Top 10 Technology Trends for Business in 2020

This year a number of emerging trends in technology have had an impact on how people do business. Cloud service and data management providers have been running the show, due to the increased threat to cybersecurity. Advances in production have been made with the introduction of artificial intelligence, and many fields have benefited from automated transactions. Let’s take a look at what different companies have been investing in, and what is currently in store for the future of business. Here are ten technology trends that have been developing in business so far in 2020. 

Alternative Payment Methods

The shift has been mainly from credit or debit card transactions to other forms of online payments. This improves transaction speed, security, and efficiency. Innovations in technology allow payments and money transfers to be made remotely. Apps such as Square and Paypal have been making business owners’ lives easier for a while now.  

Now that businesses tend to have a variety of accounts set up, Open Banking is another example of financial innovation. Advances in artificial intelligence and security mean that business owners can receive an overview of accounts from different banks at the same time. Here are the main types of alternative payment methods trending in 2020. 

Account-Account Transactions

Account-account transactions are becoming more common. Tide is an example of a new app that enables users to make sales directly from a business account. The main purpose being a time-saving device, business accounts will also save companies money by cutting out the middleman. Of course, as with any new payment service, there are predictable security risks such as identity theft.

Blockchain and Cryptocurrencies

Blockchain allows data to be stored across thousands of servers worldwide. It’s made up of a list of interlinked records. Blockchain has exploded with the arrival of cryptocurrencies.

Cryptocurrencies are popular because they’re quick and easy, not to mention a more secure way to pay online. Another positive is that they don’t need to be converted into any other currency, if you pay in bitcoin, for example, the payment is received in bitcoin. Blockchain could be great for your small business, as it allows you to store data more securely across multiple locations.

Artificial Intelligence (AI)

Artificial Intelligence (AI) is already present in more fields than you might think. In manufacturing AI is used to allow learning robots to assist human workers, learning, and evolving as they go. AI also plays a part in customer service for many companies. The technology can interact with customers in place of a real human customer service rep, this way it can save you time finding solutions to problems and addressing complaints. Five9, in partnership with Google Cloud, is an example of how AI technology is integrated with customer service. 

Autonomous Driving

Self-driving cars are being developed, so this could be a trend you’ll see being implemented into many businesses. Tesla has released semi-autonomous cars that rely on the Autopilot system. The latest models offer some automated features already and come with the promise that later it will be possible to upgrade them to full self-driving capabilities in the future. The software itself is set up so that it can be programmed to be updated when the technology is released on the market.

Ford is planning a range of driverless cars for 2021. They plan to employ radar technology, 3D mapping, and camera sensors to produce a car with no need for human intervention. The technology at the moment is based on surround cameras, ultrasonic sensors, and an enhanced processing radar, that boasts that it can detect data even through harsher weather conditions. The technology, therefore, is stated to work better than human senses.

Cybersecurity

The COVID-19 crisis has brought about new IT challenges. The main reason for this is that organizations have needed to adapt quickly to operational and functional challenges. Current security protocols have had to be overlooked, and many may not apply to new systems and tools that have hastily been put in place. This level of uncertainty can be exploited by cyberattackers.

There are plenty of other reasons why security might be at risk. It could be due to accessibility settings, or older software. Without adequate software, your PCs will not be compatible with the latest security updates. Hardware also needs to be regularly updated, as any failure could also increase the risk. If you need anything repaired it’s a good idea to sort it out immediately for the sake of security. Search online for computer and printer repair near me.

Many businesses are now using managed service providers and cloud hosting to secure their data. If your server has reached capacity or you don’t have the technology to securely maintain the data, it’s possible to outsource this to another host. This is known as colocation hosting and several companies offer this service. Check out the best colocation providers at the moment. This will keep your data secure at a remote location. 

Data Turnaround

Even though people are suddenly very aware of the importance of data security and privacy, it’s becoming a trend to allow third parties access to your data to help your business. With advances in fintech particularly it’s actually becoming a trend to make your data more disposable and accessible. It’s been predicted that businesses will use secure technology to make their data available to third parties to complete services or transactions. In the financial sector, the pressure is being applied to allow data to be shared with other providers, for example with Open Banking. The increase in data security enables this.

