With the advancement of technology and the advent of innovative tools and platforms, brands are witnessing a new wave of competition as well as opportunity to grow and boost their business. Digitalization led by modern innovations offer new insights into the data gathered from customers, market trends, customer behaviors, demands and expectations. Brands are increasingly deploying modern technologies to streamline their processes and enhance productivity and efficiency. It has become critical for businesses to adopt new tools and follow technology trends to remain upbeat and face the competition to keep the customers attracted and engaged.
Some of the technology statistics quoted by Gartner for the imminent future:
- 20% more online profits in 2020 will be generated by companies that are more digitally trustworthy
- 70% of enterprises will look up to immersive technologies as promising solution, whereas 25% will actually deploy them for production by 2022
- Citizen data scientists will produce a much larger amount of advanced analysis than specialized data scientists owing to automation of data science activities by 2021
- At least 33% per cent of large enterprises will have implemented multi experience development platform for mobile, web, conversational and reality development by 2022
Gartner in its recent report has listed the top ten technology trends in 2020 that will drive new innovations and disruptions in the industry to create long-lasting opportunities for brands in the upcoming years. We will discuss these top trends in a series of two blogs.
Here is the first set of 5 technology trends enlisted by Gartner:
1. Hyper Automation
Automation has been primarily employed by businesses to perform and execute routine tasks that were performed by humans. And when automation tools are combined with the power of machine learning and artificial intelligence- hyper automation ensues. Leveraging Hyper-automation will become imperative for businesses for ensuring efficiency and faster delivery, as this will help them in process automation, informed business decision making, and gaining better and in-depth insights. This would also require businesses to align and maneuver their practices and train as well as engage their workforce for an increasingly hyper agile institutional framework.
The world today is witnessing an era of multi-experience with modern technologies and tools of an ever-evolving digital world, offering users a multi-sensate and multi-touchpoint experience. Dynamic conversation platforms today have changed the way people interact with the digital world. Modern perceptive and interaction models offered by virtual reality and augmented reality have transformed the experience of users. With multi experience, there is an inevitable shift from customer interaction with traditional computers to multiple modern devices.
Smartphones will be used extensively to provide users with multi-experience soon, helping people enjoy an instore experience at their convenience by superimposing products in their home setting using their smartphone camera. Augmented reality, on the other end, goes a step ahead from instore experience and lets people try and experience products in the actual place of installation. With more and more multi-experience development platform expected in times to come, the future of multi-experience certainly looks exciting and promising.
Future of application development and developers will be all about democratization of tools and technology as developing data models and application development will no more be exclusive to data scientists. Technology democratization would mean that resources could be deployed without extensive training and expertise as there will be easier access to new technology to even non-specialists or citizen data scientists.
By 2024, 65% of application development activity will involve low code or no code as large enterprises will use them for several application development and citizen development initiatives. This would mean that businesses can save their costs incurred on technical resources as people without real data expertise and formal training could seamlessly exploit easy-to-use tools to develop an efficient AI-powered solution.
4. Human Augmentation
Digitalization and development of new technologies have led to an era where human capabilities have increased manifold. Human augmentation is a trend that will continue in times to come- as they adopt, implement and get used to new tools and technologies; and as faster, sleeker and productive tools continue to be developed. Technology today is enhancing workforce productivity and the ability of the leaders to make informed decisions. Human augmentation has been helping businesses garner better business results and better collaboration and interaction.
The rise of IoT, machine learning supported by artificial intelligence, analytics, and Big Data have all created a wave of new opportunities to accelerate the growth of human capabilities. Virtual and augmented reality devices have changed the potential of human sensory perceptions and have provided new avenues to transcend the limits of human senses. The future will not just witness smarter devices, bots, and artificial intelligence but smarter and highly proficient workforce.
5. Transparency and Traceability
Rise of big data and availability of abundant customer-related information has greatly helped businesses to promote and market their services as well as offer customized and personalized solutions. However, this has also led to an increasing lack of trust and data privacy concerns among customers, organizations, and governments. Customers today are wary about how their data is collected and stored with an inevitable fear of sensitive data leakage.
Hence, the recent trend towards transparency and traceability to ensure digital ethics and privacy needs around individual and organizational information will soon be at an all-time high. This would include a range of efforts by businesses including technologies and practices, attitudes and actions that are designed to address the data and privacy concerns of customers and ensure strict adherence to the regulatory framework. AI and machine learning-based autonomous decisions have thus created the need for an explainable AI governance for handling the ongoing trust crisis.
Technology will continue to evolve in times to come and brands must not just acquire, leverage and deploy them but also learn to analyze, manage, get accustomed; design practices and inculcate attitudes that can help them achieve their desired goals. New technology along with benefits brings complexities and challenges. Brands that can address these challenges proactively are more likely to - be benefitted and outdo their competition from the gains these new tools offer.
Stay tuned as we highlight the next 5 technological trends in 2020 by Gartner in our upcoming blog. Learn how we can bolster your business >> www.espire.com/quick-contact. You can also get in touch with us at firstname.lastname@example.org
MORE FROM OUR BLOGS
Espire Develops a Reporting Tool to Boost Operational Efficiency
Espire empowered the Client with a comprehensive set of Business Intelligence technologies that helped them maximize the value of their business data.
Establishing Accuracy and Transparency in the BI Reporting System
The client wasn’t satisfied with its existing BI reporting system. There was a strong business need for better transparency and precision in the methods used to generate reports.
Implementation of an Efficient Customer Support System
The client is an engineering, sciences and project delivery firm, based in Australia. Client's operations are divided into four broad business units: Buildings & Infrastructure, Power & Energy, Mining & Metals and Water & Environment.
Espire Optimizes Data Warehouse for Resolution of Data Overload Issues of a Global Engineering Conglomerate
Find out how Espire optimized data warehouse of an Australia based engineering major through a detailed and systematic plan
How has the logistics industry reshaped in new normal and roadmap ahead
Logistics industry has been undergoing a rapid boom initiated by globalization and catapulted to new heights by new means of communication and rapid advancement in supply chain technologies. However, the new normal as we face today is shaping the logistics industry in newer ways.
Importance of ai strategy for brands in the post covid world
Tech-savvy customers, increasing digital demands, growth in digital purchases, need for speed to market and elevated customer expectations have made it crucial for brands to plan, devise and roll their AI strategy in the post COVID world scenario to both remain competitive and provide superior customer experience.
Technology trends disrupting insurance in the new normal and way forward
Content with legacy models, insurance leaders appeared as late adopters of the digital boom that has resurfaced with digital transformation and evolution of disruptive digital technologies- led by artificial intelligence, data analytics, predictive modelling, blockchain, Internet Of Things, intelligent automation and machine learning
Top challenges in claims management and revolutionizing claims outcomes
With the advent and rise of new digital technologies like Machine Learning (ML), Artificial Intelligence (AI), Intelligent Automation, Internet of Things (IoT), Sensors, Wearables, Drones and Data Analytics, insurance leaders are forced to transition to these digital technologies for collecting and analyzing data and meeting customer expectations.