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Technology has changed how we interact, order goods and services, engage in our health, consume media, access infinite information, and more. With the continual fast-paced evolution of technology, companies need to not only stay up to date with current trends but always have a strategic eye for the what’s to come in the future.
As we approach 2020, what technology trends should we be keeping at the forefront?
Artificial Intelligence (AI)
Artificial intelligence, at its core, enables machines to learn from data and perform human-like intelligent tasks. The transformative power of AI is already enhancing industries as diverse as security, education, and healthcare by radically shifting the way they function. From enabling self-driving cars, to smarter wearables, to personalizing media and healthcare – AI is helping organizations and individuals function more efficiently and effectively. All while enhancing the consumer experience and loyalty.
While many companies are at least considering how AI can help improve business processes and provide a better consumer experience – many are not yet able to incorporate it fully. However, as the technology progresses, it looks to become more universally available across industries with less expensive and more accessible options on the horizon. We’ll explore more specifics about how AI is enhancing other innovations throughout this post.
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From Alexa to Siri to Google VA, voice assistants capture key data and provide intelligent answers powered by AI and speech recognition technology. Both Gartner & Accenture predict that conversational AI will continue to increase in the coming year – becoming a top priority for executives. “There has been a more than 160% increase in client interest around implementing chatbots and associated technologies in 2018 from previous years,” said Van Baker, a vice president at Gartner, in a recent statement. “This increase has been driven by customer service, knowledge management, and user support.”
With an estimated 8 billion digital voice assistants in use by 2023, companies should consider how to add on voice capabilities to its current technology. Additionally, look for the use of voice-enabled chatbots to continue to grow and provide a more personalized experience for consumers.
Blockchain is a decentralized, encrypted digital ledger that is used to record transactions securely. Its benefits can include faster transactions, better security, increased transparency, and automated account reconciliation.
While less technology focused companies may not yet have experience with blockchain, that could change if the corporations heavily investing in its development are successful. With big names like IBM, Facebook, Walmart, FedEx, and even Mastercard poised to display results, the technology could gain increased attention for smaller operations in the year to come.
Virtual & Augmented Reality
Virtual reality (VR) offers a fully digital immersion experience, while augmented reality (AR) adds virtual elements to the real world often through the use of a camera.
Beyond its current use of mainly entertainment and gaming purposes, Extended Reality (including virtual, augmented, and mixed reality) could help businesses enhance the customer experience, training, interactions, and more in the future. Additionally, the hospitality industry will be increasingly using both VR and AR to provide prospective customers and current travelers everything from virtual maps to stimulated visits to tourist locations.
IoT – Internet of Things
IoT is a network of “things” connecting technology, sensors, and software to collect and exchange data. Over 21 billion devices are predicted to be connected with IoT globally by 2020, according to Gartner. With the sheer amount of data created from IoT, companies will need to advance AI capabilities to help with data analysis and interpretation, and ensure the right infrastructure is in place to support the technology.
IoT will continue to thrive and expand for consumer devices from smart thermostats and alarms to full smart homes. These modern amenities will become more widespread as they continually enhance convenience, comfort, energy efficiency, and security for consumers. Further, in 2020 look for more innovative IoT offerings like delivery drones from Amazon and customizable healthcare devices to become a reality.
With increasing access to data and countless technological advancements – healthcare organizations can offer personalized care to consumers like never before. And with the extra capabilities of the internet of medical things (IoMT) and artificial intelligence (AI) enabling apps and devices to share and interpret more data, personalized healthcare and precision medicine will continue to advance.
With over 160 million healthcare IoT devices predicted in 2020, look for IoT to continue to enhance healthcare from hospitals to nursing homes to therapy centers helping enhance patient care and efficiency, and cut costs. With wearables, RPM, apps, telehealth, sensors, portals, and more connected with IoT, providers can have a more comprehensive understanding of a patient’s health to better predict, prescribe, prevent, and manage health conditions.
Additionally, as AI and healthcare continue to evolve together, look for more accurate diagnoses, highly personalized treatment plans, preventative intervention, chronic care management and tools to equip patients to participate in their care for improved health.
Help Now for the Future
By grasping not only what is happening in tech today, but looking ahead to the future, companies can be strategic in cultivating customer loyalty and expanding their competitive advantage.
If your company needs help with the strategy, design, development, production, or management of your technological offerings in 2020 and beyond, contact us to discover how we can help. Want to learn more about how other leading companies are successfully utilizing the latest tech? Read customer success stories.