Digital transformation is an excellent opportunity for organizations to not only modernize how they work but also how they function, feel, and resonate with the market and customers. It is really about innovation that is aimed to make businesses more relevant, modern, and more profitable. To successfully reshape the way companies run their processes, they have to modernize the IT infrastructure they have. Reimagining the infrastructure means shifting to the agile mindset, using DevOps best practices, and considering why you are doing so from the business point of view. In this article, we will focus on what technologies could help you change your organization and gain a competitive edge in 2020.
Top-7 Technologies That Can Add Value to Your Business in 2020
Emerging technologies can help businesses scale up, work faster, connect customers and employees. In 2020, business leaders should focus not only on artificial intelligence, conversational interfaces, cloud computing but also pay attention to how their customers are changing and what their expectations are. Every investment should be given a sense of purpose. For this, we should look at what customers are doing and expecting to see all kinds of gaps you are missing today. Below are seven technologies that are worth your attention for smooth and successful digital transformation in 2020:
1 Artificial Intelligence (AI) and Machine Learning (ML)
According to Salesforce, around 37% of organizations consider artificial intelligence to be of top priority for their development and growth, 42% – already use AI, 40% – plan to use it next year. This technology works best for providing personalized customer experience by eliminating human bias and providing conversational interfaces. Machine Learning has the same goal as AI – to automate both internal and external operations. Gartner predicts that about 25% of customer support will use virtual assistants like chatbots by 2020. The areas of application of AI and ML are extensive. They are used in banking for fraud detection and anti-money laundering (AML). In e-commerce – for creating more personalized offerings. Healthcare providers use AI for detecting diseases and developing prevention treatment.
2 Cloud Computing (XaaS)
Everything as a Service is mainstream for 2020 as it can help businesses reduce their workload and move it to the cloud. Cloud computing simplifies workflows, provides access from anywhere at any time – this frees up IT resources for other important tasks. Besides, end-users get services that are faster to reach. As a result, both consumers and employees are more satisfied with the new opportunities they get thanks to cloud computing – get respond to inquiries quickly and provide services more effectively. XaaS is widely applicable. For example, organizations can use cloud office suites like Microsoft Office 365 or Zoho Office Suite for effective workflow management and communication. Cloud storage, like DtopBox, for example, is suitable for data synchronization, prompt access to data, and integration with different operating systems.
3 Robotic Process Automation (RPA)
RPA is a leading technology for automation. Many organizations start exploring what it is and how to apply it to their business workflow. Here are some critical advantages of RPA:
- Errors-free data processing and analytics
- No technical barriers to implement the technology
- Complete regulatory compliance
- Low invasive technology that doesn’t interfere
- Higher productivity thanks to manual workload elimination
- Reliable customer support by robots working 24/7
Where can you apply RPA? It is mostly used for quoting, data entry and migration, application processing, reporting, etc. Industries that invest in RPA are trying to replace their legacy infrastructure with new technologies or have a lot of repeated tasks to do within organizations.
Thanks to P2P networks, blockchain technology is currently one of the securest tools for transactions. It is used not only for cryptocurrency but also for authentification purposes in banking, for instance. Many companies explore the benefits of blockchain and think of the effective ways they can use it for their business. Below are some of the most significant advantages blockchain provides:
- High level of security
- Transparent and fast transactions
- No intermediary services needed
- Different levels of accessibility
Blockchain is used by financial organizations, fin-tech companies, and banks for improving cybersecurity, providing cheaper services for payments, signing smart contracts.
5 Internet of Things (IoT)
IoT encourages communication between machines. M2M technology is used in our daily lives, business, manufacturing, transportation, and logistics, etc. Healthcare providers use IoT solutions for getting accurate real-time data from patients. Based on the data received, doctors can prescribe particular medication and reduce the risks of a wide range of diseases. Below are some benefits of IoT for business:
- Reducing human errors and bias
- Remote monitoring and real-time data processing
- Predictive analytics
- Optimized and increased productivity
The Internet of Things can increase your business opportunities by improving both the internal and external processes of your organization. If you still don’t know how your company can leverage this technology, consult specialists on innovation. For example, outsourcing to Ukraine IoT-related projects can help you acquire the right skills and save money.
6 Data Analytics (Big Data)
Technological models for data processing and analyzing like Big Data and predictive analytics have already become powerful tools that businesses use for achieving their goals. These solutions help analyze large volumes of information, receive real-time data, share it, and analyze turning it into valuable insights. Take a look at the key advantages of Big Data for business:
- Streamlining operations
- Encouraging digital transformation
- Improving decision-making
- Exploring customer behavior
- Generating more revenue
- Predicting customer behavior and economic trends
- Segmenting clients
- Developing relationships
Predictive analytics works best for risk modeling, customer segmentation, customer lifetime value, etc.
7 Cyber Security
In the digital world, cybersecurity comes first when we talk about sensitive data. Fraud, identity theft, money laundering are the most frequent cybercrimes. To fight against these crimes, companies invest a lot of money and effort in security control and audit, strategic consultancy, awareness, etc. Among the most popular measures used to protect sensitive data are tokenization, encryption, data access governance, data subject rights management, data discovery and flow mapping, enterprise key management (EKM), application-level encryption, etc.
We believe that these seven technological trends will dominate next year. If you are just on the start line with innovation, explore the ways you can add new value to your business. Consult with specialists, find reliable partners, and embrace digital transformation 2020.