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How Tech Is Changing Business in 2020

Over the years, the global business landscape has been evolving, with significant changes attributed to technological advancements. As more technological breakthroughs are achieved, new industries emerge as old ones are disrupted, and the companies that fail to adapt are rendered obsolete. As of 2018, over 80% of organizations viewed IT as a critical strategic enabler. In this digital age, you must be aware of any tech innovations that may help improve your service delivery or disrupt your industry. This will allow you to prepare adequately for the impending changes. In this article, you will learn all about tech advancements that are set to change how some industries and businesses operate.

1 Blockchain

Though blockchain was initially associated with the darknet and frowned upon because of a lack of government regulation, it has become widely accepted due to its numerous applications. Even the Chinese government, which had a hard stance on technology, has approved the use of blockchain in commercial services. In 2020, the use of blockchain outside the financial sector will increase. Other industries, such as healthcare, will adopt the technology to increase efficiency and improve security. Here are some of the ways businesses will use blockchain in 2020:

  • Digital asset security- As cybersecurity threats increase, industries that deal with highly sensitive data will turn to blockchain technology as it can be used to keep information within the intended circles
  • Smart contracts- By using blockchain technology, businesses can automate the activation of the actions stipulated in a contract once conditions are met
  • Securing intellectual property- Since blockchain ledgers are an unchangeable and open-to-view by all, they offer an excellent medium for protecting shared works
  • Reduce costs of microtransactions- With blockchain, content creators will be able to charge users per article instead of monthly subscriptions while reducing costs

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2 Cryptocurrency

Cryptocurrencies are the most popular application of blockchain technology. Since the emergence of Bitcoin a little over a decade ago, over 2000 more cryptocurrencies have emerged. Some of these have been brought to existence by titans of industry, such as Walmart, Facebook, and Microsoft. The key appeal for Bitcoin to brands is the ability to reach markets that were previously out of reach. By using cryptocurrency, organizations can offer their services to consumers who do not have bank accounts.

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3 Artificial Intelligence

In recent years, Artificial Intelligence (AI) has caused quite a stir in the IT space. Already in use in many businesses, AI helps organizations streamline operations by facilitating data analytics, automation, and language processing. Some of the common uses of AI:

  • Detecting fraud
  • Cross-referencing and transferring data
  • Customer service assistance
  • Analyzing consumer behavior

In 2020, the security and manufacturing sectors are expected to adopt AI to automate processes and improve security services.

1. AI in Manufacturing
Manufacturing is arguably the sector that is poised to benefit the most from AI advancements. The technology will help manufacturers:

  • Reduce unplanned downtime
  • Create better designs for products
  • Improve efficiency and product quality

Besides, by incorporating AI in the manufacturing process, companies will be able to create a safer environment for employees.

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2. AI in Security
AI technology can analyze large sets of data quickly. As such, by using it alongside human security specialists, Chief Information Security Officers (CISOs) will be able to detect security threats before they become problematic.

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4 Edge Computing

Technology has become a critical component of daily life, let alone business. For these devices to function and streamline your operations, they are engaged in a constant exchange of data. The speed at which data is processed directly affects the performance and usability of the data. Most of the data storage and processing today is done via the cloud. With edge computing, data collection and processing is brought closer to where it is being generated. As a result, the processing time is greatly reduced as the data does not have to be sent to the cloud. The key benefits of edge computing include:

  • Improves data security by distributing data analysis infrastructure throughout the organization
  • Cost savings
  • Reliable
  • Scalability

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5 Autonomous Deliveries

As the entrepreneurial landscape becomes more competitive, businesses compete to offer clients more convenience as they purchase. This has seen many companies offer delivery services for products purchased. However, last-mile deliveries are the most challenging, time-consuming, and often the most expensive. This is set to change as artificial intelligence is now being used to help machines navigate cities and populated areas without a hitch. As a result, more businesses will adopt the use of drones to deliver products to consumers right at their door. In the same vein, significant progress towards achieving fully autonomous (level 5) vehicles is expected in 2020. At present, only levels 2 and 3 have been achieved.

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6 5G Network

As the race between the US and China to roll out 5G gains more momentum, it’s the end-users that stand to gain the most. With 5G, end users will benefit from increased bandwidth due to the improved connection. The technology is expected to have the capacity to support at least 100 billion devices with end-users benefiting from speeds of up to 10 Gb/s. Also, the time needed for a data packet to be transferred from one point to the next (latency) will be significantly reduced. 5G will benefit all industries, but the ones that will experience a significant boost include:

  • Financial sector
  • Artificial Intelligence
  • Healthcare
  • IT sector

As a whole, businesses will benefit from more precise advertising, better customer insight, and greater ease of targeting customers. It is estimated that 5G will generate revenues of up to $ 3.5 trillion by 2035 and enable businesses to support over 20 million more jobs. However, before the masses can truly benefit from 5G, network carriers must work to increase their bandwidth capacity and reduce network costs.

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7 Business And Technology

When it comes to technology, the only thing you can be sure of is change. If you keep up with all the technological advancements that can affect your industry, you can adopt new technologies before your competitors. This will help you grow your business faster and consolidate a larger proportion of the market.

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