Top Tech Trends And How The Next Gen Leaders Can Take Advantage To Move The Family Business Forward
The Philippines’ Information and Communications Technology (ICT) industry is undeniably one of the fastest growing markets compared to its neighboring countries in Southeast Asia, placing 4th in the most tech-ready economies. Markets have started transforming and reimagining the future through new business models and digitally enabled products and services. And what better way for Philippine family businesses than to pivot and adopt these technological innovations into their daily business operations?
And so, here are some of the top trends in our tech sector and tips on how you can take advantage of each in your business:
1. Data science and analytics.
Deriving decisions from data-based information is critical. Human information is gold in today’s world. LENA, a data strategy consultancy and end-to-end data solutions provider company, can help your company do things right and get things done through tactical integration and interpretation of data with their roster of services including data strategy, data visualization, and data science. They also offer educational workshops, too so ‘data’ can be more easily understood and won’t stay as a ‘cold fact.’
2. E-commerce and online selling.
Truth be told, this is one of the top routes to be considered as a key driver for SMEs to recover from the economic downturn, as per Tam Yong Sheng, Business Development Head of eBay Southeast Asia. More and more SMEs have shifted to, if not incorporated, online shopping into their daily business operations to reach an expanded network and continuously meet consumer needs. Now more than ever, leading e-commerce platforms such as Lazada, Shopee, and Zalora have been the new selling scene of sole proprietors and small- to medium-scaled companies. Signing up is easy -- all you have to do is to access their website, sign up as a vendor, and comply with the needed requirements. ShoShin Solutions is a start-up that helps businesses set-up their e-commerce platforms for a percentage of sales as a fee.
3. Digital and contactless payments.
Because there’s a rise in online shopping, digital payments have come into play which accounts to 20% of total payments according to Bangko Sentral ng Pilipinas (BSP). Aside from online bank transfers, e-wallet companies like GCash and PayMaya continue to play a viable role in securing payments from customers no matter where they are. So if you have an online shop (via social media or any e-commerce platform), it would be good to have a working digital payment system.
4. 5G mobile connectivity.
This serves as the foundation of all trends mentioned above. Businesses need fast, reliable, uninterrupted internet connections in order to sustain digital connectivity to ensure smooth business operations. Chinese mobile phone unit Huawei, along Shenzhen, launched the world’s first 5G in August 2020. According to Intel’s 2020 website feature article, adopting this technological innovation in your business would bring improvement in the following specs:
Speed in the transmissions
Capacity in remote execution
Number of connected devices and the possibility of implementing virtual networks (network slicing)
Provision of more adjusted connectivity to concrete needs
These technological trends have often been described as our future but the COVID-19 pandemic seemed to have made them our present. The way we do business now is a lot different from when and how we first started the year. Moreover, tech giants are certain that these will spill past the COVID-19 pandemic season, and the best way for businesses to survive is none other than to adapt. Given these innovations, let’s continue to serve our customers and make them feel that we’re here even more through our screens.
Market Corner:
According to Philippine Statistics Authority (PSA), adult joblessness has eased to 7.7% or 3.73 unemployed Filipinos in May 2021 compared to September 2020’s rate at 45.5%, or about 27.3 million unemployed Filipinos.
