Digital Transformation: Top 7 Trends Of 2020

The next stage of digital transformation in 2020 greets us with fresh trends in the digital transformation, which will affect organisations unpredictably.

Whatever the vision of a company for the future, it must include a plan for digital transformation to grow. According to the International Data Corporation ( IDC), overall investment in digital transformation technologies will rise between 15 per cent and 20 per cent across all industries between 2019 and 2023.

In this article, we are discussing the seven developments in digital transformation that we believe will be the most important in 2020.

1. Low Software Code

Organisations need a quicker and simpler way to create applications — and low-code development platforms like Comidor are the perfect tools to accelerate the delivery of apps.

Forrester Research defines a low-code development platform as platforms that enable fast delivery of applications with minimal hand-coding and quick set-up and deployment.

Low-code allows business users with zero programming experience to create applications through a graphical user interface using drag-and-drop components. So that means they can orchestrate how a business app works and create a tailored experience.

2. Support Vector Machines

Support Vector Machines ( SVM), one of the future trends in digital transformation, are new, efficient supervised machine learning algorithms that can be used to identify or regress problems. Simply put, they do some too complex data transformations and then figure out how to separate your data based on the labels or outputs that you have set.

Some popular SVM applications are to:

Face-sensing

The categorisation of the text and the hypertext

Image Classification

Handwriting recognition

Businesses may benefit from SVM and improve their decision-making processes beyond the realistic implementations above. Organisations can, for example, use Support Vector Machines to conduct competitor analysis to determine which competitors makeup and predict their future.

3. Analysing sentiments

Monitoring of emotions has been a subject of trending research in the last few years.

But what is so unique about analysing sentiments? The response is, it can turn input from customers into concrete insights.

Simply put, these algorithms are intelligent enough to understand a statement's tone, whether it has a positive or negative connotation. Organisations looking to automate their customer service, increase consumer experience and plan product upgrades should apply this.

4. Real-time Analytics

Analytics is one of the innovations capable of dominating 2020.

More and more companies realise that the future is in real-time data, and it is the best way to understand customers in depth. Through integrating the large volume of real-time data with new generation business intelligence tools, companies will make more informed decisions leading to growth, higher profits and customer satisfaction.

5. Blockchain & business growth

Blockchain is a Peer-to-Peer decentralised network used to record transactions. Decentralisation, transparency, and immutability are the principal benefits.

For 2020, Gartner has classified blockchain as one of the top ten strategic technologies.

Blockchain has the ability, according to studies, to disrupt industries by providing confidence and accountability, and allowing value exchange through businesses. Blockchain can also cut down on transaction costs and boost cash flow. Gartner forecasts that blockchain is to be utterly scalable by 2023.

Long ago, digital transformation broke away from the confines of IT departments – now it spreads across all business areas. This aims not only to improve efficiency and reduce costs but also to develop new ways of driving top-line growth – new platforms for marketing and revenue, new business models, new opportunities. Let us see where the first movers will get the most profit in 2020.

6. Master Data Management

At a time when data and information are one of the greatest assets for companies, data governance is about to fill the quality assurance gap and the correct identification of the data.

Businesses find that the enormous amount of data coming from different sources is not easy to manage. Master Data Management software seems the solution to this problem.

Master Data Management software manages master data of businesses for many business functions such as clients, suppliers, locations, products, services. It increases the performance of company processes and applications.

By using such software, it is much easier to carry out more in-depth analysis, build new customer relationships, and drive insight into decision making for faster growth.

7. Digitised experience

The new possibilities of reimagining consumer and employee experience emerge from the ever-growing connectivity, machine learning technological breakthroughs, and advancement of edge computing hardware. These sectors as retail, hospitality, and healthcare can be revolutionised by offering digitised user interfaces (every day, gestural, virtual reality) and using sensors to collect user experience data to personalise services.

The robust and value-adding incorporation of new technology into the consumer experience involves a thorough understanding of the customer journey, knowledge of all the touchpoints and reinventing how different channels work together. Most companies now have cross-functional workshops to identify digital experience to drive their development and impact on society.

Augmented Reality ( AR) is one of the most exciting trends in building a unique experience. Increased brand experiences and engaging consumer goods offer a perfect entrance into the brand narrative for businesses and their customers to build new relationships.

Operations of mission-critical environments will be another area for the swift adoption of AR. Hospitals are investing in AR to make their staff more effective. Also in hospital and school, surgeons use AR tools to alert them to threats or dangers, and nurses use it to locate the veins of patients and to prevent inadvertently inserting needles where they are not needed. The Volvo Group equips its quality assurance operators with virtual work instructions for flexibility, agility and quality on inspection lines. AR will become a vital workplace technology within industrial processes, linking humans to the physical environments in which they operate and moving their organisations to critical operational KPIs.

If you want to stay on top of the developments, check out our blog for more posts and send us a message. We will help you embark on a digital transformation journey that suits the most promising trends.

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