Technology has become an operational backbone for every possible business today. It is no longer seen as a cost center but a means to scale, optimize, innovate, automate, communicate, and gain advantage over your competition.
Digital transformation, for example is opening new opportunities for companies that were previously not explored. It has created a level playing field for all enterprises including startups and there is an on-going race on who can get it first and capitalize on it. In this article we will explore 5 key technology trends that are likely to make an impact and accelerate business in 2020.
#1 5G
What is it? 5G is the fifth generation of wireless technology. It promises to bring higher speeds of connectivity with lower latency. It aims to increase data communication speeds by up to 3 times compared to 4G.
Why do you need it? While the high-speed sounds very exciting it’s the low latency that is going to offer the most opportunities. The super short lag time will provide “almost real-time” interactivity, which will be incredibly important where interaction time is vital like self-driving vehicles, virtual reality and telemedicine. The internet of things will also receive a boost from this ultra-quick connectivity.
According to a study by Qualcomm, “in 2035, when 5G’s full economic benefit should be realized across the globe, a broad range of industries – from retail to education, transportation to entertainment, and everything in between – could produce up to $12.3 trillion worth of goods and services enabled by 5G.”
In short 5G will enable quicker data downloads, outstanding network reliability, and users will get faster access to information than ever before making it very impactful on how we live, work, and play.
#2 Data Security
What is it? Data security is the protection of data from unwanted access and corruption.
Why do you need it? This one should be the most self-explanatory of the list and is becoming critical for day to day operations. The FBI’s Internet Crime Complaint Center (IC3) reports “internet-enabled theft, fraud, and exploitation were responsible for $2.7 billion in financial losses in 2018.”
Protecting your company’s data should be your top priority. Securing proprietary formulae, financial data, customer and employee data and other sensitive material is not only important, but often a business requirement.
If you work in the Healthcare space a breach in protected health information (HIPAA) could have devastating consequences.
#3 Analytics
What is it? Data analytics refers to the uncovering correlations and patterns from large amounts of structured and unstructured data.
Why do you need it? Big data is more than a buzz word. It accurately describes the increase in information your company is constantly gathering. Customer information, product development, sales results all fall under this umbrella and it is the analyzing of this raw data that will provide business insights that will all you to make informed decisions. This analysis can also lead to reductions in costs and more customer aligned new products.
Forrester is calling those capitalizing on data “Insights-Driven Businesses” and they report that they are “growing at an average of more than 30% annually and are on track to earn $1.8 trillion by 2021.”
#4 AI / ML
What is it? These abbreviations represent two things Artificial Intelligence and Machine Learning. They are often spoken about together, but they are not the same. Artificial Intelligence is the broader concept of a machine imitating intelligent human behavior. Machine learning goes deeper and refers to the computer improving with experience.
Why do you need it? AI / ML is used for language processing stock trading and several other functions. A release from Gartner announced “in 2019, 37% of organizations have implemented AI in some form. That’s a 270% increase over the last four years.”
One popular use of AI/ML is personalization of marketing. A system equipped with ML can analyze large amounts of customer and shopper data to create personalized branded experiences on an individual level. Forbes states “Marketing and Sales prioritize AI and machine learning higher than any other department in enterprises today (40%).”
#5 Modernization of Legacy Apps
What is it? Modernization attempts to bring new life and value to existing applications by updating them with new features or integrating them with new functionality.
Why do you need it? There are several reasons to modernize your legacy apps. A major motivator is the security risk legacy applications pose to your company.
The Federal Cybersecurity Risk Determination Report and Action Plan lists the two most significant areas of risk as being a shortage of experienced and capable cybersecurity personnel and the abundance of legacy information technology (IT), which is difficult and expensive to protect. As technology moves forward your favorite app may stop being supported and finding the help you need for routine maintenance or worse can become quite costly. Modernization avoids the high costs of maintaining out of date systems.
The Federal Cybersecurity Risk Determination Report and Action Plan lists the two most significant areas of risk as being a shortage of experienced and capable cybersecurity personnel and the abundance of legacy information technology (IT), which is difficult and expensive to protect. As technology moves forward your favorite app may stop being supported and finding the help you need for routine maintenance or worse can become quite costly. Modernization avoids the high costs of maintaining out of date systems.
The call won’t cost a dime but not acting in this digitally competitive landscape could cost you everything.
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