During 2020, we expect Indian enterprises to grow to even newer heights, and the following technology trends will help drive this growth in 2020.
1) Robots taking our jobs
Probably the biggest change that is affecting our businesses is how machines are taking over tasks ranging from window cleaning to inventory management. Anyone with a transaction based job or business will be having a forced career change before the end of the decade.
2) The Internet of machines
Those robots and computers are talking to each other which speeds up business decisions and will strip layers of management from organisations.
3) Flatter Organisations
A consequence of those faster decisions is the need for less management. Organisations need to be flatter in order to process information faster unless they want to risk nimble competitors seizing business opportunities.
4) 3D Printing
One of the most exciting, and business changing, technologies is 3D printing which allows you to print a coffee cup at your desk, help robots construct new buildings and a give a little boy a set of fingers.
3D printing is happening alongside biological engineering. By the end of the decade, we’ll be able to print our own skin. By 2030, we’ll be printing replacement body parts like heart valves.
6) Mobile apps redefining service industries
The mobile phone app is currently booming but the real effects of these mobile services will be felt on industries as diverse as the taxi industry to the mining and agricultural sectors.
7) The fight for control of the mobile payments system
An upshot of the app economy is the question of who processes, and makes money, from online payments. The battle between banks, credit card companies, telcos and software companies are going to be a major business story of the decade.
8) Reinventing Entertainment
Apps and connected machines are going to change consumer behaviour and nowhere is this more notable in the entertainment industries which are being revolutionised by tools like Google Glasses and social media.
9) The fall and rise of Social Media
Like many innovations, social media was greatly hyped and now we’re seeing the backlash of it being oversold. Over the rest of the decade, organisations are going to figure out how to use social media services effectively and profitably without hype.
10) Newspapers cease to exist
One of the effects of social media, mobile phone apps and the pervasive internet is the end of newspapers by 2020 as futurist Ross Dawson has predicted.
11) Green Businesses
Growing environmental consciousness among Indian consumers and government policies are transforming sectors. In transportation, electric rickshaws, scooters and buses are already in common use.
In packaging, single-use plastic has reduced considerably after the government’s push and biodegradable packaging is underway. These trends, are in turn, attracting venture capital, both equity and debt, into each of these new industries. This capital allocation is set to accelerate in 2020, with more and more investments focusing on ‘impact investing’, i.e. investments that offer both financial and social returns.
12) Connected enterprises
Enterprises have long managed their customer-facing operations (front office), production/logistics (mid-office) and support functions (back office) as three independent silos. However, today’s digital world is vastly different than it was a few years ago.
Today, the way a customer makes decisions is very different, and competition is far more intense to provide the best possible customer experience. This requires integrated back, mid and front office operations, from supply chain to operations, and from finance to IT. Therefore, the trend to connect the enterprise will gain further traction during 2020.
13) Rise of the Millennials
Millennials’ participation in the workforce is set to increase for the foreseeable future, and combined with their importance as a customer group, will contribute to enterprises increasing focus on their needs.
Millennials grew up with technology, mobile devices, and everything on-demand from the start. Therefore, enterprises will continue to invest significant time and capital in understanding their preferences and design the customer journey’s accordingly.
According to an MMC-Fireeye report, there has been a 36 per cent increase in cybersecurity-related crimes since 2016. But investments have only grown 10 per cent. And cyber risks are only expected to increase with companies expanding their digital footprint.
Most companies are beginning to realise that it is not possible to stay ahead of every threat and every risk. Therefore, it is important to advance from cybersecurity to cyber resilience. This includes building a security-focused mindset across the enterprise, as well as building plans for the day after. Expect a lot more investment and effort towards cyber-resilience in the coming year.
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