Top BDO Business Trends to Watch in 2021

As the year progresses, businesses are closely eyeing the ongoing changes in the world to adapt and grow amidst unprecedented times. With the onset of the COVID-19 pandemic, it was undeniable that the business landscape would forever be altered. Let’s take a look at the top BDO business trends to watch in 2021.

1. Accelerated Digital Transformation

The pandemic has accelerated the need for digitalization, and this trend is set to continue throughout 2021. Remote workforces, virtual events, and digital marketing are only a few ways companies are embracing digital transformation to stay competitive, and those who have not yet transitioned digitally risk lagging further behind.

2. Increased Focus on Cybersecurity

As more data is stored and accessed online, cybersecurity has become a growing concern for businesses. Companies, both big and small, must prioritize data breach prevention and develop comprehensive cybersecurity protocols to safeguard both their customer and company data.

3. Strategic Partnership Agreements

Innovation is one of the driving forces in most businesses, and strategic partnerships play a significant role in this regard. Companies partnering up to leverage their strengths and collectively move forward towards growth is a trend in 2021 that will continue to gain popularity.

4. Demand for ESG Reporting

Corporations are increasingly being held accountable for their environmental, social, and governance (ESG) practices as consumers and investors demand transparency. Companies will carefully monitor this trend and take strategic actions towards becoming more environmentally and socially sustainable.

5. Virtual Meetings and Events Beyond the Pandemic

The pandemic spurred event planners and marketers to discover the benefits of virtual events. In 2021, even as the world gradually recovers and returns to normalcy, virtual meetings, and events are here to stay. Companies can save cost, increase attendance, and reach global audiences through virtual events and webinars.

Conclusion

2021 holds significant changes for businesses globally, and as we manoeuvre this new era, companies must embrace digital transformation, focus on cybersecurity, foster strategic partnerships, enhance their ESG reporting, and explore virtual events. These five BDO business trends will continue to shape the future of business in 2021 and beyond.