Over the course of the past several years, digital transformation has successfully managed to morph into a catch-all phrase for reimagining business in this day and age. Moreover, the term is popularly used by those processes that use digital technologies to work out a solution for the ever-transforming market and business requirements. In such a scenario, it makes it quintessential to stay updated on the latest technology trends that are shaping the corporate landscape to be on the front foot in the cutting-edge competition. This blog has included some of the digital transformation trends 2020 that are not just random IT buzzwords, but have great potential that can bring disruption in the workflow dynamics.
As per PwC, by 2030, AI will add approximately $15.7 trillion to global GDP per annum. For this reason, enterprises are entailing the AI-first approach and conversational AI to realize business benefits. Therefore, with the flare of smart technology, AI has spurred digital transformation through robotics, chatbots, machine learning, deep learning, natural language processing, image recognition, speech recognition, and sentiment analysis.
Blockchain interconnects data in the form of blocks by using the process called cryptography. In 2020, blockchain will rise beyond crypto and play a pivotal role in cybersecurity. It will combine with artificial intelligence to improve decision making by ensuring confidentiality. Furthermore, the technology will become mature with an intensified battle among private, public, and hybrid blockchains. From government and enterprises to start-ups, every organization will give some serious thoughts over blockchain adoption.
Right from boosting AR and VR technologies, intelligent IoT devices, multi-access edge computing, and network slicing to artificial intelligence, the 5G and WiFi 6 will gear up the business. At the same time, 5G technology will be instrumental for every industry with innumerable benefits. Moreover, one of the major technical benefits of 5G is downloading speed of around 10 Gbps. 5G will provide 10x throughput, 10x connection density, 3x efficiency in the spectrum, 100x better and improved traffic capacity, and 100x more network efficiency. WiFi 6, nonetheless, will allow better battery consumption, improve security, lower down the latency, and enhance efficiency.
Everything-as-a-service has redefined the service landscape. Farther on, XaaS is the ability to buy any IT service with the cloud as it allows the delivery of anything (tools, technologies, products) as a service via the internet. Cloud was initially perceived for SaaS, IaaS, and PaaS models. However, today, you can seamlessly run your entire IT environment in the cloud. XaaS provides agility to create new services to take advantage of industrial opportunities. Also, it is an extremely cost-effective consumption-based pricing model. This is where you get unlimited scalability and built-in security by paying only for the services availed. Between 2019-2024, the global XaaS market will grow at an outstanding CAGR of 24%.
In Industry 4.0, data is the new oil. Big data is the influx of data in the form of complex data sets that are difficult to compute through traditional data processing application software. In 2020, nevertheless, big data will witness the rising of quantum computing, artificial intelligence, and edge analytics; the role of Chief Data Officers (CDO) gaining prominence, enterprises preparing a well-defined data governance strategy, upgrade of data-crunching tools, and relevant/good use of dark data. Thus, the territory of big data will overcome challenges related to data security, the volume of data, data explosion, unstructured data, data integration to generate valuable insights in real-time, and shortage of skilled personnel are exacerbating the situation, all of these challenges will get addressed this year.
Enterprises prefer a multi-cloud computing approach over a single cloud vendor. Likewise, the flip side of managing multiple clouds can be complex when you need to move the workload in the cloud environment. Hence the enterprises are luring towards containerization, API-led application development, microservices, dockers, and kubernetes. Multi-cloud is the future of cloud computing as it has become omni-cloud with applications becoming more portable. Besides, according to Gartner’s latest prediction, 75% of the organizations will deploy a multi-cloud or hybrid cloud model by 2020.
When automation is injected into ERP, your business processes become unbelievably robust with agile development. For this reason, ERP incorporates every aspect from customer service, order processing, purchase, human resource, project management, sales & marketing, finance & accounting, inventory, engineering/production to SCM. In 2020, ERP will become customer-centric. Moreover, Robotic Process Automation (RPA), GPS tracking, RFID technology, robotics, predictive analysis, IoT, and big data analytics will act as the drivers to push digital transformation forward.
To wrap up…
In conclusion, these digital transformation trends for 2020 are setting up a base layer for digitalization to flourish. These trends create an atmosphere, which can help companies to capitalize on the real potential of technology.
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