You also have to think about the data security and privacy issues of your consumers. This is why it’s vital to make sure your website is asking for the appropriate consent around cookies, and why you might want to run a cookie checker to check that you are actually doing this. If you can do that right, you might find that you are going to have a much better chance of managing data properly.

Edge Computing

The “edge” refers to the edge of your network where data is collated, rather than in a centralized data-processing warehouse. This means that large amounts of data are processed near the source where it’s generated. This reduces cost with high internet bandwidth usage and allows applications to respond in record time, even remotely. Because of its close proximity edge computing allows sensitive information to be filtered and is a much cheaper option. Read more about how edge computing has entered the mainstream. 

Facial Recognition Technology

According to a 2018 study, 62% of businesses were already using some sort of biometrics as a security measure. Fingerprint and iris scanners along with voice and facial recognition is becoming more common in a variety of fields and devices.

Face scanners are being used to allow admission to the Tokyo Olympics 2021 for example. So far the general public has been very accepting of facial recognition technology. Seen as it has been so well received, it’s likely to keep trending in a number of areas. This once futuristic seeming security measure has brought peace of mind and trust to a lot of people. 

Natural Language Generation (NLG)

Many citizens have happily brought this into their homes with the likes of Alexa and Amazon Echo. The technology is advancing beyond just being a talking radio, and it’s humanizing effect on data means it can now provide insights into everyday life, not to mention business. The NLG devices can be used to display data and information in real-time and by voice activation control. 

There has been a lot of development in the virtual voice experience technology. It’s now being implemented in customer service and online chats. With the combination of AI technology, the software can almost replace human customer service agents. Many consumers still prefer to speak with a real person however, so it might take some time to gain trust and popularity. 

3D Printing

This is just an example of the advances in design and production technology that has really taken off. 3D printing is not just experimental anymore and used only for prototypes. In fact, it has moved on to high volume production. If your business is looking to invest in this groundbreaking technology you can integrate it into your factory line. Your investment will be compensated fully by increased production speed, efficiency, and accuracy.

The Introduction of 5G

This has been a controversial topic already without a lot of polemic and misunderstanding around 5G technology. Currently, 5G is present in a number of mobile phone networks across the globe. It provides increased speed and high-quality video streaming. It’s possibly the future of connectivity in business because this is the way many companies are going. Virtual conferencing has become the norm, with only technological issues such as a poor connection getting in the way. It also gives businesses the opportunity to save on overheads as employees can all work remotely. 

The impact of the COVID-19 outbreak on business has made the world see how much we rely on advances in technology. The way in which businesses have had to adapt quickly to the WFH transition has been pretty much successful due to digital resources. Without cloud backup and remote communication devices, it would have been more challenging for everyone to work from home. Changes have certainly been made on how people do daily tasks and this will only lead to interesting developments for the future of business. 

How to prepare your business for robotic automation systems

Supposing you are planning to start using robotic automation systems for the first time for your business operation, you need to plan and prepare your business for the many operations changes that will take place once the robots are fully installed on your factory floor. Without proper plans in place to influence these industrial robots' full benefits, the productivity benefits that you will enjoy with this system’s adoption will be limited.

Once you have prepared well to integrate robots, it can help restructure the integration process itself. To enjoy the full benefits of industrial robots, a few things you need to do to prepare. Here are the fundamental things you can use to maximize the impact of the robotics systems.

Plan for higher stages of training

When you are preparing to introduce new automation technology, you need to have new skill types on your shop floor. You can hire these expatriates or train some of your existing employees to handle these new roles that are about to be implemented. The manual welder could be a great robot operator to be used for robotic welding systems. You will have to organize training on an ongoing basis to handle robotic productivity and keep it at its peak. As a manufacturer, you need to plan and understand that you have to carry out the required training that will ensure that you will get the most productivity out of the acquired robotic systems over their entire lifespan.

Know your short term and long term budgets

Suppose you are planning to start using the robotic system for the first time for your operation. In that case, you need to know that these investment projects you made for acquiring these systems will not transform your entire production activities at once. The return on investment (ROI) that you will be making on a particular type of automation system can justify the continued investment that you will carry out on other types of automation. This will allow you to automate the production process piece by piece without investing heavily in new equipment.

