Image credits: Mike MacKenzie
News Article

A Digital Push for Entrepreneurs

By Jorge Ramos Zwanziger | Tue, 01/12/2021 - 14:40

Technology adoption during 2020 opened a window of opportunity for smaller companies to participate in the digital world, a trend that will continue as more companies adopt new technological tools, reports Entrepreneur.

This trend has become apparent in many areas, such as the growth of online sales. Last year, El Buen Fin accounted for 188.5 million transactions that generated around MX$36.1 million (US$1.8 million) in online sales, reports the Mexican Online Sales Association (AMVO). This trend is here to stay as 54 percent of shoppers plan to make more purchases online over the coming years, reports Entrepreneur. Technology has changed the game for all companies and the importance of a digital participation keeps increasing. Smaller companies must join the digital wave. “This is a transition period for many entrepreneurs, and while this new-normal may linger for a long time, Mexicans are showing their determination to survive and prosper. The resilience of Mexican entrepreneurs is an admirable quality,” said Arturo Lee, Vice President at GoDaddy for Latin American, in a survey evaluating the way Mexican entrepreneurs reacted to the pandemic.

Other remarkable trends are remote work and the use of machine learning, artificial intelligence (AI) and robots, wrote Courtney McColgan, Founder and CEO of Runa HR, in an MBN article on the way Latin American businesses weathered the pandemic. She bases these assertions on recent conversations with 375 HR representatives around Latin America. As the world makes more digital changes, traditional office spaces are becoming a thing of the past. “Less than 5 percent of companies plan to go back to the office completely. That means that over 95 percent of companies plan to develop a fully remote work scheme or a mixed-office work scheme,” writes McColgan. This means that the new “home-office,” and everything that comes with it, has come to stay. Latin American entrepreneurs must understand the benefits of remote work. “Remote work is not a COVID band-aid but an integral part of the core benefit policy of a Latin American company,” she adds. Most businesses, big and small, are looking to leveraging remote work and making it more efficient and productive as a means of reducing operational costs, reports Warrington Worldwide.

“Robots and AI are also being aggressively adopted by Latin American companies. Forty-five percent of companies confirmed they are implementing or plan to implement robotization in the next 12 months,” writes McColgan. AI is creating many more forms of innovation. Now, machine learning and AI could be incorporated more rapidly into more business models to transform the business process, reports Warrington Worldwide. The future looks bright for Latin America’s entrepreneurs, concludes McColgan.

The data used in this article was sourced from:  
MBN, Warrington Worldwide, Entrepreneur, GoDaddy
Photo by:   Mike MacKenzie, Flickr
Jorge Ramos Zwanziger Jorge Ramos Zwanziger Junior Journalist and Industry Analyst