Technology is evolving so quickly that business leaders can feel overwhelmed when it involves deciding what to take a position in and when. This isn’t getting to change anytime soon, and here are a number of the technology trends they have to be brooding about in 2020.
The data turnaround
This year Phil Rowley, global head of innovation at PHD, believes we'll see the increase of technologies that would upend the connection between businesses and their customers’ data.
As data and privacy issues move further centre stage he predicts the maturation of private privacy tech, which provides users better protection of their data and an opportunity to occlude their online footprint, and Open APIs, through which businesses makes their data streams available to 3rd parties in adjacent fields, to craft complementary, connected services.
Virtual Personal Networks (VPNs), mobile apps that prevent undue access to your data, are now being advertised within the middle of TV soaps, and we’re seeing the emergence of knowledge anonymisers, the digital equivalent of scribbling over selected letters of a word in marker pen, making it impossible to piece back together a profile of a user.
There is also pressure for businesses and makes to form their data more accessible, as is clear within the fintech world with Open Banking, where banks provide partners access to chose elements of their back-end systems, to supply more varied, ‘horizontal’ services. Rowley expect Open APIs to maneuver more extensively into other sectors.
Lu Zurawski, practice lead for retail banking product at ACI Worldwide, envisages alternative payment methods having an enormous impact on U.K. businesses over subsequent year.
He says: Far from bitcoin, crypto and digital currencies being distributed via ledgers, these alternative payment methods are more likely to be rooted in traditional bank accounts. These account-based services allow money to be moved peer-to-peer, wrapped within the digital services found in mobile banking apps.
Although the most focus of apps thus far has been in consumer banking, new ones, like like Tide, are emerging for business users.
A shift faraway from cards towards direct-from-account payments could save U.K. businesses alittle fortune, says Zurawski.
But it does require care in handling new sorts of fraud supported fraud , from email hacks, socially engineered scams, and from leaky authentication procedures.
Rhys David’s money is on the somewhat controversial face recognition technology coming to the fore this year, with an enormous role to play at the Tokyo Olympics in facilitating admission into the stands.
The CEO of B2B technology platform Credas says: “This is simply one application for a technology with endless opportunities. there's still some resistance to using it, however, substantial investment and R&D is happening during this space, and things will only improve. the great news article of 2019 concerning face recognition was that the general public is very aware and usually accepting of it.”
Natural Language Generation (NLG) may be a technology that we’re all more conversant in . Our very own Alexa goes beyond simply responding to requests to play your favorite Beyoncé track and is now being put to figure to answer complex business data queries. NLG works to humanize data to assist users to raised understand what insights mean during a real-life context.
Laura Timms, strategy manager at MHR Analytics, says: “For example, a sales director could simply ask ‘What are the sales for product A this month compared to the sales for product B this month, as a bar chart’ and therefore the data are going to be neatly displayed as requested.”
On the sting
In the analytics space, edge computing is that the latest buzzword, defined as ‘the practice of processing data near the sting of your network, where the info is being generated, rather than during a centralized data-processing warehouse.’ Large amounts of knowledge being processed near the source, not only reduces the value related to high internet bandwidth usage, but also allows applications to reply almost instantly, even in remote locations.
Edge computing is quicker and more reliable due to its close proximity to the connected applications, and also safer since it allows sensitive information to be filtered, says Timms.
It’s also a less expensive way for organizations to scale their operations without having to take a position in expensive infrastructure upfront.
Shining a light-weight on dark data
It’s important to stay an eye fixed on the potential innovations these new technologies can bring, consistent with James Hodge, chief technical advisor at Splunk, the important problem is that companies haven't even fully evolved operations to access their data.
He says: “Around 63% of U.K. organizations report that a minimum of half their data is 'dark'; untapped and unusable. As a result 47% of business-critical decisions are still being made by 'gut-feel', with the info which will inform those decisions never being seen.”
Data is that the critical tool today in inspiring innovation, solving problems and driving efficiencies. As they enter the new decade, businesses must consider how they will create a culture that brings dark data into the sunshine . “Failure to try to to so could end in the death of the many organizations,” says Hodge.
Shadrach is a Trending Journalist. His first job was as a newsreader and journalist at an award winning magazine. He spends most of his time scouring the internet for the hottest topics to share with his readers.