You need to understand how robotic automation will affect your existing processes

Before you go to the supplier and buy the new robot to use for your operations, it is critically important that you understand how these new systems will affect your current existing processes. These robotic systems can significantly upgrade your throughput. Supposing the upstream processes will not be able to deliver faster and match up with the throughput of robots, the result will be the same. Therefore, it is crucial that you know exactly how the robotic systems will enable or be limited by current systems.

If it is your first time using robotic systems, you need to do several things before you consider installing the automated systems. Once you prepare well to enjoy the benefits of using these systems, you can unlock the full productivity of your operations. Contact a robotic expert about your intended automation project for more advice and recommendations about the best robotic technology package.

How Aerospace Machining Helps Advance the Flight Industry

The continued advancement of flight continues to make the world more connected and efficient. One of the most important reasons why airplanes have become more efficient, durable, and reliable has been the help of the aerospace machining field. Those that are aerospace engineers help to benefit this industry in a range of ways. 

Precision Reduces Waste

One of the advantages of machining in the aerospace industry is that it can help to reduce waste. The process of machining creates a very precise and detailed way to make many parts that go into aircraft. When you use this process, it can greatly reduce errors that are created during production. This can help you avoid waste and even speed up the process of production of the full aircraft. Both of these benefits can also help to save money. 

Improve Aircraft

The process of machining in the aerospace industry is also important as it can help to improve aircraft. The use of machining helps to find ways to make aircraft lighter, more durable, and safer to fly. All of these can help to make the industry more efficient, reduce fuel usage and reduce costs of transportation. 

The aerospace and flight industry is very important and any improvement to aircraft and production processes can benefit all people. The process of aerospace machining can help to make quality machining, parts, and entire aircraft. This can help to make planes faster, reduce waste and make the entire industry more efficient. 

How IT Failures Can Impact Your Business

No matter how big or small our business, or what sector we are in, IT is vital to keep us running. When it’s going well, we take it for granted but the second something goes wrong, we realize the impact on our business is enormous. In some cases bringing our whole company to a standstill.

There are lots of ways this can happen. Your server could crash, or you could have a massive power cut. Data storage can malfunction, leaving you with a monumental crisis on your hands. The impact can cost you a fortune, and your business could permanently lose vital data. 

When your IT fails, the stress between it going down and coming back online can make time almost standstill. Even if you were offline for a few hours, it could feel like days. You won’t be able to work on essential tasks, and if you have employees, they will be sitting around struggling to do any work. This isn't easy if you are about to reach the end of a deadline for a client. Stress levels go up along with financial costs, and productivity goes down. 

One of the worst issues is data. If you have an outdated server or an overloaded server, then you could end up with a complete system freeze or even full crash. This could lead to corrupted or lost data which is a disaster. There is a lot of pressure for Healthcare IT providers to keep systems alone because a loss of data in the healthcare sector could be fatal for patients. Additionally, any company that has payment information for clients online would have huge issues in the event of a crashed server. 

There are legal issues too. You could be prosecuted if you lose your client's data. This would add even more costs to the mounting problems that have already come your way.

Avoiding IT failures is something you need to hire a professional for. There are things you can do yourself, especially if you run a small business. Make sure you have a secure cloud-based infrastructure. This will ensure everything is backed up and stored in a safe place. You can access this from anywhere in the world at any time. You should also ensure you are up to date with all cybersecurity systems to avoid failure due to someone hacking your systems or accessing all your data. 

Research all the possible issues that could affect your business and build a solid contingency plan. Prevention is always better - and cheaper than a cure. You need to understand everything that could go wrong, why and how. Once you have that knowledge, you feel a little less lost when things go wrong. If you don’t use an IT management team, get to know someone local and reliable that can get to your business in an emergency. That way, you will limit your staff's downtime and get back up and running as quickly as possible.

Using Business Technology to Cope with COVID-19

COVID-19 has created tough financial circumstances for people all over the world, especially when it comes to connecting with others. The good news is, technology offers a wide range of solutions when it comes to helping businesses cope with the climate COVID-19 has created. If you want to know more about how technology is helping businesses during the COVID-19 crisis, we've got you covered.

