There are hundreds, if not thousands, of solutions that could improve efficiency, security, growth, and competitive advantage, and while each has enticing potential, it also has limitations and costs. However, a few trends stand out and can help guide decision-makers.
Many technological trends are affecting business today, and deciding what to invest in can be difficult. These five trends should be on the radar of every corporate executive.
1. The online B2B customer experience will become more user-friendly and efficient
Anyone who shops online as a consumer has grown accustomed to a simple and pleasurable experience. As a result, the online business-to-business (B2B) experience is expected to look and feel similar to the business-to-consumer (B2C) model. As B2B companies seek to expand, they want the more effective and efficient interfaces that B2C companies use to drive sales and customer value by improving the entire customer journey. As a result, B2B firms are reimagining the customer experience beyond the traditional focus on one-way sales and marketing.
2. The mainstreaming of artificial intelligence
Companies are now deploying powerful AI-based systems after years of experimenting with artificial intelligence. The impact on the workplace will be significant. According to the 2017 Kearney Global Services Location Index (GSLI), automation may replace hundreds of thousands of low-skill and repetitive jobs, but there is a silver lining. AI has the potential to increase the productivity of existing jobs while also creating new ones. In fact, the GSLI discovered that for every four jobs that automation replaces, one new automation management position is created.
3. Cybersecurity strengthens defenses against breaches and attacks
High-profile data breaches, such as those at Equifax and Anthem in 2017, highlight the importance of risk-based and multi-factor authentication in cyber security. In the background, risk-based authentication determines whether a person attempting access is actually authorised. Users must present two pieces of evidence to prove their identity when using multi-factor authentication. These measures, when combined, form a formidable barrier against violations.
4. IoT spreads and creates opportunities for monetization
The number of Internet-connected devices is expected to increase from 10 billion today to 50 billion by 2020. The concurrent growth of IoT is also expected to accelerate. As sensors become more widely used, expect IoT to further disrupt data and service business models in 2018. We anticipate a significant increase in enterprise IoT adoption, with proven applications in asset tracking, factory operations, fleet management, and distribution. Flexible and printed electronics will enable the development of high-value, low-power, disposable, and low-cost sensors. Through APIs linked to sensor data, business systems will also integrate with sensor fabrics. We anticipate sensor commoditization and increased revenue and monetization opportunities on the software side.
5. Distinguish between blockchain hype and reality
In just a few months, the term “blockchain” has been compared to the wheel, fire, and the Internet. This distributed ledger technology has the potential to change the way businesses operate, but it is still in its early stages. In a nutshell, blockchain enables users to exchange and store digital data on a peer-to-peer network. It is a database that is decentralised, autonomous, and automated, making it more secure, auditable, and free of the need for an intermediary managing partner to oversee transactions.
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