Three top business trends that we'll continue to see in 2021

As the first quarter of 2021 draws to its end, there are various business trends that are becoming increasingly prevalent in South Africa and around the world. Automation, big data and innovative business models are buzzwords that cannot be ignored. Automation is leading companies to becoming more efficient than was ever thought possible. Thanks to big data and newfound means of processing it, companies have more intel than ever on how to target customers, optimise business processes and improve research. In terms of innovative business models, businesses have risen to the COVID-19 challenge in magnificent ways, changing the way they do business to meet the needs of a changed world.

Automation on the increase

Simply put, automation involves using technology to carry out recurring tasks. The days of employees repeatedly carrying out mundane tasks have come to an end. South African companies are using automation to carry out various tasks such as updating and authenticating customer information, answering customer service queries, processing claims and identifying fraudulent transactions, among numerous other applications. 

For example, for a number of years already, companies like Lancewood, Unilever and Absa have been using chatbots to liaise with customers on Facebook Messenger and Twitter. The automotive industry, which has been a forerunner for decades in terms of automation, now has robotic elements working alongside humans. These collaborative robots or "cobots" are helping vehicle manufacturers such as BMW, Nissan and Ford to ensure the safety of their workers.

Big data leads to big insights

In a nutshell, big data is huge, complex sets of data that can be analysed using specialised software. Such analysis reveals patterns and trends that can be used in every industry. In marketing, for example, big data can help reveal user behaviour patterns, while banks can use big data to analyse and manage risks.

South African companies are using big data in a number of remarkable ways. For example, BusinessOptics is using the information obtainable from big data to help clients who run call centres to streamline their operations. This is made possible by an enhanced understanding of which agent should phone a particular client, and at what time of day. 

In another example, a data science company called Isazi is using big data for a host of commercial applications such as helping airlines to streamline their flight schedules and ensure that shipping containers are optimally packed. The applications of big data are limited only by the imagination.

Innovative business models and new ways of doing business

COVID-19 has shaken up just about every industry, and innovative ideas have been implemented by South African companies as survival strategies. Businesses that relied on face-to-face interactions with their customers have found different ways to do business. A shining example is the well-loved Oranjezicht Farmers' Market. When shoppers could no longer make their way to the market on a Saturday or Sunday morning, UCOOK stepped in and the idea of "Market Boxes" was born. Market boxes are filled with the high quality produce that shoppers are used to buying at the farmers' market. Customers order online and have the best of the market delivered to their homes - safe and sanitised. 

Other companies have thought of different ways to use their assets to earn an income. For example, Book iBhoni is a Soweto-based tour operator which, prior to lockdown, was in the business of providing cycle tours of the township. When lockdown hit, the company kept the wheels turning by starting a delivery service.

Progress is part of life and the evolution of business practices will continue as we move towards a more streamlined and prosperous future. What remains constant, however, is the need for the right premises. 3Cube Property Solutions is committed to finding industrial and commercial enterprises in Gauteng ideal homes. Contact us for more information.