Top business challenges 2021

There are a number of business challenges in 2021-2022 that C-levels and business owners must resolve. Many of those points have been aggravated because of the COVID-19 quarantine. According to the report by Gartner on emerging risks, while organizations proceed to concentrate on digital initiatives and spend money on them, two-thirds not only fail to deliver upon expectations but additionally demonstrate enterprise weaknesses.

Analysts at Gartner revealed that many senior executives really feel uncertainty related to a transparent path from the present to future enterprise models:

• 35% of enterprise leaders stated they have been assured about what sort of initiatives they need to prioritize and the way much cash they need to spend money on their methods.
• Only 20% of the surveyed organizations had a clear understanding of how modifications would positively have an effect on them.

To overcome the present disaster and keep aggressive always, it is best to develop an enterprise continuity technique tailor-made to industry-specific goals. However, create this plan? How to automate workflow and increase efficiency?

In this article, we'll think about the top business challenges in 2021-2022 for a C-level and methods to resolve them.

The 5 Key Business Challenges in 2021-2022

This year, a C-level will proceed to prioritize digital initiatives using progressive software solutions and approaches. Sensitive data safety and talent shortage are probably the most complicated enterprise challenges in 2021-2022 you must pay particular consideration to.

1. Data safety and privateness

Data safety has always been a prime priority in our digital world. Even world-famous corporations similar to Yahoo and Facebook faced hacker assaults and data leaks.

In 2021, most organizations have been forced to construct remote workflows, which created new opportunities for cybercriminals. Companies are encountering a rising variety of data breaches, phishing scams, viruses, and other threats.

International spending on cybersecurity has jumped over the previous few years. In 2017, online customers—each enterprise and personal—spent $34 billion on developing and/or integrating cybersecurity solutions. Before the COVID-19 pandemic, this amount was predicted to reach $42 billion in 2021, in accordance with the data collected by LearnBonds.

However, a rising remote employee has posed further challenges to the protection of confidential data. Experts at LearnBonds revealed that 68% of companies are going to extend their funding in cybersecurity as a response to the coronavirus disaster.

Now you must concentrate on data privateness, establishing strong passwords, using a VPN (virtual private network ), conducting employee training programs, using encrypted messages, and consulting with specialists. You must also think about using blockchain technology that gives protected data storage and decentralization.

Find out how to ensure information security and privacy when working remotely. The article is beneficial for workplace teams, too.

2. Talent shortage

Shortage of skilled specialists is among the most popular business challenges in 2021 and 2022 that a C-level ought to resolve. Outsourcing may be very useful in case your objective is to seek out specialists in a certain area while saving prices and quickly tackling the project. “How will I reduce expenses and start the project faster?”, you might ask.

When delegating duties to a third-party contractor, you do not need to search for and interview candidates by yourself. A few months can go till you recruit and onboard one of the best applicants. What’s more, outsourcing provides access to quite a lot of nations with lower salaries.

In 2019, Clutch, a reliable B2B scores and reviews platform, surveyed 529 small firms in the USA to be taught why enterprise executives outsource:

• The major causes for process outsourcing are to spice up effectivity (24%), receive help from consultants (18%), improve flexibility (16%), relieve the time of staff for different revenue-generating actions (15%), and lift resource availability (12%).
• Businesses delegate more technical tasks related to accounting (37%), IT providers (37%), digital advertising and marketing (34%), and growth (28%).
• More than one-third of small corporations (37%) outsourced an enterprise process in 2019. Organizations with 50 or fewer staff (29%) are much less prone to delegate duties to a third-party vendor in comparison with organizations that have over 50 staff (66%).

The demand for outsourcing services has elevated because of the COVID-19 disaster. As now organizations must adapt to the altering market environment following the coronavirus pandemic, many business leaders are going to delegate more tasks, in accordance with the report by NTT.

If you've some processes that may be carried out by a third-party contractor, think about outsourcing. This possibility gives many advantages, from raised productiveness to decreased prices. When selecting a vendor, keep in mind its experience, client testimonials, and project evaluations. In case you are going to build a software solution, find out why Belarus is a great IT outsourcing destination.

