10 Ways Technology Will Transform Your Business in 2020

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(Newswire.net — January 16, 2020) — Business today is inseparable from technology, particularly from the utilization of technology for business purposes. Technology is affecting virtually every industry on the market in more ways than one, and it will continue to do so as we enter 2020.

In fact, 2020 will be an interesting year for businesses and how they leverage technology. More deep technologies will reach their mature state, and practical implementations of the same technologies and new use cases are being introduced on a regular basis.

So, which technologies stand to affect businesses the most? How will those technologies transform your business in 2020? Here are the 10 ways technology will transform your business this year.

1. Big(ger) Data

Big data was a hugely popular buzzword a couple of years ago, but not all businesses were able to leverage big data in a real, tangible way. While the process of gathering a massive amount of data is simple, the actual process of producing insights from that data isn’t so simple.

That is about to change with artificial intelligence now powering big data analysis. Platforms like IBM Watson are making it possible for even small and medium enterprises to leverage big data in a meaningful way. The technology (and the tools based on it) is far more accessible today.

Data-driven decision making isn’t just a concept today. Small businesses can pull valuable insights from sources such as their social media profiles, the internet as a whole, and repositories of data that are now accessible, and then adjust their market strategies based on the produced insights.

2. AI-Driven Operations

Artificial intelligence, or AI, isn’t just useful for big data analysis. AI has more branches now, including vision AI and Natural Language Processing, or NLP. These new technologies aren’t just concepts waiting to be deployed either. They are readily available as solutions or services.

This means more businesses can utilize AI to streamline their operations. AI-driven operations will be a huge trend going forward. Every industry, from manufacturing to retail, can train their own AI models based on specific needs and requirements, and then utilize the developed AI for business purposes.

For example, a manufacturing company can use AI to constantly monitor production tools and machineries. After a period of learning, the manufacturing AI can start predicting maintenance cycles, recommend better production processes, and refine business processes in general.

3. Sensors Everywhere

We also have Internet of Things, or IoT, devices, which are basically gadgets that can be connected to the internet for data collection purposes. If you think big data is already very useful, wait until you see how IoT can be integrated to create more data points.

Using the previous example of manufacturing AI, IoT devices can be used to monitor the production line in a more granular way. Sensors can automatically detect production anomalies and send warnings, allowing the production line to remain disruption-free for longer.

Practical deployment of IoT devices is also affecting businesses at a lower scale. Amazon now has a clerk-free retail space, where customers can buy products in an automated environment. The same technology will soon be available to smaller retailers.

4. Focus on Digital Payments

Even the move to cashless payments is beneficial to businesses. Yes, cash transactions are important for offline businesses, but the integration of digital payment methods makes customers even happier. You can streamline your customer journey by adding digital payment options to your retail space.

A focus on digital payments reduces business risks while boosting customer experience. Traditional business risks such as theft can be eliminated entirely with money changing hands digitally. More digital payment options are available too.

Of course, businesses benefit from the ease of use of digital payments. The lack of physical currency means customers are more likely to spend more online and offline. Digital payment options integrated with smartphones adds a nice touch to the same transactions too.

5. Business in the Cloud

We really cannot talk about how technology will transform businesses in 2020 without talking about cloud computing. This particular technology has been transforming businesses for a couple of years now, particularly with business solutions being made available as services.

Cloud computing helps businesses stay sustainable and operational without the usual hardware-related boundaries. Cloud computing also makes Solution as a Service (SaaS) business model possible, so small businesses can utilize the same tools and resources used by larger enterprises.

The result is a more even playing field. Small businesses can leverage the same tools and resources as large enterprises, making them more competitive in an already competitive market. It is not surprising to see startups and new businesses winning the competition thanks to cloud computing.

6. Growing Need for Information Security

Of course, moving business operations to the cloud is not without its consequences. As more businesses store data in the cloud, the need for better information security is also on the rise. In fact, 2020 will be a turning point for information security.

Modern cyberattacks are far more complex, which is why a traditional information security measure is no longer enough. In fact, a single security measure will not be enough; a set of security measures must be put in place to ensure maximum information security.

Businesses need to boost their security awareness too. Ignorance could result in catastrophic failure of business operations. The same is true with employees; everyone in the business needs to know how to manage information in a secure way for the security measures to be effective.

7. Faster Product Development

Technologies like 3D printing and rapid prototyping are going to create a big impact in 2020, particularly in industries like manufacturing. Rapid prototyping is no longer limited now that 3D printers support new materials like wood and metal.

Even the design tools are improved. 3D design tools can now automatically figure out – with the help of AI – how to best create a prototype. They can also be used to go a step further and create a production model (i.e. a mold) for maximum efficiency.

At the same time, 3D environments are now usable for product testing. You can not only test the design of the product, but also its integrity, the production effectiveness, and parts sourcing, all without moving from design phase to prototyping.

8. Low-Latency Communications

Let’s not forget that 2020 will also be the year of 5G, at least at its commercial stage. Network service providers are beginning to roll out their 5G networks. Devices are also becoming more affordable and widely available. It is only a matter of time before businesses start leveraging 5G as a prominent tech.

The main advantage of 5G isn’t its massive speed. Yes, you can send and receive larger data faster, but speed isn’t the only quality offered by 5G networks. The networks are also designed to have an incredibly low latency, as low as 1ms.

Wireless low-latency networks are hugely beneficial for businesses. There is no more need to rely on wired networks and fragile fiber optic connections for business purposes. Mobile devices can be far more capable in handling business tasks.

9. Business on the Go

That brings us to the next way in which technology will affect business operations: business on the go. It is only a matter of time before physical offices become limited in their use. 5G and mobile technologies are making remote working more accessible and more convenient.

For instance, video conferencing over a 5G network is something that can be used to replace face-to-face meeting. Low latency means conversations can remain effective even when conducted remotely. The higher data rate allows for more content to be streamed at the same time.

Quality of remote working tools is also improving. Google Suite, a commonly used cloud tool, now supports active collaborations across its platform. Solutions like Salesforce allow team members to maintain access to mission-critical information at all times.

10. Global Talent Pool

Hiring is a process that receives the most influence. Rather than doing manual background checks, for example, you can now use this site to check the backgrounds of potential candidates. Publicrecordsreviews.com centralizes background information and makes background checks easier. You need to make sure that you obtain the consent of each candidate before you run a background check so that they understand what they are committing to and the information you’ll have access to. 

AI is improving the hiring process further. Rather than manually screening resumes and CVs, HR departments can rely on AI to perform the initial screening of candidates. Some HR-centric AI tools can even schedule interviews and send follow up emails.

The biggest impact technology has on HR, however, is the fact that you can now access a global talent pool. Remote working, cloud computing, and the internet as a whole makes it possible for businesses to recruit talent from different parts of the globe with ease.

Technology is affecting certain industries directly. Agriculture tech is becoming a huge trend. Autonomous driving tech and battery technology are changing the automotive industry. Even new imaging technologies are being implemented across the healthcare industry.

The 10 ways in which technology will transform your business in 2020, however, are a glimpse of how far technology will go this year. You need to adapt to these changes and leverage new technologies for your business to remain competitive in the market.