As we move into the future, we’re forced to reconcile the increasingly complex challenges and trends that shape our lives in and out of the office. More specifically, to stay afloat, companies must be able to react to and integrate new changes that are unique to the time. In the 21st century, this means a digital transformation.
Technology is now ubiquitous in business. Tools that were considered a luxury just a few years ago are now a necessity — and wielding them correctly is the difference between innovation and stagnation for many companies. Workplace ecosystems are evolving by leaps and bounds, and to help keep you ahead of the curve, we’ve picked out 5 digital trends that are worth following in 2020:
1. AI and data are our allies
If data analysis has taught us anything, it’s that it can be a big help in determining what we can improve, change, or get rid of as a company. Year after year, the limits of its use expand to new levels. Now, AI (artificial intelligence) is playing an increasingly prominent role in helping companies understand their clients and deliver what’s needed. Three tools, in particular, stand out:
- Real-time analytics: seeing client behavior in real-time can inspire improvements in service and bolster revenue streams.
- Predictive analytics: forecasting how future scenarios will play out means exploring new opportunities for businesses.
- Real-time AI: the use of chatbots and other such technologies can automate processes without sacrificing customer experience. Also, in Adobe’s 2020 Report on Digital Transformation Trends, it’s mentioned that:
“66% of c-level executives are already using AI and Machine Learning or said they were planning to use it.”
New data is generated every day, and with it comes new, useful information about your clients. Tap into these technologies to streamline and increase your business opportunities.
2. Speed is the key
It’s no secret that companies like Nokia, Verizon, and AT&T are gearing up for 5G, which will offer users more bandwidth and faster internet speeds. Wi-Fi 6 is on the horizon as well and is expected to increase speeds 3x and bolster data security.
Although these two technologies are different, they both mean faster internet speeds, greater quantities of data being shared across networks, and generally, a better user experience. It should be noted that these technologies won’t just be limited to the world of telecommunications but their benefits will be felt in all industries and our daily life as a whole.
3. Customers come first
For a company to thrive digitally or otherwise, the client must be the centerpiece of the business strategy, and all approaches must be tailored appropriately.
Companies that understand this will strive to embrace innovation in their online services and create a genuine connection between their brand and its customers on the digital front.
“In 2020, 51% of executives are planning to increase spending in this area (with 45% keeping spending the same). That leaves only 4% that are planning to reduce their investment in customer experience.” Adobe Digital Transformation Trends 2020 Report.
Remember, investing in your customer experience is never a bad decision — clients the ones who make your business go in the first place.
4. Cybersecurity never stops
Cyberattacks are, unfortunately, a continuous threat to any business, small or large. According to Google’s Panoramic study of Cybersecurity in Spain (name translated from Spanish),
“60% of European SMEs that are victims of network attacks go under within six months of the incident, often weighed down by the average cost of the attack, which is usually around 35,000 euros.”
This leaves companies with no choice but to make efforts to shore up their cybersecurity. It remains to be seen what form this will take on an industry level (changes in privacy policies, terms of service), but what is certain is that individual companies can do more to protect themselves.
5. Digital marketing helps change management
The health crisis brought on by COVID-19 took us all by surprise and has forced every single company to alter its procedures and approaches. The “new normal” has forced digital transformation upon us, whether we were ready for it or not. It’s turned what were previously recommendations for companies to get ahead into prerequisites for their survival. For example:
- Adopt agile marketing strategies.
- Enhance online communication channels.
- Generate content that improves the customer experience.
- Integrate data and analytics into your business strategy.
Similarly, internal communication and online training are extremely important in keeping teams on the same page while telecommuting.
With the ever-changing trends in the business world, what is your company doing to adapt to them?