5 technology trends that will impact businesses in 2020
As we begin a new year and decade, we want to look ahead and give you our predictions for technology trends that will impact businesses in 2020 and beyond. Technology is changing at a speed like never before and with this, organizations need to keep up and adapt or risk falling behind competitors who do.
There are numerous predictions of technologies published every year and we mostly agree. But, we wanted to focus on technologies that will effect business of all sizes and that even SMBs will be able to utilize. To give you a little guidance on what you should be focusing on we have put together a list of the 5 technology trends that will impact businesses in 2020.
4 technology trends that will impact businesses in 2020
1 5G technology
The hot topic of 2019, this one is not much of a surprise but important to mention nonetheless. The advancements that 5G technology will have on all business is almost unlimited. All around the globe Telcos are competing to be the first to have stable and widespread 5G coverage. So far, they have not quite hit the mark but it is still very early days. The leader at the moment is South Korea with the United States coming in second.
5G can bring numerous advantages including smart cities, remote surgeries and making current technologies more efficient and reliable. 5G will enable seamless and higher quality interactions between businesses and their customers. You can read more about 5G technology here.
2 Speech Analytics
Speech analytics has been trending for quite some time and 2020 will see it grow even more with an expected growth rate of 29.6% CAGR by the end of 2021.
Speech analytics offers numerous benefits for businesses in all industries. For example if you are a financial institution to comply with MiFID II you must record all client interactions. You can easily add speech analytics if you are using a call recording solution that has speech analytics features like our Recordia solution. With speech analytics you can detect trends and improve customer service and gain insights for all departments from sales and marketing to I&D.
Not only this, but by implementing speech analytics, you can prevent and detect fraudulent activities. For example, an estimated one in every 2500 calls to a contact center is fraudulent and a contact center can lose up to $10 million a year due to fraud.
Our Recordia solution can help with this by focusing on keyword spotting, enabling you to catch fraud early and you can even focus on higher risk transactions instead of scanning high volumes of calls.
3 Improve NPS
Using a Call recording solution with speech analytics capabilities can greatly improve your companies NPS ® (Net Promoter Score).
The NPS® (Net promoter score) is a method of gauging customer satisfaction and loyalty. There are three categories based on scores out of ten: NPS Promoters (9 or 10), NPS Passives (7 or 8) and NPS Detractors (0-6).
These scores indicate if your customers are satisfied or unsatisfied and if they would recommend you or not. With call recording, you have a huge amount of data at your disposal, using this and using speech analytics for word spotting etc., can significantly improve your brands image by focusing on trends and customers opinions, suggestions and resolving their problems.
4 Artificial intelligence as a service
Artificial intelligence or AI is one of the most revolutionary technological developments in history. As AI advances, more and more companies want to invest and benefit from how it can improve their customer service and make their business more efficient etc. However, investing in AI can be quite costly- this is where providers will come in.
Many AI applications will be through as- a- service providers, which will allow companies to reap the benefits of AI technology without having to invest heavily. Current platforms like AWS, Google and Microsoft are very broad in scope and can be expensive to customize. This will lead to more niche and customizable solutions being offered by specialized providers such as CWS.
5 Natural Language Processing (NLP)
There has been immense advancement in NLP the last number of years. Not only will computers be able to understand natural language better, but they will also understand puns, sarcasm and double meaning contexts. They will be able to respond, make jokes and personalize the experience.
Chatbots will be integrated with Voice assistants like Alexa and google home so customers will be able to have a conversation rather than having to write to them, enabling them to contact you on the go.
Bank of America has their virtual voice assistant Erica who enable customers search for past transactions, schedule meetings and transferring money and it ca all be done with your voice. More companies will adopt a similar approach to seamless user experience
So there you have it, our list of what will impact your business most the next couple of years.
If you want to stand out from your competitors, combining all of these technologies mentioned above will give you greater insights into your customers and trends, streamline your services and even lead to adaptations or advancements in your own products and services.
If you want to learn more about how we can help you achieve some of this, do not hesitate to reach out.