ContractSafe's Tech & Business Predictions for 2021
As we turn the page on a difficult year, it’s worth taking a moment to consider some of the new business trends that are sure to emerge in 2021. Here are five business and technology trends we’re preparing for in 2021.
1. An Increase in Security-Related Data Breaches
The need for heightened cybersecurity isn’t going away anytime soon, and with more and more companies working from unsecured home networks, there could be a large bump in security-related data breaches. Architecture weaknesses, unpatched networks, and the ongoing move towards cloud storage will cause opportunities for bad actors. These are all reasons why ContractSafe is focused on offering SOC2 certified state-of-the-art security and end-to-end encryption. Our team is constantly staying up to date on cyber security best practices. In fact, monitoring and protection come standard with ContractSafe, so our customer's documents are protected from malware, virus, and unauthorized intrusion.
2. The Distributed Workforce Will Continue Into 2021
It’s hard to believe many major companies have been operating remotely for nearly a year, and we expect this will continue well into 2021 and beyond. Companies have realized they’re able to successfully operate without expensive office space and employees have learned to adjust. As a result, virtual collaboration products like Slack and Zoom will continue to be in high demand.
ContractSafe is prepared to meet the demand and our platform is well-suited for a distributed workforce. Our secure cloud-based system centralizes legal documents with role-based access for employees and partners to easily and securely access to their important documents from any location.
3. Increased Demand For AI Technology
As machine learning continues to improve, it seems likely there will be higher demand for AI-Based solutions. Companies that leverage artificial intelligence to improve internal processes will gain a competitive advantage and benefit from increased productivity and scalability. At ContractSafe, we are constantly working to improve our contract management AI. Our clients find this feature to be a game changer -- our platform uses machine learning to automatically extract contract details so companies can organize their documents, run reports, find answers and more at a fraction of the time and effort previously required.
4. A Heightened Focus on Expense Management Will Continue
Many companies will continue to face tough times as they head into 2021. There will be ongoing pressure to cut costs, and companies will be forced to be highly selective about where they invest. We expect to see heightened pressure on finance and procurement teams to operate efficiently and control expenses. Businesses will need to take a closer look at where they’re spending, eliminate redundant services, and renegotiate supplier agreements. Businesses will have a major need to keep sourcing and procurement data at their fingertips. Contract visibility at the leadership level will be critical.
5. Low-Code Development Continues To Takeoff
Low-code and no-code platforms, which allows application developers to take a visual approach to code builds and deployment, will only become more popular. Forrester is actually predicting 75% of application development will be done via low-code platforms in 2021. This doesn't seem entirely farfetched, as corporations are really catching-on to the fact that low-code development increases productivity and decreases costs. Given the importance of low-code development, our team at ContractSafe is focused on expanding our integration with Zapier, a no-code platform that enables integrating ContractSafe with over 2,000 other applications that are part of the Zapier platform.