Technological tools are allies for companies' digital transformation processes, especially now, and some such as Artificial Intelligence, automation, Martech and 5G are at the forefront of the trends that many forward-thinking business leaders will be following, with the priority of digitising their activities in the years to come.
July 26, 2021
According to data from The Keenfolks, 77% of executives consider their IT architecture critical or very critical to the organisation's success, and 91.5% of businesses are constantly investing in Artificial Intelligence. For this reason, spending on digital transformation technologies will grow by approximately 10% by 2020.
Technological trends that will help companies in their future processes
1. Artificial Intelligence & Machine Learning
Artificial intelligence and machine learning are the technological trends that will have the biggest impact on business. On the one hand, AI allows businesses to make sense of all the data that is generated on a daily basis. It identifies what is of interest to customers and focuses efforts on products and marketing that will resonate with them.
Machine Learning (ML) helps retailers to deliver greater value to their customers. ML allows them to create the personalisation that customers demand, addressing their expectations and thereby making experiences relevant. It also enables segmentation and more precise tracking, even beyond demographics and surface level data, to make marketing campaigns more relevant and timely.
2. Robotic process automation
This process consists of the use of software to automate time-consuming tasks and some business processes, as well as the collection of data, transactions, CRM entries and responses to customer queries via a chatbot. This technology increases efficiency and productivity and reduces the focus of employees on these activities so that they can concentrate on other more strategic activities.
According to estimates by The Keenfolks, businesses could spend up to $2.4 billion on robotic process automation by 2022, coupled with other emerging technology for higher profits.
3. Extended Reality
Extended Reality (XR) brings together immersive technologies: virtual reality (VR), augmented reality (AR) and mixed reality (MR). This is one of the technological trends that have impacted the way in which people search for products and also the creation of value for brands towards their customers, with more attractive experiences such as 360º visits to shops or virtual events.
Some examples of this technology are already being applied with virtual reality for make-up trials or home decorating demonstrations. Even by 2024, the XR market is expected to exceed $296.9 billion globally.
4. Martech Solutions
Martech or Marketing Technology solutions have been around for a few years now and refer to the use of technological solutions such as platforms, applications, digital analytics or Big Data for marketing activities. Their growth in almost 10 years has been incredible, going from 150 solutions in 2011 to more than 8,000 in 2020. By 2021, Gartner estimates that businesses will spend 26% of their marketing budgets on these.
With the help of technologies such as AI, Martech can solve social media automation, analytics to harness data, among other needs, with the goal of developing experiences that consumers want.
This is the new wireless broadband standard that will provide greater speed, coverage and stability than the current LTE-4G and will change the ways and expectations of Internet users to consume content. In addition, the deployment of the fifth generation will generate an acceleration of technological development.
For retailers, the impact of 5G technology on shopping will result in better connected and immersive experiences, for example seeing extra product information from your mobile phone with augmented reality. It will also facilitate other technologies such as AI and the internet of things (IoT).
6. Internet of Behaivor (IoB)
The IoT, the network of interconnected physical objects that collect and exchange information and data over the internet, has evolved tremendously and this data collection provides valuable information on customer behaviours, interests and preferences, this is called IoB. This concept is the ability to understand all information from the psychological perspective of human behaviour.
It seeks to make sense of the vast amount of data created by the consumer and use it to create and market new products or marketing messages from a human psychology perspective. The IoB therefore helps retailers to get closer to consumers and become much more consumer-centric.