After the COVID-19 pandemic outbreak, companies across the globe had to come to terms with a new reality. As life limps back to normalcy, economies open up slowly while keeping a close eye on how things unfold. While the future remains unknown, there’s one thing that’s certain though. People are getting used to the “new normal” with daily human activity moving into the online world, causing a rapidly increasing adoption of technology.
While this scenario offers businesses avenues for developing new digital strategies and finding new business streams, there are certain risks and challenges that new generation executives should be aware of. Here are a few of the challenges that we shall face in the days ahead.
With people taking to the internet increasingly, all businesses should take extra precautions and be even more particular about the need to detect and prevent cyber threats. According to the Pandemic Impact Survey carried out by the CSO, 26% of the surveyed executives said that cyberattacks had become more severe, wider in scope, and more frequent post-March 2020.
Also, as much as 61% of the executives said that they were greatly concerned about possible attacks that could target their employees working from home. Both end-users and remote employees are increasingly becoming targets of phishing attacks, mail spams, and ransomware in the guise of legitimate COVID-19 applications.
Integrations and Upgrades
To remain competitive, companies have to assess and then improve their processes and the technologies they use constantly. However, customizing aging packages or aging systems is a time-consuming and expensive affair. Integrating the new tools with the legacy technology that already exists is the simplest solution available. It eliminates the need to rebuild from scratch. However, if the process is carried out with no proper training and management, there can be an adverse impact on how the new product is adopted.
Cloud computing adoption has received a boost after the COVID-19 outbreak. 59% of the respondents in the Flexera 2021 State of the Cloud Report said that their cloud usage rose significantly after the COVID-19 outbreak. With many employees working from home during these uncertain times, cloud computing has been pivotal to carrying out daily business.
Of course, there are many benefits: instant scalability, pay-per-usage, accessibility from multiple devices irrespective of location, but they’re concerns that executives need to be mindful of. Concerns around security and privacy can’t be wished away. There are other issues as well, like performance and access speed.
Artificial Intelligence and Machine Learning
While it’s been decades that we’ve heard about the powers and disruptive capabilities of artificial intelligence, the technology is now in the mainstream. The uses of AI like facial recognition and language translation are becoming increasingly common.
Gadgets working on AI like Alexa and Siri are becoming more and more popular. Companies are adopting AI for process automation that improves both customer and employee experience. AI gives employees the liberty to focus more on innovative and creative tasks while taking care of time-consuming and repetitive tasks. However, companies will have to come to terms with how the chemistry between AI and employees is to be managed, as the former will eliminate the need for certain skills.
Automation and Robotics
Companies that had already invested in RPA, BPM, and other automation technologies were better placed to face the new business scenario after the need to go digital became urgent. Companies that were still heavily dependent on manual processing and other legacy processes were pushed to a corner due to the inefficiencies intrinsic to such an approach of functioning.
Automation hasn’t been a priority during crunch times, but the outbreak has proved convincingly that automation matters. The adoption of new automation technology like RPM has to be cautious as there are security concerns involved. How employees react to it remains another factor as automation makes certain skills redundant.
Privacy Concerns in the Digital Space
With businesses increasingly adopting digital technology after the outbreak of the pandemic, you as a consumer have to share sensitive personal data online more often for daily activities like buying groceries.
It involves a certain amount of risk as even a moment of carelessness may see you lose all your data. In some cases, you might end up losing confidential details due to unsecured connections. Therefore, tools like Atlas VPN can bring significant benefits to those finding themselves fearing the current tracking practices.
Installing a VPN encrypts the connection between your device and the internet. It helps you hide your IP address and obscure your online identity. That makes it impossible for entities to track you, and hackers won’t be able to steal data in transit. With your surfing history being hidden, your privacy is ensured as well.
The adoption of new technology after the pandemic offers opportunities while also posing security and other challenges. As such, companies need to be careful about the approach they should take. Working from home has left employees vulnerable to cyberattacks. Adoption of new technology may also face resistance. The changes the pandemic has ushered in are here to stay. We have to adjust to them while remaining cautious.