workplace to increase loyalty.
While it is unlikely that most medium to large American businesses will match all the perks that employees at Google and other high-tech companies enjoy, many companies will focus on improving working conditions for their employees by providing better health benefits, more scheduled social activities, and more flexible working hours.
Meanwhile, small businesses, who account for most of the employment in the United States are expected to improve retention rates in a few cost-effective ways, such as allowing more employees to telecommute, recycling more inventory to reduce the costs of unnecessary purchases, and rewarding workers with competitive pay and commission-based incentives.
In summary, despite the incredible suffering experienced by populations around the world because of the pandemic, national economic setbacks, and the collapse of many consumer-based businesses, we still have plenty of reasons to expect a surge in business evolution. The pandemic may have slowed business progress, but numerous promising business trends will still emerge. Besides the enormous financial effort the government is making to stimulate the economy, the business community is also eager to put the setbacks of the pandemic behind them.