Technology Trends That Will Define 2019

Digital transformation, over the last few years, has seen a paradigm shift at the intersection of machine, business, and people, redefining how things are done across industries. Various technologies such as Artificial Intelligence (AI), Blockchain, Advanced Analytics, Reality technologies, and Cloud computing, have presented companies with a plethora of new and continually developing options to wade through. As a result, certain technology trends have emerged.

Technologies are always in evolutionary mode and the one with most applications and potential always beat the race. In this context, we are bringing you some of the prevailing technology trends that impacted global technology world in 2018 and also offer promises for 2019.

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Snehashis Bhattacharjee, Global CEO, Denave

1.    Intelligent customer relationship management

AI has crept into almost all aspects of doing business – its greatest impact has been felt in customer management. Natural Language Processing (NLP) and sentiment analysis have been progressing rapidly, taking chatbots and digital assistants from good to great. Over 40% of large businesses today can be expected to adopt chatbots in customer-facinginteractions by 2019. We are seeing companies use chatbots to gather intelligence and insights, dramatically improve service, and personalize all elements. Be it food, healthcare, finance or shopping, AI is enabling industries to define distinct experiences, radically affecting customer engagement models.

2.    AI and Machine Learning (ML) are becoming an over-riding force of automation

One of the major technology trends that found increasing implementation in all most all data driven businesses is artificial intelligence. Increasing capabilities in ML and AI are encouraging companies to automate and streamline their processes. ML bots are enabling companies to collect logical, accurate, complete, and validated data in bulk, far more and faster than what can be done manually, leading them to leverage intelligent database management. Companies are also leveraging AI-poweredtools to standardize sales opportunities. Integration with third-partyautomation platforms and business intelligence tools is gaining traction, helping companies paint a data-backedpicture of customer activity.

Far more nascent, yet incredibly promising, technology such as speech and image recognition are offering immense potential for automation. They are helping companies replace input mechanisms drastically improving the deployment of sales and operational processes. while data entry has been automated by auto-feeding information by listening to the calls. These technologies are helping companies improve their processes on an experiential level besides , driving productivity and positively impacting profitability gains.

3.    Adoption of connected cloud continues to help businesses meet dynamic needs

Globally, cloud platform services are currently witnessing a growth rate of 20%. Companies are increasingly realizing that taking sole ownership of their data storage is not only cumbersome and incredibly costly but also inefficient. They are moving to leverage cloud storage services from third-partyproviders,and forming combinations of public, private, and hybrid clouds. These connected clouds can be accessed from anywhere, and help companies meet changing needs, be it with cloud-source storage, networking, security, or app development. Major cloud service providers are offering companies with various additional services, helping them automate data storage, achieve right-size utilization, and build disaster risk contingency.

4.    Analytics will become a bigger conversion catalyst than ever before

Digitization, especially mobile apps and internet of things (IoT), has led to data explosion. Big Data is expected to be $120 billion industry by 2019. While we have created over 90% of the world’s data in the last one year alone, research shows that we are hardly using 1% of this data efficiently. Accordingly, advanced analytical capabilities are needed to process data and gain meaningful insights. While a plethora of companies haveshown leadership in this domain, there is still much to be done in realizing the power of data. By fuelling the industry with predictive analytics, ML and AI capabilities, analytics will help industries harness the true power of the data turning into a conversion catalyst at scale.

5.    Blockchain to gradually take a leap

Blockchain is a technology that has made many headlines in the year 2018 and has the potential to drive the global technology trends for many years to come.. While we continue to explore it as a miracle cure, the world has come to the realization that there is no standard way to use it, and we all seem to find different applications for it. It still offers great potential, nonetheless. Various industries continue to find application for blockchainand are adopting it by creating plug-and-play versions. However, it will likely take two to three years before further traction is observed.

6.    Reality technologies creating an immersive experience

Technologies such as Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR) and Extended Reality (XR) are changing the way we perceive the world. We are moving from thinking about individual devices and fragmented user experience to multichannel and multimodal experience.

VR is becoming an effective form of learning and perfecting industry skills, facilitating remote training and interactions, and offering immense potential for other applications. AR, on the other hand, is helping create innovative experiences, such as helping shoppers in a store see what furniture would look better in their home. It is also finding application in super specialized industries, including healthcare. MR is combining AR and VR to expand the concept of reality and include additional stimuli and responses. XR is creating a ubiquitous experience by letting companies create a more visual experience for its customers and drive productivity and sales.

7.    GDPR informing smart customer decisions on security and privacy

Cybersecurityand data privacy have become major concerns not just for consumers but also for companies. Regulatory and administrative bodies in countries around the world are focusing on creating appropriate frameworks. Europe enacted the General Data Protection Regulation (GDPR), the US is working on its framework, and India has the Data Protection Bill 2018 underway currently. While this will obviously take a lot more effort and investment on compliance for companies, it will also mean that companies will have to work on building genuine relationships of trust with their customers,and work on creating appropriate infrastructures.

Although technologies will continue to evolve and find application in business processes, these technology trends can be expected to dominate the foreseeable future. Staying competitive will ultimately mean adapting, and there will be plenty in 2019 and beyond for companies to catch up with. So, it’s time to get started.

By : Snehashish Bhattacharjee, Global CEO, Denave

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