What differentiates companies that have successfully emerged from the pandemic from those that have not?
The answer is: technology. Its as simple as that, and its a reality that needs to happen across all industries and businesses of all sizes.
Technologies such as artificial intelligence, the Internet of Things, machine learning, and big data looked promising before the pandemic, but they were also really fallbacks. Since these technologies do not provide a clear return on investment, are not currently available, or may take time to mature, many businesses choose to wait to use them in a meaningful way. In the wake of the COVID-19 pandemic, however, implementing these technologies has gone from an option to a necessity.
Thats because, whether youre at a startup or a large enterprise, the post-pandemic period will force all companies to question their base expectations and make sweeping changes. Its not a return to normal, its a jump into something completely new.
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1. AI (artificial intelligence)
The COVID-19 pandemic has spurred a flurry of new investments in AI. A survey found that 68% of businesses have increased spending on AI during the COVID-19 pandemic. For example, some companies invest in new technologies or enhance existing capabilities. Other companies rely on AI to quickly solve complex problems and to supplement or replace work functions that cannot be performed due to public health concerns. Regardless of how these companies choose to integrate AI, 63 percent say doing so has had a positive impact on their performance over the past year.
The use of AI will (and should) keep growing through 2021 as organizations look for ways to learn and do more with less. Al applications exist in all companies, departments and workflows, so it is important to identify the most impactful use cases.
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2. Cloud technology
COVID-19 has proven to many businesses just how important the cloud is. The extent to which a companys data and applications are already in the cloud when it begins telecommuting largely determines how resilient its business is in the face of disruption. Beyond increased accessibility, cloud technology promises (and delivers) cost savings, simplified IT maintenance, increased scalability and better security, among a host of other benefits that will be important this year and beyond.
For example, many start-ups today have been using cloud technology from the beginning, they store all their data in the cloud, they choose cloud-native tools for accounting, human resources and sales, and rely on the technology to facilitate communication throughout the organization and collaboration.
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3. Blockchain
Blockchain originated in the cryptocurrency world, where the concept of a distributed ledger shared and trusted by multiple parties proved its tenacity, so much so that traditional financial institutions such as JP Morgan Chase are now experimenting with blockchain.
The company recently issued its own token (a negotiable encrypted digital proof of stake) called JPM Coin, and about 100 employees work in a business unit called Onyx dedicated to blockchain. JPMorgan saw the potential of blockchain, as banks would spend hundreds of millions of dollars to resolve misinformation in functions such as international payment requests, which blockchain technology could completely resolve.
According to Isaac Kunkel, Chainyards senior vice president of advisory services, blockchain also has plenty of applications in solving management headaches and easing other painful processes.
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4. Network security
Compared to the other entries in the article, cybersecurity isnt as exciting, but its arguably very important and has become a significant existential risk point for companies in recent years. A single breach can cost a lot of money and cause chaos for an entire organization, not to mention lasting damage to a companys reputation.
So why the focus on this issue now? In short, cybersecurity was a serious threat before the pandemic, but widespread uncertainty and new IT protocols during COVID-19 have led to increased attacks and breaches. For example, ransomware attacks have increased by 800%, and the FBIs Internet Crime Complaint Center in the United States has received as many as 4,000 complaints per day throughout 2020. (Chain Market: There are also many companies in our country that have been attacked by hackers and extorted bitcoins. During the time period when the country was affected by the epidemic, the focus here refers to the situation overseas, but it does not rule out that some domestic industrial software has been attacked.)
Changes in behavior may be responsible for the increase in attacks, but dont expect this threat to decrease after the pandemic is over. Companies big and small, old and new, will need to take extensive cybersecurity protections and do whatever it takes to harden their defenses.
Undoubtedly, this will require significant effort and investment, but such measures will increasingly be seen as essential in 2021, given the consequences of cybersecurity failures. First, start with security audits at the beginning of the year, and then dedicate the remaining months to addressing any issues found in the audits. Make sure you keep getting more practice out of your employees when it comes to cybersecurity. Less training means Its a big gamble to face.
The pandemic is a public health crisis, but history also remembers it as a business inflection point — an era in which digital transformation took full hold and businesses either grew or stagnated because of their technological capabilities. The future is already here, so catch up in 2021.
This article is from Forbes.com, author RhettPower, co-founder of Courageous Leadership, best-selling author.