Connectivity

One of the most important benefits technology has to offer in the face of COVID-19 is the ability for people to connect no matter where they are. Industries all over the world rely on a connection between everybody involved in that industry, and those connections are tough to make when so many facilities are closed down. Technology allows people to work remotely and keep in touch with each other without having to make physical contact.

Another unique benefit to technology during the COVID-19 crisis is the way it's allowed education to continue on a somewhat normal path despite the disruptions. Students everywhere are attending classes through online chatting and screen-sharing programs, making it easier for both teachers and students to communicate with each other and learn.

Finances

If there's one thing that plays an important role in every type of business in the world, it's money. No matter how hard you try to focus on any other aspect of your business, you have to accept the fact that the money that funnels through your company is what keeps it alive. That being said, you can't afford to have a problem with your financial services that leaves you unable to pay vendors or receive payments you're owed.

Simple financial transactions are among the many benefits that technology provides when it comes to the business world. This is especially true when it comes to transferring money from one country to another for business purposes. If you need to transfer money to business associates in Mexico, there are plenty of services that make that a simple process. Years ago, transferring that money would have required a lot more paperwork and processing.

Outreach

Arguably the most important part of having technology on your side when it comes to running a business is how easy it makes outreach. There was a time when reaching out to a customer meant making a phone call or sending a letter via snail mail, but those times are all but gone thanks to technology. No matter where you are in the world, you can get in touch with your customers or prospective customers to make sure you're communicating the way a business should.

Call center services are one of the best ways to keep your business in touch with your customers during the COVID-19 crisis. During these times, customers want answers more than ever. Unfortunately, it's tough for people to be available during these times. By always having somebody there to answer your phones, you don't have to worry about whether or not your customers are reaching someone when they call your number.

If you aren't able to hire a call center service, you might consider investing in an automated response service. These services allow you to respond to emails and contact requests automatically to let your customers know that somebody will be in contact with them shortly.

Running a successful business isn't easy, especially during the trying times of the COVID-19 crisis. The good news is, technology is on your side when it comes to overcoming obstacles. If you want your business to succeed in these tough times, leveraging technology is one of the best things you can do.

Is Technophobia Stopping You Improving Your Finances?

Some of us hate having to adopt new technology. It can mean having to give up the old familiar way of doing things in exchange for new and unfamiliar habits. As a result, some of us stay set in our ways out of convenience. However, in the long run, this can result in greater inconvenience.

When it comes to managing personal finances, digital technology has made it much easier to monitor our money and to make better financial decisions—and yet some of us still refuse to embrace this technology. Here are just some of the ways in which you can use digital technology to improve your personal finances (and why you shouldn’t be afraid of this technology).

Online banking

Online banking had made it possible to check one’s balance, move money, and even cash checks without having to travel to a physical bank or a cashpoint. It can save you time—and in some cases money. For instance, say you’re ordering food in a restaurant but have bills coming out and don’t want to spend too much—being able to check your balance on your phone using online banking could stop you overspending.

Online banking is incredibly secure. In fact, online banking apps and websites tend to have some of the strongest digital security available. Even if you do get hacked and money is stolen, your bank will likely have protection in place to reimburse you.

All banks nowadays have online banking options, and many are actively encouraging more people to bank online rather than visiting a branch (as well as canceling statements to save money and the environment). It may not be long until certain processes can only be carried out on the web.

There are even some banks that operate entirely online. Some of these online banks are able to offer much higher savings interest rates to customers due to not having the overhead of running physical branches.

Budgeting/saving apps

There are many apps out there that can also help with budgeting, as well as helping you to save up and invest money. These are worth taking advantage of.

Budgeting apps can be linked up with your accounts and can be useful for keeping your spending under control. If you’ve got bills coming and are at risk of spending too much money, such apps can alert you. They may also be able to help you with savings goals by telling you how much left you need to save up and what you can do to spend less.

Some apps can meanwhile help you build savings by contributing small amounts of money every time you make a purchase. This could include rounding up every purchase to the nearest dollar and putting the leftover change into a savings account. Some of these apps can even help you invest these savings.