3. Business process automation

Business Process Automation is, without doubt, one of the key business challenges in 2021 and the years to come back. Through workflow automation, organizations cut back the time for completing manual, repetitive, routine, and data-intensive duties while boosting employees productiveness. With progressive software program instruments integrated into everyday operations, in addition, they decrease human errors and enhance the overall firm’s efficiency.

A standard query for a C-level is “How to automate business processes?”. There are many technologies that you need to use for this goal. Robotic Process Automation (RPA), Artificial Intelligence (AI), Internet of Things (IoT), Chatbots, and mobile Apps are examples of digital solutions you could employ.

AI and software program robots have already taken a vital role in industries similar to banking, healthcare, insurance coverage, retail, logistics, manufacturing, construction and real estate.

Sophisticated AI-enabled algorithms enable firms to make profitable choices a lot faster, generally in minutes as a substitute for a number of days.

The survey performed by HFS Research in April discovered that moreover specializing in cybersecurity, about 55% of organizations will increase their spending in automation solutions. The following IT investment priorities are Artificial Intelligence, hybrid/multi-cloud, and good analytics with 46%, 49%, and 53% respectively.

Here are some cool statistics on AI and RPA:

• Analysts at Ideal company discovered that 64% of the surveyed customers consider the first benefit of AI-enabled bots is 24/7 help. 55% of consumers stated they particularly recognize quick responses.
• The worldwide Robotic Process Automation market revenues are forecasted to exceed $2.9 billion this year.
• In accordance with the third annual RPA Survey performed by Deloitte, 78% of organizations that have already integrated RPA(Robotic Process Automation) technology anticipate increasing spending on it over the subsequent three years.

How totally different corporations resolved business challenges utilizing software solutions:

• KLM airline firm aimed to refine customer communications and improve user experience by permitting them to speak with brokers through social media channels.

However, after they offered this chance, the group had a 40% improvement in Facebook messages from users. To deal with quite a few requests, it determined to employ an Artificial Intelligence software solution that was skilled to answer over 60,000 questions.

• Mobi, the worldwide main supplier of influencer and efficient advertising and marketing services, had an issue with heavy document move: the knowledge was saved in numerous locations, access to it wasn’t controlled.

Consequently, data search consumed a lot of time. To handle these issues, the corporate building in a centralized web portal for data storage and administration.

Thanks to this system, the staff became capable of committing themselves to more complicated and revenue-generating duties. Find out how this project was developed and what features it has.

If you must streamline workflows and increase employees productivity, think about using superior technologies similar to AI, RPA, and IoT. Replacing people in a variety of activities, IoT can present remote tools monitoring and stock monitoring. AI is being broadly employed for making sooner and better choices while RPA is used for automating manual and routine duties.

4. Cloud migration

By 2023, the worldwide cloud computing market is forecasted to achieve over $623 billion growing from $272 billion (Report Linker). Being one of many primary software growth trends, switch to the cloud gives numerous benefits, from lowered bills and improved scalability to simplified infrastructure upkeep.

You ought to migrate to the cloud when:

• Your present app or system is built on prime of the outdated technology stack.
• The objective is to scale the system but it's fairly difficult because of its heaviness.
• You need to make sure ease of infrastructure upkeep, present scalable data storage and save prices.
• You are going to create an online or mobile application that may process numerous requests per second offering a seamless user experience even when there's a gradual Internet connection.

How to switch to the cloud correctly?

When getting ready a cloud migration technique, estimate how a lot cloud capability your organization will need, analyze the load on servers, and see how one can stability it: say, a number of the servers may be overloaded whereas others are virtually not utilized.

Choose a trusted cloud service supplier similar to Amazon Web Services, Microsoft Azure, or IBM Cloud. If you're employed with massive quantities of delicate data, you must encrypt it within the cloud so as to stop safety threats and breaches.

Closing Thoughts

To resolve the important thing enterprise challenges in 2021-2022, you must analyze what issues your organization has, what processes you'll be able to enhance, and what assets you've. Thoughtful planning, dedication to the technique, and adaptability are these issues that may assist you to keep aggressive on this uncertain time.

Make a digital transformation give you the results you want: for instance, with inexpensive (particularly in contrast with complicated software systems) RPA software program robots and AI-based chatbots, you may considerably automate workflows and improve employees productiveness.

If you wish to construct a software solution or request a project consultation, be at liberty to drop us a message. We additionally advocate you studying how different sectors are struggling with the COVID-19 crisis.