2020 is set to be a year of reckoning for digital initiatives. Change is in the air, and it’s accelerating rapidly. The year will see the rapid uptake of digital initiatives across industries, but many organisations have yet to fully embrace the change. And they can’t afford to ignore changes. Firms that embrace digital tech see an average gross margin growth of 55% over a 3 year period. .
For those who have been unsure about embracing digital transformation, here are the top 5 trends in 2020 that might persuade you to change.
Blockchain is principally the preserve of cryptocurrency applications today, but it will grow in prominence within the wider commercial world in 2020. Organisations which want to allow multiple parties to execute transactions and maintain a verifiable, paperless record without the need for a central authority will find blockchain invaluable.
AI is going to become key in delivering business outcomes and standardising the market. It’s set to be part of all business functions in the near future, from sales and marketing all the way up to HR and finance. Currently, AI is deployed in customer-facing roles such as chatbots but more and more AI solutions will become available to help companies develop their strategies and manage data.
Inexorably linked with AI, companies will increasingly look to outsourcing their computing problems to machine learning solutions. Not only can these analyse data and problems in a fraction of a second, but they can also do so far more accurately than a human. A smart, AI / ML-based system can implement upgrades and updates smoothly and automatically and in a cost-efficient way. With appropriate investment, AI/ML can learn to undertake many other functions.
5G And IoT
2020 will be the year that 5G starts to be used in earnest. But the big news here isn’t just the next generation of digital cellular networks. 5G means that industries that have been waiting for it can start to work. IoT can start to come into its own. As of August 2019, there were 26.66 billion active IoT devices in the world. . IoT will herald a flood of data from smart devices so companies that are prepared are poised to make substantive changes as to how they conduct business. When you consider that customer data can be fed back in realtime after launching a product, IoT will change the shape of industry forever.
WiFi6 is the next generation of WiFi connectivity and is set to be big news in 2020. This means faster connectivity and processing in the workplace, home, and on devices. With 5G, AI, and WiFi6, it will become possible for businesses to reach new markets and customers. However, this will require faster processing, faster ways to search through data, and faster analysis.
And speed is a recurring theme. The rapid innovations in technology create unique challenges for today’s management teams whilst creating unique, unparalleled opportunities. If you are concerned about the digital resourcing challenges facing your organisation in 2020, why not contact our industry-leading team at Clifford Associates today and get ahead of the digital changes in 2020 and beyond.
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