For many businesses, 2020 posed several challenges as the Covid-19 pandemic spread throughout the world. The pandemic changed the way we operate on a daily basis – wearing masks, social distancing, and for many, working from home. As humans, we adapt to the challenges and obstacles around us. In this case, our society has begun evolving technologically and will continue to do so. Here are some forecasted technological trends that will continue to evolve through 2021.
7 technology trends 2021 and their connection to Process Mining
1. The continuation of remote and hybrid work…
As the pandemic hit, many companies started asking their employees to work from home, or partially from home. With the rise of several video chat platforms and an increasing amount of digital work, it has become easy to take your work home with you. In 2020, many media channels even went so far as to declare the end of the office as we know it – predicting the expansion of remote or hybrid model working.
This can pose several pros and cons. Some teams will thrive under remote conditions, but others may need a certain extent of in-person collaboration. Some may simply miss being in the environment of the office. However, the option to work in a fully remote setting will reimagine the way we utilize real estate. This type of work can also remove borders to sourcing and hiring talent – allowing companies to search for optimal candidates, no matter their location.
2. Artificial Intelligence, Hyper-automation, Internet of Things
Businesses will evaluate their processes to see how they can be made more efficient. Companies will evaluate their processes to see how they can be made more efficient. For example, by freeing employees from tasks where machines can add more value. Currently, we see this in the example of chatbots being inserted before customer service agents, supply chain automation, autonomous vehicles and more.
Hyper-automation is the idea that everything that could possibly be automated in a business, should be automated. This idea targets efficiency, because without focusing on efficiency you leave behind efficacy and business agility. Hyper-automation utilizes a combination of machine learning, artificial intelligence, and robotic process automation to transform organizations across almost every industry. We now offer the new PAFnow RPA Edition tool, which can support you at all stages of your automation journey. Process Mining and RPA go hand in hand, as you should ensure your processes are efficient before you begin to automate them.
We already live in an interconnected world, meaning we are surrounded by devices that essentially have a mind of their own. Internet of Things (or IoT) devices are connected to the internet, but they also have added artificial intelligence that allow companies to collect data that could improve a systems efficiency, reliability, and productivity. Artificial Intelligence powered IoT devices (or AIoT) can allow industrial automation to flag predictive maintenance measures for the manufacturing and logistics industries. Overall, statistics show that 90% of companies using AI for IoT operations are experiencing greater, and faster, impact than expected.
3. Transformation of Core Technologies
The pandemic served as a wake-up call for industries (ie, banking, aviation, and more) that run on outdated technologies. Older, outdated technologies are often expensive to maintain, and located on-premise. As the pandemic encouraged businesses to look into new technologies, it can be noted that incumbents in the industry will continue to be disrupted by newer, cloud-based solutions.
The pandemic also came with challenges with respect to the economy. Governments spend heavily on infrastructure investment during economic crises. For example, British Prime Minister Boris Johnson recently launched the “Green Industrial Revolution”, which strives to reach zero net carbon emissions by 2050. This will require a significant investment in new infrastructure, sustainable energy, renewables, and distribution.
4. Cyber Security
Over the last few years, data volumes have grown exponentially. It is worth noting that the businesses that leveraged this data to better understand their customers are the ones that are outperforming others. Because cloud solutions allow us to access data from anywhere, businesses need to protect their data, just as they would protect any other asset. We are proud to have our products built in to Microsoft’s Power BI platform, which ensures proper and secure storage of important data and information.
Additionally, it is important that businesses invest a considerable effort into boosting data literacy, to allow employees to gain insights and learn from the information that is provided. This also requires an investment in systems that can efficiently process, analyze, and store incoming data.
5. Business Model Innovation
The pandemic triggered change for many industries, such as the hospitality industry and events industry. The businesses that remained successful during this global crisis are the ones who were able to adapt quickly – such as restaurants that expanded take-out and delivery capabilities, or automobile companies that began producing ventilators in their factories. These successful companies were able to creatively shift their usual operations in order to survive the pandemic. In 2021, business leaders will have to continue to revise and innovate their business models.
An “intelligent composable business” is one that can adapt and fundamentally rearrange itself based on a current situation. Because organizations are pushing for digital transformations, they need to be agile and make quick decisions that are informed by available data.
To do this successfully, organizations need to enable better access to information, augment that information with better insight, and have the ability to respond quickly to the implications of that insight. This will include increasing autonomy and democratization across the organization, allowing parts of the business to quickly react instead of being slowed down by inefficient processes. Process Mining is a useful tool in this case – it enables new digital business models by providing data-driven information about how key processes are performing.
Many have been concerned about sustainability and our impact on the environment for some time now, but the pandemic placed more emphasis on this topic. Companies have realized that the pandemic was disruptive to business, but an environmental crisis would be far more damaging and disruptive. Hence, every business should be reevaluating their operations, environmental impact, and how their product is being used. The sustainability trend links back to companies making an effort to reduce carbon and water footprints. Businesses are learning that resourcefulness is key – by reducing waste and rework, they are consuming less energy and producing less material waste or garbage.
7. Everything-as-a-Service / XaaS
Everything-as-a-Service, or XaaS, is a generalized term for cloud service delivery models. With XaaS, you essentially pay to use the functionality of the service you need, without ever owning it yourself (almost like renting the tech function). There are many different uses of XaaS – such as IaaS (infrastructure as a service), SaaS (software as a service), and PaaS (platform as a service). These solutions are not only cost effective and space efficient, but also allow your business a flexible way of securing the resources you need.