Technology is shaping the future of businesses more rapidly than ever. Digital transformation is changing the way organizations conduct business. Therefore, companies have to be mindful of the latest technology trends, and their impact on business to understand and adapt to changing circumstances.
Based on the latest technology trends, here are some crucial insights for businesses for the year 2019.
Business Insights 2019:
- Data analytics and artificial intelligence
Artificial Intelligence is fast becoming a part of customer experience. Gartner expects about 40% of new applications developed in 2019 to contain some form of AI to drive customer experience. It is crucial for businesses to get in on this initial stage and start strategizing about delivering AI to their customers. It can be done through the use of data analytics to provide user experience based on the customer’s needs.
A particular example of customer-facing AI would be a chatbot. Chatbots allow users to quickly find help, be it in terms of relevant links or answering most frequently asked questions. Chatbots can also automate a lot of the initial contact process with the customer, saving your business time and human resource otherwise needed to answer user queries. Furthermore, the quick response nature of chatbots makes them an ideal tool for bringing bounce rates down.
Organizations operating or delivering content around the world will have to be mindful of Europe’s General Data Protection Regulation (GDPR). To date, about 33% of all organizations are still not GDPR compliant, which means that their content or products are not available in Europe. Some consider GDPR as the gold standard in user data protection laws, and any company is not complying with it is now seen as unprofessional, or not serious about the privacy of its users’ data.
Blockchain is a distributed digital ledger technology designed to maintain incorruptible transaction records. Besides cryptocurrency, the blockchain technology can be applied to a host of other industries, such as food, shipping, construction and so on to revolutionize them. Large enterprises may not be able to adopt the tech easily, but smaller and newer businesses can. Blockchain is expected to make business more transparent, and its usage among various industries is predicted to grow significantly.
5. Don’t ignore the power of social
Social media has always held power, now perhaps more than ever. While social networks such as Facebook or Twitter are becoming more and more personalized in nature, they also make marketing much more manageable. Moreover, it doesn’t just end at running brand pages, putting up ads and diverting traffic. People use social media channels for recommendations and information. Customers are more likely to contact businesses through social networks rather than email. Organizations need to leverage social tools not only for promotion but also for customer relationship management.
There’s no knowing what the future holds for us. However, there’s absolutely no doubt that technology transformation in the next year or so will undoubtedly change the way business is conducted around the world. If you follow up with the latest business trends and insights, it will help to run a successful company in 2019.