Business-Shaping Digital Trends for 2020

SaaS, AI, cloud technology—digital trends like these shape modern-day business operations. Take a look at the 2020 digital trends that will shape business growth.

Within the last several years, new technology and digital products have revolutionized how some businesses complete daily processes. From SaaS (Software as a Service) and artificial intelligence to cloud-hosting and computing, the up-and-coming technical trends that are shaping how businesses operate are bound to follow us all into 2020 and beyond. What's here to stay and what other advances are bound to be a part of the new year?

Eric Weast, owner of ECW IT & Network Services in Broward County takes a look at what 2020 digital trends can be expected to mold businesses for the new year and possibly the new decade.

Blockchain will become a mainstream thing.

Until now, most people have only drawn a link between blockchain and cryptocurrency, but blockchain goes far deeper than cryptocurrency. Even though it is not the shiniest or frilliest digital trend, blockchain technology can help simplify a lot of applications, such as aiding in contract management, helping with privacy control, protecting transaction records, and more. On the most basic level, blockchain is the one thing that can allow for data to be passed around but disallows it from being copied. The numbers of industries that could benefit from this technology are innumerable.

Better internet speeds with 5G will accelerate business processes.

In 2020, 5G networks are anticipated to get pretty close to being the new standard. Some cities in the country are already getting their 5G networks up and running, which can give internet users a speed as high as one gigabit and reduced latency speeds as low as 10 milliseconds, according to Nick Nouri with Compunet Infotech in Vancouver. Several advantages will be available to business owners who get connected to 5G, including:

1. The ability to have more devices connected to one access point without slowing down any of the devices
2. The consistent, reliability of the network will prevent downtimes and slow processes that interfere with customer service
3. The opportunity to get connected quickly at the beginning of a day
4. The ability to utilize software programs that would normally utilize far too much bandwidth

It is fully expected that the new 5G network will afford a host of new operational opportunities for business owners. Mobile transactions will see new speed capabilities, logistics will make use of IoT to simplify workflow, manufacturing companies ca rely on robotic, wireless equipment, and the list will go on.

Data analytics will marry AI for an incredibly competitive advantage.

Most businesses utilize data analytics for a lot of purposes, whether it is marketing or otherwise, and this digital trend is nothing new. What is new, however, is the idea of pairing data analytics with artificial intelligence (AI). This trend was well underway in 2019, and in 2020, it is to be expected that the union of both types of technology will become far more intertwined and sophisticated.

In general, AI can be used to make the most of data-related information as it is mined or harvested. Painstaking processes that would otherwise involve a lot of human time and attention can become as simple as using specific AI software to "read" the data and make use of it in the proper ways.

Smart cities will become hubs for technology-reliant companies.

Several cities have made it a priority to really embrace the newest technologies and take "smart" ideas seriously as a core component of city functions. For example, Austin, Texas launched an electric car-sharing program, is home to one of the country's only smart grid systems, offers free WiFi in public parks, and was one of the first cities in the nation to launch its 5G network.

Austin is not alone; there are other cities transforming into certifiable smart cities, such as Boston, Chicago, New York City, and Las Vegas. Smart cities are bound to attract certain types of entrepreneurs in 2020, but they are also likely to become admirable hubs for some of the most advanced technology-reliant companies. In turn, consumers will grow to know certain cities as tech-savvy places with a lot to offer.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.