For startups and young businesses (e.g. newly formed corporations), there are many important facets to ensuring that the business not only survives, but prospers. Some of these include careful planning, sensible budgeting and the appropriate management of one’s corporate resources.
The most central component of a successful business, the one that separates it from those that merely survive, is a solid business idea. Business ideas generate causes for investment, sales and profits – with profit comes the scope to invest further into the product a business offers, allowing it to grow.
For tech businesses, producing the business idea required for their success as a company needs an intimate knowledge of the trends of the industry they operate in. Given the percentage of startups that fail in their first year, this concept cannot be taken lightly. Thankfully, this article is here to provide a summary of this to help you in deciding what business idea to go with.
Computing That Prioritises Privacy
How long has the world been concerned with the issue of “privacy”? It doesn’t seem too long ago now that people were clamouring to fill out their details on Facebook, and yet now it is frequently avoided for its exploitation of the same data. Privacy still remains an important issue because a great deal of business models rely on a lack of it in order to work.
Tech businesses spout lip service about being concerned for the privacy of their users, yet continue to sell such information. This allows any vendor under the sun to continue to bask in their access to people’s personal data everywhere, at any time they require it. It’s a commodity vendors can buy and sell whenever they deem it necessary.
What is referred to as “privacy-enhancing computation” is a growing trend in the tech world that you would do well to capitalise on. In a world where people so desperately crave privacy, companies that are prepared to give it to them will undoubtedly be successful as a result of the necessity they will have established for themselves.
AI Engineering
Both machine learning and artificial intelligence (AI) have been incredibly pertinent topics in 2020, as their presence continues to penetrate into products of all industries. The artificial intelligence industry (i.e. that relating to hardware, software and other services) is expected to have grown to a massive valuation of $156.5 billion worldwide by the end of 2021 – a 12.3% increase since two years ago.
This trend in technology is quite literally massive. It has greatly encouraged IT mega-trends such as hyper automation – the idea that anything that can be automated, should be – to grow. This has in turn responded very well to the pandemic, which only acted as an accelerant to the adoption of the concepts of digital and intelligent process automation.
Data Fabric
If there has been one requirement to ensure the effectiveness of operation and strategy in business, it’s data. Increasing the availability of data has been an important goal of many around the world, one that is close to many people’s hearts due the difficulty that has historically surrounded being able to access the correct data when needed, across several platforms and applications.
Data fabric is defined as a concept of design that acts as a consolidated layer (hence fabric) of data and other connecting processes; it makes use of both machine and human abilities to access and consolidate huge amounts of data for analysis. Such applications identify data across a plethora of applications and associate it with other data it considers connected in order to reveal novel business relationships.
Analysis of such data is how businesses identify both their problems and solutions; it is core to the functioning of businesses across all industries. The fact that data is so paramount to the ability of almost every business to thrive, companies that provide services to clean, integrate and present data in a structured manner will always remain in demand. According to Gartner, the use of data fabrics “can reduce data management efforts by up to 70%.”
Concluding Statement
This list represents some of the big tech trends that business owners cannot ignore in the upcoming year. For more information about this, or how to get started with your own corporation, please refer to this website.
