26th October 2020
Technology has gone through some dramatic changes over the years. In which it is difficult to keep up with the latest tools that will be beneficial and ideal for investment within companies. The focus of this will outline five new technologies that are currently trending in 2020.
The selected technologies can guide companies in preparing and seizing new opportunities within their industry. Or provide an update on where current technology is headed.
Artificial intelligence (AI) manages customer experiences and is used for coordinating administrative business operations. For instance, customer service centres use AI-powered chatbots, while other businesses use the platform for scheduling meetings and events with employees.
Many companies do not have an existing structure in place to develop their own AI tools. The need for larger organisations offering AI capabilities through “as-a-service” platforms. The custom engineering of AI-as-a-service is expensive and requires a large team. However, since there are many different departments within an organisation, there might not always be a solution that meets each specific customer’s demands.
In 2020, more customisation of AI-as-a-service offerings has occurred and an increase of companies operating with this software. This tailoring of AI to individual companies’ needs will leave no one with an excuse for excluding AI from daily practices. In fact, one study found that 63% of businesses say they will consider AI in the near future due to pressures related to reduction of costs.
In 2019, 5G was launched, but due to high costs and limits on usable areas, it remained inaccessible to many individuals, (digitaltrends.com 2020). However, in 2020, companies offered economical data plans and improved coverage areas for this network, which resulted to an increased use of 5G.
The increased bandwidth of 5G provided businesses with super- fast and stable internet access anywhere. This change enabled individuals, machines, robots, and other internet-connected devices to collect and transfer more data than ever before. Businesses will have to consider the impacts of having this increase in data availability, and consistent Internet access.
Blockchain has also been around for a while but has remained exclusive to certain brands and companies. Blockchain technology is a digital recorder that measures the use of transactions and records them in a secure, encrypted space. Since larger companies like FedEx and Walmart began adapting the technology and recorded successful results, other businesses have considered joining on the trend.
Facebook recently did a campaign for the sanitary brand of Libra, their very own blockchain-based cryptocurrency in 2020. Facebook has created content where users can send and exchange money without any extra fee to pay.
As more data becomes available, moving that data across the network at a rapid pace will be necessary. Enter edge computing, which transmits only vital information over a network.
Edge computing allows important, real-time data to move more efficiently from the collection point to individuals who need it. Since the growth of devices connected to the Internet of Things (IoT), companies have become inundated with data. However, edge computing acts as a middleman for analysing information before it is sent to a data centre or cloud.
The benefit of edge computing can provide more efficient real-time data storage. Paired with the right cloud tool, like an ERP Cloud, edge computing can assist companies with pulling accurate reports at a faster rate. With the increased availability of 5G, edge computing is likely going to experience a boom in 2020, according to Forrester. The growth in edge computing will aid organizations in data management.
With developments been made over time, computers now have modified systems in place that easily identifies people, places, objects, and items from visual images collected by a camera or sensor. A daily example of this technology is Apple’s Face ID, which allows people to unlock their devices with a facial scan.
Recently this year, computer vision has been added to tools and technology for a variety of uses. Production lines have used it to identify defective products or machine breakdowns. Security cameras will recognise and alert people to issues or peoples within their view.
However, it will also be a part of the larger conversation about use cases. Privacy rights and state control are two of the largest concerns regarding this technology. Companies will have to tread carefully with adapting computer vision into their practices.
New technology continues to emerge at faster rates each year. With updates to current trends and the expanding capabilities of new technologies, 2020 has opened to advanced methods of executing daily practices within companies. Armed with these technologies, organisations will have numerous innovative ways of completing tasks.
26th October 2020
By Michaela Agius
19th October 2020
By Michaela Agius