Are you ready for 2020?

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04 Apr, 2018

Technology

80% of banks are developing their own blockchain technology
-Garret/Galland Research

The future is now. A simple and bold sentence that brings the image of the end of times. Although, that is not the case. The future is now because we are the ones who will forge it. The future is now because the decisions we make now will play a large role in our future. One things is clear, technology has been on an upswing for the last twenty years. Technology has even innovated more heavily in the last ten years. Believe it or not, but ten years ago the 4G network did not exist, Google Chrome did not exist, the Ipad did not exist, Instagram did not exist, and much more. Technological Innovation continues to be on an uptrend. One year and eight months from now will mark the first twenty years in the Era of Technology. The 4G network is mainstream now, what will me mainstream in 2020?

1. IoT (Internet of Things)

You already know what it is, but you probably don’t know it as IoT. Internet of Things is a network of physical items embedded with electronics, software, sensors, actuators, and connectivity which enables these items to connect and exchange data. Fitbits, the Nest thermostat, RFID tags, the Samsung Gear line, and smart cities are all examples of IoTs.

There are a plethora of ways IoTs can help your business, which include:

  1. Enhance Product Differentiation
  2. Enable New Revenue Sources
  3. Efficient Supply Chain, Support, and Service

In 2017, there were 20.35 billion connected devices. The Cisco Internet Business Solutions Group predicts that there will be 50 billion connected devices in 2020. In an Bain & Company article, the most competitive industries for IoT will be enterprise and industrial. By 2020, consumer applications are expected to bring in $150 billion and B2B applications are to generate more than $300 billion.

The most practical and useful factor of IoTs is that, any size business can use IoTs power to increase efficiency and earnings.

2. Artificial Intelligence (AI)

“AI – It’s all taking us right back to our DNA of having
one-on-one relationships with customers”
-Amit Shah, CMO of 1-800-Flowers

There is no need to fear AI. According to Gartner, in 2020 AI will eliminate 1.8 million jobs, but will also create 2.3 million jobs. Most of us use AI in our lives without really knowing it. Apple’s Siri, Samsung’s Bixby, Amazon’s Alexa and Window’s Cortana are all AI. Besides personal assistants, AI is used for predictive analytics and forecasting. This is the real value to businesses. AI can take copious amounts of data, analyze it faster than a human, and can produce useful insights from the data. In essence, it helps to make decision making more efficient. A seamless example of this predictive analysis is Netflix. Netflix uses AI to help decide what content should go in your recommended list. In today’s market, personalization plays a key role in the customer experience. If making analytics easier and making the customer experience more personalized not convincing enough to turn you to an AI-first strategy, revenue from AI globally is expected to be $892 Billion (Transparency Market Research).

3. Cryptocurrency

Yes! There is a future for cryptocurrency. Cryptocurrency started out in the 1990s, but faded away by the turn of the century. It came back to light in 2008 after the financial crisis in the form of Bitcoin. Cryptocurrency is digital currency operating independently of a central bank. The most famous being Bitcoin. Although, there are others such as Tether, Ethereum, and Litecoin. According to CoinMarketCap, Bitcoin was the most bought cryptocurrency totaling to $8.35 billion.

More and More business are accepting cryptocurrency such as Microsoft, Tesla, Virgin Atlantic, Subway, Shopify, Square, Mint, Overstock, Paypal, and Expedia. Cryptocurrency is even disrupting the way new businesses raise capital. Instead of IPOs, there are now ICO (Initial Coin Offerings). In a TechCrunch article on startup lawyers, “The lawyers suggest that they increasingly have no choice. In order to land the growing number of businesses launched by cryptocurrency entrepreneurs, they have to show that they’re invested in what their clients are building”.

4. Blockchain

Blockchain is a digital, decentralized, and public ledger. The ledger is maintained on multiple computers, sometimes thousands of computers, which makes it harder for information to be hacked. Once something is recorded in the blockchain, it cannot be undone. Blockchain is famously known for its role in recording Bitcoin transactions, but it can do so much more. For example, Dubai is transforming into a blockchain government. By 2020, the UAE aims to have over 100 million documents recorded on its blockchain. Some of these documents include: bill payments, real estate transactions, visa applications, and license renewals. Blockchain is becoming more mainstream with a growing list of companies utilizing it. It is also predicted that the worldwide size of blockchain technology market will increase by 321.21%.

Is your company for ready for 2020?
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