Data as a resource is growing with every year and for any business all data needs to be collected and analyzed quickly and efficiently. Most businesses utilize a dedicated data entry company to assist in the document scanning and conversion process. From storing documents, online-backups, workflow and document management to remote working, the possibilities are endless and this makes business process much faster, more efficient and safer than offline equivalents. With rising customer demands and high competition among businesses, digitization is important to make things work faster, and more smoothly and efficiently. Therefore, digitization and automation will play a significant role in the years to come.
Digitization allows businesses to explore, find new opportunities, and expand. I’m going to tell you about 5 different digital trends to know that are expected to help boost business growth in the next year 2020.
First is live streaming video content. This has huge impact on having a strong relationship with your customers. Live video streaming helps you reach the target group easily and it also gives the customers an opportunity to connect with their favorite brands. It brings more transparency in business and also allows the business to stand out among its competitors.
The second one will be a connected cloud system. Companies can now store their crucial data in hybrid cloud system that allows managing and monitoring all data with low risk and really high flexibility. Data protection has become a priority for businesses and it gives an opportunity for the employees to work with this data efficiently. Today, we have many tools that ensure safety of data along with a solution that consists of private cloud, public cloud, connectivity, orchestration, monitoring and management. Data storage in the cloud will be a necessity and the digital trend of connected cloud systems is just only going to grow more in 2020.
The third thing is Artificial Intelligence: AI is not a new concept and in the future it is expected to empower several business entities and be more successful and efficient. According to a study, about 44 percent of companies used AI to detect and prevent security intrusions in 2017. From then till today, the use of AI in business has increased. Businesses use AI also for scheduling conferences, team meetings, accounting, especially for calculating huge values, optimizing customer service with chat bots for better and easy messaging etc. So, with various tools AI helps to find the right target audience for group advertisement. So, in the HR department AI is used for screening applications, finding matches, mailing them and scheduling face-to-face interviews to choose the right one. This shows that AI is really important in almost all departments of a business and in 2020 this technology will keep you very competitive.
The other one is virtual and augmented reality: Augmented reality (AR) is expected to play a huge role in 2020. AR is useful especially for manufacturing companies which gives them a better understanding of how the product will look. In 2020, AR along with AI and location based service will create even more usage for consumers, and as advertisers would have the opportunity for placing virtual products around us in the real world. Similarly, Virtual reality (VR) also provides advantages like virtual reality could prove valuable for educational purposes since it can immerse trainees in any situation that can be simulated on a computer, and this makes learning easier and also increases the effectiveness of training. Virtual reality can also be used for prototyping and designing new products. And this shows that both AR and VR are promising digital trends that will be useful for businesses in 2020.
The last one is data utilization. Use of valuable data is significant when companies want to make good decisions about products, services, employees, strategies, and so on. So, with digitization of data, it is easier to collect information and analyze it. But the problem today is that the amount of data collected increases massively and most of it will never be used. Using the right data would help businesses understand the forces behind decisions. In 2020, the digital trend will be to analyze, evaluate and use data effectively. Companies like Microsoft, SAP, SAS and Sales Force already occupy market leadership in data used for business analytics. Some other trends are fintech, agtech, cyber security, ERP, content management, and retail, restaurant and hospitality.
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And again, my name is Julie Clements, and have a great day!