Enormous disruption is taking place around us. Beyond lockdowns, social isolation, job losses and business shutdowns, it’s as though there’s been a volcanic eruption and the warning buoys in the ocean are signalling us to prepare for some almighty TECH wave of change.
And it’s happening now, while we wait for a return to normal, something new and different is being built and it is a new normal.
Going forward will be vastly different – and let’s be positive and say, even better than before – but as we rebuild, the biggest upheavals is going to be in the technology industry.
With the surge of people working from home, we have seen local and global companies scrambling to make video conferencing technology more broadly available and secure, increases in consumer tech sales, interest in AI and VR accelerate; and an acceptance that a commute is not an essential work life choice.
These are clear signs COVID-19 is propelling transformation and digital acceleration that will forever change the direction of the tech industry. Sadly, some won’t survive and for those tech brands that are now dangerously quiet, the writing is on the wall.
Here’s what you need to know about the changing tech environment to cut through:
- An upsurge in re-invention
Almost every Tech business will need to take stock, review, re-strategies and pivot if they hope to survive. Those who are quick on their feet, evolving and re-inventing, will emerge as the stars of the future. Longevity will rely on ensuring their value proposition actually adds value.
A global crisis of this magnitude is creating accelerated and unexpected change, and the upside is, it means innovation, lower costs, higher consumer expectations and faster, smarter ways of doing things.
- New trends emerging
The Cloud will need to expand in cities and regionally to meet the new demand from WFH (Work from Home), while internet capacity and connectivity is being faced with a critical overhaul to meet expansion on a scale not previously envisaged.
Crisis management tools are already figuring more prominently. Cybersecurity and data protection will be on everyone business continuity shopping list.
Security threats are and will, as always, be evolving. There will be new innovative uses for tech like drones to even walk your dog.
Many brands are already emerging to dominate with the increase in demand for connectivity tools, contactless payment ability, GPS tracking and pressure on suppliers to meet the surge in demand for the latest monitors, NAS, routers, desktops, tablets –the list is endless.
- More investment in local technology
While, some Governments have already started to rethink their reliance on China for manufacturing in favour of local manufacturers traditionally burdened with higher wages, this may have an impact on usage of Chinese owned technology.
Internet use has grown virtually overnight and is pushing tech experts to fast track plans to maximise capabilities. 5G technology, promising to provide near instantaneous communication, is seen as a big step into the future but has its own critic set.
While supporters list benefits, especially 5Gs ability to help medical professionals treat patients in remote locations, there is a dark web of suspicion about the effect of 5G on health, such as radiation from 5G weakening your immune system or even causing COVID-19. Plus an invasion to your privacy.
- Re-examine how you do business
Conspiracies aside, the actual business of doing business also needs to be reconsidered. One of the biggest changes for tech will be the way it is marketed and sold.
The opportunity to form partnerships has fallen into a black hole following the cancellation of major global events to showcase new tech products and developments – traditionally the go to place for collaboration.
Tech brands who take the time to strategise, pivot and re-examine their approach to market are already starting to see this period through. But it will be a much changed and new environment we emerge back to after iso. Ultimately success will be wrangled by those who deliver and articulate their “real-world” business proposition for the new normal.
Sharon Williams is the CEO and Founder of Taurus Marketing.
Recently named one of Australia’s Top Ten Women Entrepreneurs 2019, Sharon has been in the Marketing/PR industry for over 24 years, with more than 3 decades, 6 continents and over 1000 brands working in the marketing industry. Sharon has built and grown an industry leading, award winning integrated PR & Marketing agency. Taurus is based on a unique TaurusBullseye methodology and trademarked strategic Marketing, PR, Growth Strategies, Personal Branding, Creative and Social Media Solutions. Sharon’s ‘no bull’ approach has gained her a respectable reputation amongst peers and colleagues.
Connect with Sharon on: linkedin.com/in/sharonwilliamstaurus/