Explaining the Top Technology Trends for Businesses in 2020
Over the last few decades, technology has become the most important factor in the survival and growth of businesses. Today, it is very difficult for businesses to acquire and retain customers without the help of digital technologies. Similarly, the digital transformation of businesses is a worldwide phenomenon and without proper knowledge and resources, it is difficult to succeed in this new environment. Large and successful companies always try to be on top of the key technology trends for businesses. They spend billions of dollars on the most competitive manpower, research, and development.
If you are a business owner in 2020, you should look out for the key technology trends for businesses that we talk about in the following section.
Technology Trends for Businesses in 2020
From the days of basic computing components like transistors in the middle of the 20th century, technology has come a long way. The exponential advancement of computing hardware since then has opened a never-before-seen world of possibilities. Some of the most commonly used mobile phones today have the computing power of the machines that sent the first man to the moon. Furthermore, supercomputers have been able to perform computations that are almost impossible for humans and commonly used personal computers. Moreover, the prospect of quantum computing is looming large on the horizon. Quantum computers go above and beyond the normal human understanding of what is possible and what is not.
Meanwhile, this exponential advancement of hardware has allowed the development of advanced software. From the days of punching machines input to the new age of gesture recognition, there have been incredible leaps. The development of operating systems and graphical user interfaces made computers usable for all. Then, we witnessed a technology that was to change the course of human history: the internet. Today, the Internet is a must-have technology for all industries and demographics today. We cannot fathom how much information there is on the Internet today.
This rapid course of technological development is showing no signs of slowing down. During this decade too, we witnessed life-changing technologies for all applications. In 2020, we think these are the key technology trends for businesses.
Artificial Intelligence (AI)
Over the last decade, artificial intelligence has found its way out of advanced labs and into multiple applications. There has been increasing adoption of artificial intelligence in business. This is because AI has the power to derive important insights from a large amount of data which can be difficult for humans. Some of the examples of applications of AI in businesses are:
Marketing and Sales: In marketing and sales, AI-powered recommender systems have been widely used. Most of the successful companies are using this technology to provide a personalized experience for their customers depending on their behaviour. Similarly, AI has the ability to understand trends and make predictions of customer taste and help in decision making. Furthermore, language recognition can analyze customer sentiments and make recommendations for improvement.
Business Operations: There are a lot of AI-powered applications that assist in business operations and management. For example, smart personal assistants like Siri, Cortana, and Google Assistant can carry out simple tasks on voice command. Likewise, process automation is also a result of the integration of AI. Similarly, email classification and spam filters can be designed using AI. Furthermore, there is a growing use of chatbots for automated interaction and response.
Internet of Things (IoT)
Internet of Things (IoT) is one of the most impactful technology trends for businesses in 2020. The advanced development of miniature, powerful devices has allowed us to monitor and interact with several appliances and machines. For example, a refrigerator with a smart transmitter chip can notify you when the stock of your food is below a predefined level. In industries, all the large machines can be monitored from a remote location. There are many ways for businesses to harness the possibilities of IoT for their competitive advantage. Some of the most common applications include:
Inventory Management: Inventory Management is one of the most effective applications of IoT. Scanners and detectors can be used in storage locations to record the data of available stock. A smart transmitter chip can transfer this data to a central server where it is safely stored in a database.
Supply Chain Management: IoT-enabled customers can provide real-time progress in the supply chain process. They can tell you the location of a product being shipped so that there is no threat of breaches and interceptions. For goods that require a controlled environment like vaccines in a cold chain, it can help you understand the real-time situation.
Monitoring and Control: With the power of IoT, industrial machines can be remotely monitored and controlled. Furthermore, AI and machine learning can be used to learn the best operating parameters for the machines so that there is minimum energy consumption and maximum efficiency.
5G, or the fifth generation of cellular networks, will change the course of data communication. It supports a data rate of up to tens of gigabits per second which means there is a very low lag and delay. The development of the Internet of Things (IoT) also depends on the communication technologies that it is based upon. 5G will enhance the near real-time communication capabilities which means businesses can get a sense of what is practically going on right now. The most common applications include:
Near Real-Time Communication: For modern businesses, time is a very critical factor. They need to make rapid decisions and adaptations every day due to changing customer demands. Furthermore, for multinational companies, delays, and lags in communications lead to decreased productivity.
Work Collaboration: Real-time collaboration is a growing practice among a large number of businesses spanning across multiple industries. In design and manufacturing, people in multiple locations might have to inspect and discuss the products and services to be offered.
Remote Work and Outsourcing: The coronavirus pandemic in 2020 has made companies think about the prospect of remote work. 5G will improve data rates which means remote workers will be able to carry out their tasks smoothly. Likewise, online meets can hold more people than it is currently possible without degradation of quality. Moreover, outsourcing and communication with remote part-time employees are also possible with 5G.
Virtual Reality and Augmented Reality
Virtual reality and augmented reality are also some of the important trends for businesses in 2020. It provides innovative solutions in user interaction and marketing of products. These technologies are most commonly used in media, entertainment, and tourism. Furthermore, augmented reality is finding its way into education and design. Some of the common applications of these technologies are:
Enhanced User Interaction: With AR and VR technologies, users can interact with digital environments or digital elements in real environments. The most common use cases are in gaming, tourism, and education.
Retails: Retail companies are offering virtual try-on features that allow customers to virtually try on a product before buying. For example, furniture and interior design companies use AR to help customers project their choices in their rooms before buying. Similarly, people can see how glasses, jewellery, and clothes look on them with a smart mirror.
In addition to these common technology trends for businesses in 2020, other trends include the adoption of enhanced data security measures and creating a personalized experience for every customer.
Big Data and Data Analytics
Today, there are billions of transactions and interactions taking place in the world at the same time. This gives rise to an enormous volume of data that is out of normal human understanding. This data has both unwanted and useful parts. Understanding this data and processing it for deriving insights is the power of big data technologies. It has a wide range of applications in businesses and some of them are:
Understanding Customer Behaviour: There are billions of interactions where customers are viewing and buying products and services. This data can be used by businesses to understand their behaviour and recommend products they are likely to buy. Furthermore, this data also provides insights on what the business must prioritize to maximize their profits.
Competitor Analysis: Big data and data analytics can help you understand the offerings of your competitors. This means you can set prices for your products so that it is the most attractive.
In this blog, we have learned about the key technology trends for businesses in 2020. Likewise, we understood the major applications of these technologies to provide a better customer experience and gain valuable insights. Any business that wishes to prosper in this competitive climate must have a clear understanding of technological trends.
Technology news must be a top priority if you want to learn about the current state of the market and its possible evolution. As a highly reputed source of technology-related news, we at Top World Business make sure that you stay updated on the latest trends and receive the correct information. In this fast-changing world, we make sure that you won’t miss a high potential investment.