Taking a look at the last decade, we have experienced phenomenal changes in the sphere of technology. We say that the fourth industrial revolution has begun and it has changed the way the world operates.
Digital world along with being competitive brings in large number of opportunities too. These don’t cater to one or two parts of the organization but have its hold over entire value chain. Every part can make use of technology and produce far enhanced results and services.
It is not only focusing its lens on one particular industry but technology change has impacted companies in different sectors, it’s just that the degree of impact varies from industry to industry. In 2020, technology and digitalisation will have relatively greater impact on IT, Media, Retail, high Tech, telecom and healthcare industry. To an extent, FMCG, Financial and professional services industry could also experience transformations.
AI becoming the centre of value based interaction
AI and machine learning will definitely bring in paradigm shift as it tops the technology trends but question here is of customer engagements. Progressing on the grounds of technology and picking up of digital interactions, businesses will be in a better position to customize interactions and therefore create personalized systems. Though AI and Machine Learning go hand in hand, they are the preferred technologies for most of the businesses in order to increase productivity and value based interactions. AI has a proved to be largely credible in the areas of data analysis and there is a shift of operations towards data driven decision making. The complexity of large data being generated through digital sensors and IOT, it becomes even more difficult to analyse the data. AI can efficiently bridge the gap between the life sciences to computer sciences by the means of various easy to handle tools and simplified softwares which could preserve the security of data and hence create central personalized digital transformation.
AI has transformed our day in the forms of natural language generation, speech recognition, AI optimized hardware, Machine learning platforms, automated decision management tools, biometrics, robotic process automation and Virtual agents. Understanding the key patterns will enable individuals and organizations to advance plan and handle the chances. We should believe in value based interactions in order to bring up radical innovations that bring a change.
Big data – Transforming data protection and storage
As we observe the world around us, there are many products that are getting embedded with sensors that churn huge volumes of data, this data is cleansed and formed into data sets, they are then analysed and relevant information is extracted. Big data can be described by volume, variety, velocity and veracity of the data. The immense amount of information and numbers generated through these interconnected objects will help in developing strategies by sinking its roots into Big data through integrated platforms.
Through these, businesses are now coming up with unique business models and value propositions. Along with cloud computing, IoT, and big data, information is getting dim and blurred. Analytical tools using AI will be required at a far more prominent degree than at present executed to understand the information, recognize issues, and provide recommendations based on the same. The more revolutionary part into all of this is that they are venturing into more of human intervention. The improvements in underlying technologies are advancing the timeline required for the widespread Internet of things (IOT) that opens up unimaginable perspectives. This will assist human decision making through deep analysis and data visualisation tools.
More people than ever are recognizing the importance of different business intelligence technologies and business intelligence tools, which can be defined as the ability to glean value from big data— from the tools and techniques to discover, gather, and analyze digital data. Business intelligence technologies such as data warehousing, dashboards, Ad Hoc reporting, data discovery and cloud computing provides enterprises with huge competitive advantages in this market place.
Big data has proven to be a boon to the health care industry through EHR, PHC, Clinical risk intervention and predictive analysis. With increasing adoption of wearable devices, the volumes into patient generated data, sensor data and imaging data has continued to rise. Along with this big data being the most unstructured and difficult to use, there are questions on the privacy, transparency and trust of patients and healthy individuals.
Data Analytics and Information processing –
Analytics are proving to be an inexorably significant role in the development and estimation of organizations over the world. Not exclusively can investigation let you know whether you’re fruitful in your market, however they can enable you to anticipate where the business sectors will move straightaway. Even before analysing the data, it becomes crucial to manage this data and help develop tools that assist in data mining. Analytical tools will enable the creation of personalized content for your customers and exponentially increase bottom lines for businesses. We have access to a large basket of raw data that is generated every millisecond, but without appropriate analytical tools in place, it would be challenging to find the catch in that data and use it for our purpose. The whole point of analytics is to examine the data, process it further and draw conclusions from those data sets in order to drive valuable insights from it as it may include customer behaviours, demographics and interests. Customers in today’s world have different needs, whims and fantacies and therefore analytics eliminates a lot of guesswork and provides a holistic view of the patterns of consumer behaviour. These patterns can be used to measure or track the historical progress of a company or product as well as predict the market of a product using the trend line.
Many big organizations play with their data to take informed decisions for profitable business. Analytics have assisted into creating content strategies, develop products, design advertisement campaigns and plan budgets. Modern data analytics has continuous updates on consumer buying behaviours as conditions or patterns tend to change. Leading data analytics softwares like looker, Periscope data, IBM Watson would be our boats to the shores of valuable insights and help businesses scale new revenue levels. The marketing of products through understanding consumers in a 360 degree pattern and fine-tuning the advertisement campaigns can produce optimal outcomes for the campaign and provide measurable parameters to assess the outcome of campaigns.
Investigation, while apparently basic superficially, really includes a lot of information preparing to transform enormous lumps of crude information into something noteworthy and valuable.
Relationship management helps you grow organically and therefore analytical tools could aid in developing tailored content for websites, engage and assist customers in navigation of websites and hence build strong relationships that holds on loyal customers.
As a company, you may spend less time, streamline all processes, bring in automation and along with analytics enhance performance of the organization.
Emerging Gadgets and technologies
While coping up with the newer technologies, 2020 will bring in enhanced customer experience by letting us touch areas of integrated digital and physical experience, mapping customer journey, managing customer lifecycle, digitalizing all front-end processes, including e-commerce and building through social media channels.
With the help of open innovation and intelligent products coming in more digitized products and components would pop up in the market making its own space. Also automation of the back-end processes and inclusion of analytics and AI, would enhance workforce productivity drastically and shape the organizational culture.
While Alexa and Siri are busy managing our lives and becoming a part of it, Smart wifi switches, Smart locators, home heartchecks, Educational Robots, Language translaters, AR/VR handsets are also involved in changing our days. There would be complete emerging themes arising as in Smart grids, smart homes, connected buildings and Smart playgrounds. The adoption of these themes would probably be a question but in the coming years, we could expect people to transform their lives digitally.
The mounting strain to change likewise offers the uncommon chance to modify strategies, structures, and procedures starting from the zero level. The organizations that take it will be prepared for future market challenges. At the point when organizations respond to digitization assertively and across various points in value chain, they are observed to exhibit higher performance and increase equity.