Tech That Will Drive Business Growth in 2020
The year 2020 marks the beginning of a new decade. Innovation will be the name of the game for businesses this New Year. An organization that does not keep pace with new technologies will not be able to grow in the future. So embracing new technologies is no longer a choice but a necessity for any business. And this is not just important to keep you in competition; being innovative is also all about growth and sustenance.
Whether you are big or small, you need to be aware of what lies ahead in the business tech space to be ready. Being aware of the upcoming tech trends will let you make the right investment when it comes to adopting new technologies or revamping the legacy systems. Let us uncover the major business technology predictions for the New Year and beyond.
Artificial Intelligence Will Be More Important Than Ever Before
Artificial Intelligence (AI) is a technology that businesses cannot afford to miss out in the coming time. AI-based applications will dominate the entire enterprise operations, whether it is manufacturing, supply chain, marketing or human resources. The dependence on human workforce will decrease as AI will gradually automate the processes. Imagine the convenience of managing repetitive tasks in accounting or lead tracking with AI-powered software rather than having human executives to handle them. Similarly, AI technology is also being used in the marketing and customer experience space. Besides enhancing the efficiency in operations, AI can save time and eliminate errors as well.
Big Data and Analytics Will Be ... Really Big
Another tech trend that no business should ignore in 2020 is that of leveraging Big Data and Analytics for better decision making. With the markets becoming hyper-competitive, you can no longer make business decisions on the basis of guesswork. What you really need is hard facts and figures, which only come from real data and its analysis. Therefore, investment in software applications that gather real-time data and offer actionable insights on the basis of powerful analytics will be mandatory for the organizations of the future.
Remote Working Will Become The Norm
Businesses will be keener to onboard remote workers rather than invest in space and infrastructure for in-house resources. This is obviously a smart approach considering the sky-rocketing real estate prices in the current times. With a greater dependence on remote resources, the adoption of communication apps will also increase for businesses. Organizations with remote teams will have to rely on team messaging, video conferencing and timesheet management applications to manage the team members and get the highest level of productivity from them.
The Gig Economy Will Rule
While a remote workforce is one aspect of the future of human resource management for businesses, the gig economy is poised to be another big one. The focus will be on hiring the best talent on a contractual basis rather than as permanent employees. This is a two-sided trend because workers too prefer to take up freelancing roles on a project-basis rather than be stuck with the same employer year after year. So 2020 is all set to be the year of the gig economy and your business should gear up to avail the best benefits of hiring talented people as and when you need them.
Talent Wars Will Be Fierce
Speaking about HR tech, this year will see businesses investing in efficient and scalable talent management tools. The reason is that talent wars are fiercer than even as every organization wants to hire, nurture and retain exceptional talent. Unless you have the best people working for you, the competitors will gain an edge. So HR departments will see smart AI-based recruitment and training tools as a wise business investment. After all, skilled and experienced people play a key role in driving success for a business and no investment is too big when it comes to getting such people to join your organization.
Enterprise Mobility Will Be Key
Another business technology trend that will make it big in 2020 is the adoption of enterprise mobility. Since a majority of businesses greatly rely on the in-field team members, they have to be connected with an enterprise mobile app. These apps let the field staff retrieve the business data from the cloud even when they are at remote locations. Enterprise mobility also fuels the Bring Your Own Device (BYOD) trend for businesses, which means that employees will be able to use their personal devices for business purposes. If you don’t already have an app that connects your workforce, you should get one developed right now.
Tech Revamp Will Be a Top Priority for Many Businesses
2020 marks the beginning of the era of digital transformation for businesses of all sizes and types. Even if you already have legacy systems and applications running, you need to have a second look at them and get a revamp if needed. On the other hand, a tech transition is completely necessary if you work on manual systems right now. Embracing practice management software is a great idea. You can explore an amazing option at https://practicepro365.com/ to check out a solution that has the potential to steer your business in the right direction. Here, you can explore various tools that can optimize the resources, improve cash flow and take your business ahead in more than one way.
Data Privacy Will Matter Even More
The last few years have been critical from the data privacy perspective, considering the major data breaches that occurred across the globe. Further, the implementation of consumer data privacy regulations have made compliance necessity for businesses. This is one area that you cannot afford to ignore this New Year and ahead. The focus will probably be on creating more secure solutions and applications that will keep data privacy above everything else. And this is something that no business should miss because it has an impact on your reputation and keeps you out of legal trouble as well.
Personalized Experiences Will Win the Game
One side of the tech transition takes business towards automation. At the same time, organizations cannot afford to ignore the significance of personalized experiences. In fact, personalized connections with customers will win the marketing game for businesses in 2020 and ahead. So your marketing strategies should aim at knowing every customer as a unique individual and targeting them with a personalized marketing approach. This is where contextual ads and hyper-targeted marketing messages make inroads into conventional marketing strategies.
Customer Loyalty Will Fuel Growth
Beyond just adopting technology to win customers with personalized experiences, businesses will have to invest in customer loyalty as well. The idea is not just to sell but retain your customers and build long term relationships with them. This can be done by investing in marketing automation technologies that keep you constantly connected with the customers and foster relationships that last and bring profits over the years. It is all about showing the customers that you care and want to retain them.
Employee Satisfaction Will Be Equally Significant
While customer satisfaction is one side of the coin, employee satisfaction is definitely the other. Businesses that aspire for growth will have to prioritize employee satisfaction and retention as well. This approach will fuel investment in software applications for employee management, shift scheduling and gamification. Additionally, businesses will have to rely on tech-based training software that leverages technologies such as Augmented Reality and Virtual Reality. The more a business is willing to invest in employee satisfaction, the more rapid its growth will be.
The Voice Revolution Will Continue
Without any doubt, 2019 was the year of voice technology. Consumers love the experience of the hands-free voice search instead of having to type text. Only businesses that are optimized for voice searches have the potential to be visible to the customers. This trend will grow even bigger in 2020 and ahead and no business can imagine growth or even sustenance without voice optimization. So make sure that you realign your marketing strategy to match this major technology trend.
Wearables and IoT Will Get Strong
The wearable and IoT trend will move beyond the personal space and make it big in the business landscape as well. The domains such as healthcare, fitness, and fashion are already leveraging this technology for delivering better customer experiences. But this year, enterprises are all set to embrace them as a part of their operations and processes. For instance, the IoT-powered wearable devices can be used for employee tracking, asset tracking and management and remote operations in plants and supply chain industries. Further, IoT apps can also be used to build smart offices through automated devices.
Now that you are aware of the upcoming business technology trends in 2020 and beyond, it is time to assess your business right now. The idea is to understand the areas where you lack and come up with a strategy to address the gaps that lie there. Though tech revamps can be a considerable investment for any business, the results that it can bring are sure to be worthwhile. So if you are still contemplating the thought of digital evolution in 2020, you’d better take the next step right now!