The digital transformation trends in 2020 are starkly different from what we have ever seen before. One of the primary reasons for this is the COVID-19 pandemic, which amplified the need for innovative technology. This year, we can see four recurring themes that are on the minds of organizations aiming for digital transformation – cost reduction, digital scale-up, business growth, and organizational change.
Let’s have a look at some of the top digital transformation trends in 2020 listed below:
Faster connectivity has become a priority for the people of today. Since most people have started working from home during the COVID-19 pandemic, the need for superior networks to facilitate better connectivity has reached its peak. Many telecommunication companies are adapting to these new requirements by making moves towards incorporating the technology into their offerings. In May, Verizon launched a virtual lab to test 5G deployments and rolled out 5G coverage across San Diego, CA. In China, 5G deployments are happening so quickly that Ericsson had to up their 5G enrollment goal, for the year.
Organizations are now leveraging the power of data analytics to inform their strategic and operational decisions. Using real-time data to collect insights on customer behavior and preferences is one of the most effective ways to boost your business. This is because organizations will be able to make better decisions that can increase profits and customer experience.
Recently, in a KPMG report that covered the latest developments in infrastructure, it was observed that many companies have started using predictive analytics to forecast maintenance and operational problems before they spiral out of control.
Apart from financial benefits, organizations can use analytics to improve business operations as well.
AI and Machine Learning
Most of us would have heard of the term artificial intelligence. We come across it on a daily basis without even realizing it. From the recommendations we see on Netflix to the curated playlists made for us on Spotify, we inadvertently use artificial intelligence to make our lives easier. Generally, AI can support three primary business requirements: automating business processes, gaining insight through data analysis, and engaging with customers and employees. Chipmakers like NVIDIA and Intel have started developing GPUs and CPUs. So that can boost training and learning from data — and drive targeted recommendations and accurate conversational AI. We can also see companies like Tesla invest in research and development for AI-driven solutions like driverless cars and virtual assistants.
In April, the Department of Homeland Security named blockchain an essential technology for fighting COVID-19 and repairing our broken economy. This is because blockchain technology can provide us with a trustless ecosystem that is completely secure and immutable. In fact, many countries are now considering blockchain-based voting to account for social distancing requirements. Another blockchain trend that is being integrated with several startups and enterprises is BaaS or Blockchain as a Service. BaaS is a cloud-based service that allows users to develop their own digital products by working with blockchain. These digital products may be smart contracts, decentralized applications (Dapps), or even other services that can work without any setup requirements of the complete blockchain-based infrastructure.
A key forecast about blockchain made by Gartner is that the banking sector will be able to make nearly 1 billion dollars of business value by incorporating cryptocurrency by 2020.
Blockchain technology can also revolutionize the financial system by allowing banks to reduce excessive bureaucracy, conduct faster transactions at lower costs, and improve its secrecy.
The pandemic came as a major global disruption that put a stop to business operations in many parts of the world. In such times, having a business continuity strategy is of utmost importance. This is where technology like RPA and IPA comes in. By offloading tasks to software bots, companies can free up their human resources and ensure that their business runs smoothly.
Reports show a compound annual growth rate of nearly 30 percent for RPA in the forecast period through 2026.
According to Gartner, RPA tools have been around for some years now, and the growth of this industry is not slowing down.
RPA bots are capable of scanning multiple documents and invoices, correctly identifying relevant information, and entering it into appropriate systems without any human assistance. With process automation, you will be able to track and monitor processes while they are running, which can improve accountability and visibility. The ability to monitor processes on the go will also help you keep a lookout for errors, fixing them as they occur.
These are the top digital transformation trends in 2020 that we have witnessed. However, the list is going to keep growing and evolving. Currently, all the major organizations are trying to incorporate all or some of these technology trends into their operations. So that they can stay ahead of their competition and improve profitability.
If you have any questions about how you can adopt these emerging technologies into your business. Feel free to reach out and we will be happy to help.