Many of these apps are free, while others may only charge small fees. Having online banking and mobile payment set up may be necessary in order to use these apps. You can do your research online to help find the best budgeting apps and savings apps for your needs.

Online credit reports

You can also use digital technology to monitor your credit score. Knowing your credit score could help you when taking out loans or contracts so that you know your chances of being accepted (after all, getting rejected could harm your credit score in some cases).

There are many apps that can be used to track your credit score so that you can always check it. These apps may also be able to offer tips on how to improve your credit score. They may even be able to help you find loans with good rates that you are likely to be accepted for.

Automated trading software

For those that want to invest in stock and shares or get involved in forex trading, there is also digital technology out there that can be of use. A growing number of robo-advisors and automated trading programs now exist which pretty much play the role of an investment broker. The advantage of these tools is that they can offer unbiased advice (when using a human broker, you can never guarantee this). It could also cost you less than using a broker, although fees can vary depending on the software you use.

Some investors are a little dubious of putting their trust in a robot, while others assume that learning how to use this technology is difficult. However, such fears are generally unjustified. Automated trading software tends to be very reliable and many programs are easy to use. It is often possible to test such software – you may find that simulators exist to guide you or that there are walkthroughs on YouTube. By reading reviews, you can also get a good idea of which programs are for novice investors and which are for more serious investors.

Digital investment strategies

On top of helping to make many traditional investment strategies easier, the internet has also given birth to many new investment strategies. Some of these could be worth looking into if you’re an investor looking to broaden their portfolio—you could be missing out by sticking only to traditional methods. A few digital investment strategies include:

Cryptocurrencies

These are digital currencies such as Bitcoin and can be traded in a similar method to real currencies. Cryptocurrencies are constantly fluctuating in value—often at a greater rate than real currencies—which has made them a popular way of making a return fast. You can use cryptocurrency exchanges to buy these digital currencies. A number of guides on cryptocurrency can be found online.

Peer-to-peer lending

Peer-to-peer lending is a way of borrowing and lending money to other individuals online. A number of peer-to-peer lending platforms exist for this purpose and some may even allow you to set your own interest rates when giving out loans. It’s worth going through a recognized peer-to-peer lending site where you will often be offered protection if a borrower defaults on payments.

Domain names

A more unusual form of investment is domain names. Some domain names rise in value over time, making it possible to sell them and make a profit. There are sites set up specifically for buying and selling domain names. It’s worth doing your research in this form of investment before getting involved so that you know which domain names are most likely to make a return.

Online savers

As discussed with online banking, there are a number of online-only banks out there that offer high-interest savings accounts. If you’re looking for a low-risk form of investment, these online savings accounts can be a good option.

Online coupons/digital loyalty cards

Many companies offer discounts to customers in the form of online coupons and digital loyalty cards. Without embracing this technology, you may not be able to apply for such discounts.

Online coupons can be found on coupon sites. These could allow you to get discounts on anything from clothes to vacations. Joining up to these coupon sites is often free and you can apply to mail lists in order to receive constant news of promotions.

Digital loyalty cards meanwhile may be offered by certain retailers and come in the form of a mobile app. Every time you make a purchase you can scan the app and get points. Coffee shops and gas stations are a few examples where you may be able to collect points.

Comparison sites/apps

There are also a number of sites and apps that you can use to help you compare prices out there on the market. This can help you to find the best prices before you buy.

For instance, there are sites that can help you to compare the prices of flights or the price of car insurance. These are constantly updated so that you’re getting accurate price quotes (although it is sometimes possible to ring up directly and get better deals).

There are also apps that can help you to compare rates in your area for purchases such as food shopping, car repairs or even gas. These can be worth downloading to help you save money on purchases wherever you go.

Time to beat your technophobia?

Clearly, there are many ways to improve your personal finances by adopting digital technology. The key to success when adopting this technology is to do your research and to be patient. The research will help you to find the cheapest, the most effective and the most secure options out there. Patience meanwhile could be necessary when setting up such technology and learning how to use it. The earlier you get involved, the more time you will have to reap the benefits of this technology.