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Latest Technology Trends 2020: How Will Technology Affect Business?

Published: 02 January 2020

2019 has quickly come to a close, so businesses are starting to look ahead and plan for this year. As 2020 quickly arrives, one of the best things your business can do is to consider emerging business technologies.

By knowing what trends affect business in 2020, you’ll be better prepared for upcoming opportunities and disruptions in the New Year.

How Technology Trends Affect Businesses

No matter how large or small your business is, technology trends have both tangible and intangible benefits. Here are four ways technology trends in business can affect your company:

 

  • Customer communication: Technology has a significant impact on the way companies interact with their customers. When used effectively, technology makes it possible for businesses to interact with their customers faster and more efficiently. This creates a better experience for your customers and creates a stronger public image for your company.
    When a customer contacts your business, they expect an immediate response, and technology makes this possible.
  • Operational efficiency: With the right technology in place, businesses can operate more efficiently and make the most of the resources they have. Technology can help companies better predict cash flow, and improve workflow and efficiency.
  • Data security: High-profile companies are usually the ones who make the news when they suffer a data breach. But any company can be the victim of a data breach, so it’s essential to have the right security systems in place. Technology can protect sensitive business and customer data from hackers.
  • Workplace culture: Remote workplaces used to be the exception, but they are quickly becoming more commonplace. Having the right technology in place can make it easier for teams to stay on the same page, no matter where they’re located.

Why Do Businesses Need to Keep Up With Technology?

As the marketplace continues to become increasingly competitive, businesses that don’t stay up to date on current technology trends risk becoming irrelevant. 

Plus, companies that don’t keep up with technology trends are likely missing out on countless business opportunities. This includes opportunities to communicate with your customers, cut down on costs, and increase your own productivity. 

5 Technology Trends that will Impact Businesses in 2020

Listed below are five disruptive technologies of the future that have the potential to impact future business solutions.

1. 5G data networks

In 2019, 5G mobile data networks became available for the first time, but it was an imperfect experience for most people. The plans were pricey, and availability was limited mostly to consumers and businesses in large cities. 

In 2020, you can expect to see 5G networks become more affordable and widely available to the general public. 

Some aspects that 5G will impact are:

  • Remote working and collaboration will become faster, helping businesses improve productivity
  • The application of IoT will become easier across different systems and devices like industrial robots, driverless cars, drones, and artificial intelligence
  • The retail sector can potentially undergo a transformation with the easier implementation of technology like smart shelves, connected fitting rooms, dynamic pricing and a lot more.

As mobile networks become faster and more reliable, they will become more widely used than the data networks at our homes and offices. Having an internet connection that is fast and reliable will increase the amount of data that is being collected and used. 

2. Blockchain

A blockchain is a time-stamped series of records that are secured and bound to each other. It was originally created for the digital cryptocurrency Bitcoin, but there are many other uses for the technology. 

Blockchain has the potential to disrupt nearly every industry:

  •  Companies will be turning to blockchain to improve their security, workflows, and more
  • Transactions are likely to become more secure and efficient thanks to blockchain. 
  • Record and data sharing, especially in the healthcare and finance sectors will become a lot more secure thanks to blockchain.

That explains why many large-scale companies have all made major investments in it.

3. Augmented analytics

Businesses have an unprecedented level of access to business intelligence tools. These tools make it easier to analyse customer data, influence buying decisions, improve employee productivity, and more.

Some applications of augmented analytics that could impact business are:

  • Process mining will help businesses make their processes lean and more efficient so more resource can be diverted into productive tasks
  • Senior business leaders can expect more personalised reporting and real-time insights based on their preferences and history – this means better insight into business performance and improvement opportunities

One of the biggest changes for businesses will be the amount of data they will be able to organize and gain insights from. Not only will businesses be able to organise customer data visually, but with augmented analytics, they’ll receive actionable insights from that data. 

4. Privacy regulations

As we’ve already established, companies are collecting data about their customers at an alarming rate. But as the amount of data collected has increased, concerns about consumer privacy have increased as well. 

The Australian Competition and Consumer Commission (ACCC) recently stated that it’s not enough for companies to simply be transparent about how they’re collecting consumer data. The ACCC wrote that consumers must also be able to exercise “meaningful control” over how this data is being used. 

According to the ACCC, the best way to create meaningful change is by updating and amending existing privacy regulations. Other governments and consumer advocacy groups will likely begin advocating for similar reforms.  

5. Distributed cloud

In a distributed cloud, data is shared across multiple systems and varying locations. However, the original cloud server assumes responsibility for operating and updating the service. A distributed cloud allows for faster, more responsive communication and will change the face of cloud computing.  

For example, connected or driverless vehicles will have access to highly detailed and advanced maps in real-time with the use of a distributed cloud. Similarly, the distributed cloud will also be able to provide drivers with real-time driving assistance.

How to Stay Current With Technology Trends

Since technology trends change so quickly, how can businesses stay up-to-date with what’s going on? It can seem like the minute you adopt one technology, it’s immediately replaced by something newer and better. 

And the truth is, you may not have the time, resources, or desire to always work on implementing new technologies. A managed IT services provider (MSP) can help your business identify, assess and implement technologies that your business will benefit from (especially if your business doesn’t have a dedicated IT or Digital team).

Another good place to stay on top of the latest technological advances is by automating all your software updates. This will help ensure that you aren’t falling behind and using outdated technologies. 

And finally, your team needs to plan time to discuss upcoming technology trends regularly. Not everything will be a good fit for your business. Planning ahead ensures that you’re only implementing solutions that fit with your strategic long-term business goals. 

The Bottom Line

For Australian consumers, one of the biggest technology trends of 2020 is the NBN network rollout across the country. If your business isn’t prepared for this yet, MyRepublic can help. Check out our services page to see what plans are available for your business.