Apply These 4 Business Trends in 2020 If You Don’t Want to Be Left Behind
July 1, 2019
Every entrepreneur knows that running a business is not an easy task, and that any extra help goes a long way. This is why you should stay well informed on the latest business trends for 2020; digital innovations you will want to apply to your company if you don’t want to be left behind. These technologies will allow you to stay connected to employees, customers or your own infrastructures as well as improving the way you manage your projects and expand your services. EIT Digital recommends these four business trends for 2020 if you want to grow within your sector:
The internet has become an invaluable tool for any business, and the better your bandwidth, the greater your speed; this could transform the way you work. One of the most significant business trends for 2020 is 5G internet connection; it doesn’t only mean faster downloads, more streaming or self-driving cars, it also equals greater business opportunities and innovations you will want to apply to be ahead of the curve.
Combining 5G with other technologies such as Artificial Intelligence or Big Data tools will develop how you apply the Internet of Things and digitalise your business.
Artificial Intelligence in business makes any process much easier; it optimises valuable time and changes the users’ experience for the better. By using AI, your workplace would be much more efficient; areas such as finance, administration or accounting could become automated processes.
Moreover, incorporating IoT or digital twin technology with AI in processes such as production could translate in a more efficient management of your resources. Even interaction with the public and customer services could become easier with chatbots, for instance. This business trend for 2020 is definitely an innovation you should consider, since it is relatively easy to maintain. AI does not require constant programming; machine learning provides systems with the ability to learn and improve automatically from experience.
Storage is always an issue, and until recently, saving resources internally seemed like the safest way. In the coming year, however, Cloud Computing will allow you keep your computing services online securely and access them on demand. Additionally, this business trend for 2020 has other advantages besides reliability and security, some of them are:
- Cost: Buying hardware or software and running on-site data centres will not be necessary, and cloud platforms will charge only for the resources you used.
- Speed: Accessing your computing resources would be easy and it would only take a few minutes to manage –combined with 5G, maybe even faster.
- Global scale: Cloud services can deliver the right amount of resources depending on your needs from the location you require.
- Migration flexibility: users can move workloads from different cloud platforms as needed.
Perhaps you associate this business trend for 2020 with companies in the entertainment sector. And you would have a point. However, virtual and augmented reality could be used to train employees in potentially dangerous or uncomfortable situations. Customers could also benefit from this technology, for example to preview the product or to experience services before deciding to buy.
In conclusion, you might want to consider implementing one or all of the previous business trends this 2020 to manage your time and resources more efficiently. If you’d like to learn more about these innovations or to network with other companies that could help you expand your business, the EIT Digital conference in Brussels this September is the place to be: sign up here for more information.