Technology is an ever-changing playing field and those wanting to remain at the helm of innovation have to adapt. The consumer journey is charting a new course and customers and companies alike are embracing emerging technologies. As the IT industry trends such as cloud computing and SaaS become more pervasive, the world will look to brands who can deliver with accuracy and real-time efficiency.
To help meet the demands of a technology-enabled consumer base, businesses and solution providers must also turn toward the latest trends and possibilities provided by emerging innovations to realize their full potential. But, where to begin? These are the emerging trends businesses need to keep their eyes on in 2020.
AI
Artificial intelligence holds significant potential for businesses. While we have yet to achieve the full spectrum of capabilities frequently at the center of futuristic cinema, AI is poised as a tool of choice for businesses and solution providers. As is often seen with social media, AI, combined with machine learning, can be a powerful combination. Businesses can use AI to achieve cost-saving benefits, streamline workflows, enable more efficient communications, improve customer satisfaction, and provide insight into purchasing behavior.
Additionally, machine learning can analyze large datasets and provide scaled insight. We are currently just scratching the surface of how machine learning and artificial intelligence can work together to enable businesses. (Think of IT-industry giants such as Google and Amazon.) Current applications provide huge growth potential for solution providers who can fully understand the capabilities of AI and tailor solutions to meet business demands. Businesses can also employ AI to identify new product and service opportunities.
Blockchain
Past discussions of blockchain are often hinged on cryptocurrency, but the real power lies in the immutability and transparency of a blockchain. Due to the fixed and highly visible nature of blockchains, this trend has been widely accepted to have financial applications, and often informs discussions of bitcoin. However, the business benefits are much more far reaching.
The blockchain is an information system that holds promise for supply chain management, enabling transparency into the origin and journey of materials from origin to product. Blockchain technology will also allow for better record management, providing a snapshot of any record from its origination. This could be used to verify orders, purchases, returns, receipt of product, you name it.
