Expressed opinions Entrepreneur Contributors are their own.
Digital conversions are often driven by customer expectations. It only makes sense to adhere to business improvement. This is not a fad that businesses can ignore.
It is clear how business has changed in the last two years of the epidemic. Business models and processes were adapted to meet abrupt changes and different needs. In fact, these changes have led to the emergence and development of various industries.
Digital-conversion trends are evident based on the results of WalkeMe research using BuzzSumo, an online analysis tool. In their research, they found the most talked about technologies last year were artificial intelligence, machine learning and virtual reality. Here are the digital conversions that you can expect to emerge or improve in the coming months
1. Blockchain
The blockchain has been around for years and has already been used in various industries outside the finance industry. We can only hope to join more businesses. With this demand, we will see more flow of blockchain education as more businesses will try to continue.
Related: How learning blockchain can prepare you for the future
2. Data protection and security
As of January 2021, there were 4.66 billion Internet users worldwide, according to Statista. According to DataReportal, this number has grown to 4.95 billion Internet users by January 2022. That’s more than 6% growth in just one year. How will this affect online business?
More people online means higher demand for data protection and security. Online business owners should set this up in advance, but this year, consumers are becoming more aware of their data protection.
Facebook now and then, faces security-breach issues. The security of a large company is flawed because Facebook creates more demand from online users for higher online security and data protection. But only half of the customer data equation. As much as business owners need to protect their customer data, you also need to protect yourself.
Make sure your business is safe. Use password protection, reliable cloud-based software, and payment channels that you can trust.
3. Hybrid workplace
The epidemic has proved that a virtual workplace is possible. But also, it has been shown that working from home setup is not ideal for everyone. The solution is a hybrid workplace. Even as the epidemic seems to be declining, more companies will be adapting to the hybrid workplace this year, not only because of health, but also because of resource efficiency and cost reduction.
It could also mean that more attention will be paid (and demanded) to employees’ mental health as they struggle with changing work and home environments.
Related: 4 Secrets to Creating a Healthy Hybrid Workplace
4. Artificial Intelligence (AI)
More business solutions will be driven by AI. In fact, the study that WalkMe did with Buzzsumo found that the most talked about game-changing technology in 2021 was AI. Better AI means more relevant and targeted advertising, a better customer support experience and a more efficient workforce. This means more potential revenue.
If your business has not yet invested in AI or AI-driven business solutions, this is a great time to start. AI leads to better automation.
5. Automation
AI and automation work almost always hand in hand. More business solutions for analytics, data security, security and search algorithms will be driven by AI. Businesses will weaken this year as more work will be automated. This leads to a more efficient workforce. This is why companies can offer hybrid workplaces.
Also, as the workforce weakens, it will eventually lead some to self-employment.
6. 5G
There are many different opinions and conspiracies about 5G, but either way we will see more information and awareness about it. Conspiracy theories will not go away permanently, but people will get more clarity about what it is and what it is not. This means that the more people know about it, the more people will welcome it.
More networks and devices are already moving to 5G to meet the growing demand for faster connectivity, but 5G is more than just fast connectivity. Due to low latency, 5G will change the industry, not just mobile phones. 5G is a game-changer in mobile and machine development.
7. Digital banking
Traditional banks should be invented, otherwise they will be left behind by digital banking solutions and blockchains.
2022 is the year for more:
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Online payment channel.
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Online loan application and approval.
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Cashless payment transactions.
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Online personal identity.
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Fast and user-friendly online banking app.
Although we have seen these in the last two years due to the epidemic, this year, banks are forced to invest more in online banking solutions.
Related: Does your business need a digital transformation?
Digital conversions feed each other because one affects the other. These changes can push a business forward or pull them down. These are not trends that will go away in one or two seasons, and to trade in the golden age of innovation, one must be willing to innovate in order to improve.
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