We are in the midst of the fourth Industrial Revolution, and technology is evolving at lightning speed. Organizations and people that don’t keep up with the most significant trends are lagging behind. Analyzing the key tech trends will enable individuals and organizations to prepare and make the most of the opportunities. As a business and innovation futurist, I look forward and recognize the most significant trends. Following is a list of a few of the most important tech trends of 2020.
Artificial intelligence and bots
AI has been a burning topic in recent years and continues to be a hot trend because of its extensive influence on our lifestyle. AI is a part of what we refer to broadly as automation and further refers to computer frameworks built to mimic human intelligence and execute a diverse range of tasks like speech recognition, decision making etc. As the expense of integrating and implementing AI and ML is diminishing, more SaaS (software as a service) suppliers are getting amped up for fusing it into their products. It is very evident as utilizing data and data analysis is key to SaaS innovation.
There are SaaS applications for foundational business technologies, such as financial management, data management, human resource management, sales management, etc. Businesses need AI for impeccable customer experience as well. To contend in the race, it is essential for organizations to interact with their prospects in a human manner. Customers today like to stay in touch and be a part of the endeavour.
Since customer experience is the highest priority for businesses, appropriate measures have to be taken to ensure that. Times have changed, and customers don’t have the patience to write long e-mails or fill forms and wait for the company to get back to them. This is where AI comes to the rescue. Messaging apps and instant chat will play a colossal role in the customer journey.
Cybersecurity has been around for some time and hence, may not appear as an emerging technology. But, it is evolving with the pace of any other technology, courtesy the continually new threats. The malicious hackers who are attempting to exploit data illegally won’t surrender any time soon and will keep inventing new ways to crack the security systems. Cyber-security experts will keep coming up with new ways to combat cyber-security issues posed by hackers.
And, it will keep evolving as long as our data is vulnerable to cyber-attacks. Cyber-security undoubtedly will be a need of the hour in 2020 as well. We anticipate seeing more and more companies restructuring to comply with the country’s data protection and privacy laws in the best interest of both the businesses and consumers.
Machine learning is one of the applications of artificial intelligence (AI), which furnishes the systems with the power to learn by itself and improve from experience without being extensively modified. Machine learning centres around the development of computer programs that can access data and exploit it for themselves. Machine learning generally is often categorized into two categories- supervised or unsupervised.
Machine learning enables the evaluation of colossal quantities of data. While mostly it delivers faster, accurate outcomes, it may also need additional time and assets to train it appropriately. Integrating machine learning with AI and cognitive technologies can make it significantly more effective in handling enormous volumes of information.
Internet of Things
According to an estimation, by 2020, there will be up to 21 billion devices across the world connected with ‘Internet of Things’. In a nutshell, the Internet of Things is the concept of connecting any device to the Internet and to other connected devices. The Internet of things has already enabled home appliances, cars etc. to be connected to and collect and interchange data over the internet. Since the data is collected and evaluated, the IoT can enable better safety, efficiency, accuracy and decision making.
Robotic process automation or RPA
RPA is a technology application based on business rationale and organized inputs to automate business processes. By utilizing RPA devices, an organization can design software, manage data, interpret applications for facilitating a transaction, activate reactions, replying to emails and connecting with other computerized frameworks.
According to Gartner, the RPA market will top $1 billion by 2020. Just like ML and AI, RBA is automating jobs along with eliminating mundane, time consuming and repetitive tasks enabling businesses to devote more time to serving customers or other more significant work. RPA also eliminates the risk of human error and reduces the staffing cost for organizations. The use of RPA is on the rise, and various big names like American Express, AT&T, Walmart etc. are integrating RBA with their systems.
— The author is Co-Founder and CTO, LoginRadius.