Collaboration, Innovation trends

Trends, challenges and opportunities of the 2020 By Deana - 5 min read

Trends, challenges and opportunities of the 2020

For most of us 2020 was definitely not a fruitful year, and many are looking forward to 2021 as a new beginning and a new chance. As the end of the year is almost here, it is time for a quick overview of the events that have marked this year and time for setting new goals for the next one. Let’s make a recap of the most significant events/changes that have impacted this year.

1. Crisis response

The year was certainly not off to a good start. The enthusiasm about the new 2020 was slowly but surely interrupted by the virus outbreak and everyone was taken by surprise. Many businesses failed to respond to such a crisis. Having a plan B is useless if it does not address the right issues. Almost no one had a ready response for a global virus crisis. The ones flexible enough to adapt to the new situation were the ones able to overcome the situation. A few even prospered by turning this threat into an opportunity.

It is impossible to include all unexpected events into your strategy and have a detailed plan of reaction for each situation. What you can do is be flexible and agile enough so that when a certain crisis does occur, you are prepared for a quick response. The window of time you have to act is limited, so there is no room for procrastination and waiting for things to settle on their own. Switch your focus on overcoming the crisis, set new goals and act accordingly and immediately.

2. Remote working

Although most job positions weren’t considered to be able to switch to remote working - guess what happened! All of a sudden, when forced, we found ways to adapt. Now, many find remote working as something that has to become a regular thing. Not to the same extent as now, but at least a part of the time. Remote working proved to be a great money saver since businesses no longer required to spend money on utilities and people no longer needed to commute daily. It also proved to be a contribution to climate change, leaving a smaller carbon footprint in the process.

This also meant that people could manage their time more freely and find a better balance between their professional and personal time. Spending less or no time commuting meant more personal time or completing tasks more efficiently. Either way, for those able to manage their time more wisely, this meant a more fulfilling personal life and a more proficient professional life. It also created a new opportunity for hiring qualified people no matter the geographical distance.

3. Collaboration

The main downside of remote working is certainly social isolation and the incapability of controlling everything. This meant that collaboration had to be taken to the next level so that all these difficulties could be overcome. Video meetings and virtual coworking became the new standard. It takes great managerial and leadership skills to keep motivation high in such circumstances and at the same time keep track of every activity, task and progress. That is why a unique and well implemented organizational culture is crucial. It steers everyone towards the same goal, and it makes it easier for everyone to be in sync even when separated.

4. Business transformation

Willing or unwilling  it was something that had to be done. Many businesses had to rethink their whole existence and change their processes from the core. Besides the fear of the virus and everything that went with it, a fundamental business transformation created even more stress on the whole business. Unfortunately, it was usually the only way a business could overcome the crisis.

Being able to respond to a crisis by radically changing your business and tackling another risk by doing so was by no doubt something not many were up for. It takes a lot of effort, a great deal of collaboration and all the help you can get from the technology to successfully transform your business. And even then, no one guarantees it will be a successful transition. Even in the best of circumstances, if we exclude the global virus crisis, a business transformation brings a lot of uncertainty. It takes a great deal of courage and motivation to do something so big. But the end result can not only guarantee your existence but prosperity as well.

5. Technology and real-time analysis

As we’ve said, you need all the help that you can get. We live in an ever more dynamic world where trends are changing rapidly and if you add a global crisis on top of that you get mayhem. It is almost, if not completely, impossible to solely rely on human capabilities. That is where innovative technologies step in. It is becoming unimaginable to do business without some kind of AI, Machine Learning, Big Data, Cloud Computing and other technologies. They still cannot predict such events, but when something similar happens, they can help your business cope more effectively and efficiently with the new situation.

And if we exclude the Covid19 crisis, it is still impossible to do business without the help of technology. Too many aspects of your business rely on technology, starting from your production process, collaboration tools, customer experience and relation, supply, control, you name it. Even though the world is becoming more complex, thanks to technology and real-time analysis, you can track progress and check almost any segment of your business and undertake corrective measures on time. Welcome to the digital era, an era where innovative technologies are must-have.

6. Innovations

Last but not least  innovations. Without them, nothing would be possible. They are the stepping stone of our civilization and the only true response and solution to crisis. Even in a time of crisis, they should never be neglected, quite the contrary. You should shift your focus to innovations and all the new and improved ways you can overcome any given situation. Innovations fuel our prosperity and create the difference between success and failure. You can choose to be a follower rather than a pioneer, but that still means that you are keeping up with trends to stay relevant. Needless to say, innovations are the way to go.

What marked 2020 for you and your business? Share your experience with us and make sure to prioritize innovations as one of your top goals for 2021. Partner up with Innovation Cloud as we take your innovation process to the next level.

Deana - Content creator
Content creator

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