In the forthcoming years, technology trends will change the way we live. Digital transformation will bring far-reaching changes in our personal and professional lives. It will also change the way companies operate and grow. Let us look at the key technology trends for 2020 –
Business Transformation Through Technology
Technology will continue to play a key role in transforming business processes. A high proportion of the population in Singapore is digitally savvy. Businesses are keen to embrace technology to improve their processes and their bottom line. The government of Singapore is also a keen supporter of digital change. Therefore it is the right time for businesses to invest in technology to optimize business processes and create value.
Increasing Usage of AI In Services
Intelligent IT infrastructure will transform services provided by organizations such as banks, healthcare units, and educational institutions. AI will be used to collect data, provide insights and make key decisions. For example, in case of a health emergency call, AI applications study symptoms, voice patterns, breathing patterns and compare and analyze with existing data to recommend the best course of action. The data collected is then used to improve machine learning models. In finance, AI is expected to play a big role in fraud detection and anti-money laundering activities. AI software can conduct fund flow analytics to detect fraudulent transactions thereby reducing financial risks.
A combination of robotic process automation (RPA), analytics software and cognitive automation will be used to hyper automate processes and to enable strategic decision making. AI will be used to discover, measure analyze and implement key business processes.
As per Statista, mobile accounted for over 62 percent of all web traffic in Asia in August 2019. As per Singapore Business Review, there were currently 8.61 million mobile connections, which is 150% of the population in 2018. Businesses cannot ignore mobile commerce. Omnichannel strategies, predictive analytics, improved chatbot services, and personalized recommendations will play an important role in customer retention and increased sales.
There will be an increasing demand to reduce human dependency for various services. Self-driving vehicles, AI powered hotel assistants, and robots working in factories will be the norm. The Singapore government is ready to deploy technology solutions such as drones for crime surveillance and better transportation. There is tremendous scope for companies in Singapore to implement solutions in autonomous technology.
Blockchain has been in the news for a long time. There is a lot of talk around the pros and cons of Blockchain. The technology is getting mature. Companies are exploring how it can bring about changes. For example, blockchain technology can be used to secure patient records with access codes. It can be used to track components in a distributed manufacturing process. It can help in bringing transparency in financial transactions. Companies can work towards building solutions in blockchain technology to be prepared.
AI in Security Solutions
Artificial intelligence can play a vital role in physical security and cybersecurity if implemented in the right way. In light of the increasing number of cyberattacks, companies believe that AI-driven security automation frameworks are the only way to identify risks, build protection measures, and thwart attacks without disrupting business. In the real world, AI solutions will be used for predictive policing, crime surveillance and security reinforcement.
Multiexperience aims for people to have a seamless experience with technology via different modes – touch, gesture, voice, etc. In the not so distant future, a combination of technologies will enhance wearables, apps, sensors and other hardware and software tools to satisfy customer needs. IT organizations will have to step up to build digital solutions for interaction between man and machine.
The distributed cloud allows for distribution of public cloud services to different physical locations. This addresses issues related to data privacy, government regulations regarding usage of data, network latency and speed. It will allow companies to access data instantly and get requisite computing power to fulfill customer needs.
Rising popularity of Open Source
Demand for open source software will continue to grow. Open source solutions will play a key role in cloud computing, robotics and business process solutions. Open-source software reduces licensing fees and costs of implementation. Open source platforms encourage the development community to learn, innovate and share which will bring about improved solutions to business problems. Different software platforms such as Openstack, Kubernetes, etc. are continuously innovating to provide solutions that can be deployed to solve business challenges.
It may not be possible to figure out the extent and exact timeline of the impact of these technological trends. Businesses will have to develop a digital strategy based on trends suitable to them so that they are prepared for 2020 and beyond.