Overview
Business trends change constantly. Hence, staying up-to-date with the latest trends can help businesses cater to evolving market needs. In this article, we provide insights into the top 10 Deloitte business trends you cannot afford to ignore in 2021.
1. Purpose-led transformation
With consumers demanding transparency and accountability from companies, purpose-led transformation helps businesses prioritize what is essential. It involves aligning business strategies with societal values, driving the need for sustainable business practices.
2. Ethical technology and AI
Technology has revolutionized the business landscape, and AI is increasingly making inroads, but ethical considerations are paramount. Deloitte suggests companies focus on using technology ethically, building robust governance, and incorporating principles of fairness and transparency.
3. Online marketplaces
With the pandemic disrupting traditional business models, online marketplaces are helping firms reach out to remote customers. Operating in partnership with established e-commerce platforms, businesses can open new revenue streams.
4. Supply chain transformation
The pandemic exposed the vulnerabilities of global supply chains. Deloitte recommends businesses embrace agile, flexible, and clustered supply chains with an emphasis on sustainability and resilience.
5. Mergers and acquisitions
The pandemic may drive consolidation and M&A activity in specific sectors, such as healthcare and technology. With the potential for profitable deals, businesses should prioritize developing a robust M&A strategy.
6. Digital twins
Digital twins are virtual replicas of physical devices or systems. By using sensors and real-time data, businesses can enhance efficiency and effectiveness by optimizing processes virtually.
7. Beyond Marketing: Customer Interactions
Deloitte advocates that businesses leverage customer data to interact with customers in a more personalized and meaningful way. Through analytics, businesses can develop a better understanding of customer preferences and engage with them effectively.
8. Human Experience Platforms
Human Experience Platforms enhance organizational culture and productivity by providing employees with seamless experiences across different systems and devices. With employee engagement and well-being becoming critical determinants of long-term success, businesses must prioritize their employees’ experience.
9. Remote work
Due to the pandemic, remote work has become the new normal. However, it is crucial to develop strategies to support remote work, such as prioritizing employee well-being, offering appropriate technology, and establishing collaborative work environments.
10. Energy Management
Deloitte views energy management as a potential driver of economic growth and competitiveness. With the increasing emphasis on sustainability and renewable energy, businesses that prioritize energy management can reduce costs, drive innovation, and increase their reputation.
Conclusion
Staying cognizant of shifting business trends is critical for modern businesses. Deloitte’s 2021 business trends provide actionable insights and recommendations for businesses to stay ahead of the curve. By prioritizing business transformation, ethical considerations, online marketplaces, and supply chain transformation, businesses can stay on the right side of disruption. Investing in digital twins, customer interactions, human experience platforms, remote work, and energy management can further help businesses maintain sustainability, competitiveness and productivity.
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