Next-generation technologies are affecting the way businesses can get value from the information they generate and process. The global pace of change is growing rapidly each year and 2020 can be a truly disruptive year. Let’s find out what opportunities innovation gives, what risks you should consider, and what concrete steps you can take to benefit from the upcoming changes in the digital world.
Obviously, people have never had so many powerful technology solutions to address their problems in society, business, and community. Not to fail and successfully use these capabilities, we have to understand clearly how to intelligently do this. We should be experienced in analyzing data and making decisions, in choosing and using tech solutions available on the market, and acquiring the right skills and resources to solve the problems.
Today, you may not have enough resources for meeting these challenges as innovation requires reshaping your existing strategies from usual operations to searching for disruption and new business values. Technology providers can help you in defining your priorities and instructing how to do better. Finding the right tech partner is a perfect way to start your journey to digital transformation.
Top 3 Technology Trends to Explore and Implement in 2020
To make your business really intelligent in the next year, consider the latest technology trends that are already being successfully implemented and used by many big and mid-sized companies.
AI-powered solutions along with Machine Learning and Robotics change the way people live, businesses operate, and governments provide public services. AI is applicable to almost every industry, from healthcare to education. It handles real-time data processing well, detects fraud, predicts consumers’ behavior, provides chatbots for messaging. Besides, it can increase sales and automate workflow – decreasing costs for manual and redundant work.
Another trending technology that is also used for improving the business environment. Originally designed for cryptocurrency transfers, blockchain has become one of the disrupting tools for banking app development as it offers advanced and securer authentication and cheaper payment services for consumers. Blockchain can be also used for smart contracts management so explore it – probably, your business can take advantage of blockchain.
Internet of Things
IoT has become a leading innovative technology for logistics and transportation, agriculture, healthcare, security, manufacturing. It is mainly used to generate real-time data, create improved supply chains, connect what can be connected, detect breaches and attacks, etc. IoT enables businesses with flexibility, connectivity, and efficiency. Companies can improve customer experience, generate more revenue, increase productivity.
Risks to Consider in Digital Transformation
Are you about to reshape your digital strategy? To be successful in your beginnings, explore the following risks:
- Strategy – You should clearly define who is responsible for strategy development. Establish an appropriate governance framework.
- Security – Ensure that your authentication patterns are secure and up-to-date. If not, search for the latest trends in cybersecurity.
- Technology – Consider scalability, accuracy, and compatibility of existing and future software before starting your journey to transformation.
- Operations – conduct an audit of both internal and external business activities to define your strengths and weaknesses and take appropriate actions to improve operations.
- Data – Make sure any data you use, yours or your customers, is highly protected from breaches and attacks.
- Vendors – Search for reliable technology providers who have relevant expertise in your industry or business domain.
- Compliance – You need to check if your regulatory compliance is up-to-date, try to make it easier to handle by using RegTech solutions.
4 Practical Steps Towards Innovation
So, what steps should you take in 2020 to reach your goals? What actions will help you start moving from legacy systems to next-gen infrastructures? Here are simple but quite workable steps:
- Explore. Learn, read, ask about new technologies and successful case studies of how new technology contributes to the business environment. Think of possible ways it can help your company grow.
- Focus. Put data at the central point of your strategy. Start analyzing what you have now, measure the current status of your business, make conclusions and predictions for the future. Search new ways to gain a competitive advantage.
- Optimize. Explore and improve your relations with customers. Provide personalized services based on data-driven insights on customer behavior.
- Innovate. Define and find the right skills required to reinvent the way you run business and communicate with your clients.
What Does It Mean for Business?
First off, ask yourself about what you expect from changes. Most organizations embracing innovation expect that that transformation will help them gain additional growth and revenue. But higher profit is not the only benefit you can get. Imagine that you now know your customers better, you can develop new products according to customers needs, foresee the scope of sales. As a result, you can also find new distribution channels and extend your markets.
The main objective of a new digital strategy is to teach you to use your data to the fullest. Equipped with clear and 360° vision of your business, you’ll be able to provide unique offerings different from those your competitors offer. How could you start? Begin to analyze what you have right now. Leverage all the resources you have or acquire the needed resources offsite to uncover the potential of your enterprise. Wish 2020 will bring you total success in innovation.
Original post: Why 2020 Is the Right Time to Reinvent Your Digital Strategy