Organizations around the world will accelerate enterprise technology investment in 2020, leveraging digital improvements to make them more competitive, improve connections with consumers, and keep up with the increasing demands of privacy regulation and security needs.
Hyland has identified six technology trends that will drive these improvements and demand the attention of CIOs CTOs in the coming year and beyond.
Prioritize cloud control
Organizations will opt for managed cloud services to increase security and efficiency. Because hosting solutions in a public cloud requires extensive internal oversight, CIOs and CTOs see the value in outsourcing the management and hosting of their cloud infrastructure to experts who handle:
- Backing up data and implementing the latest security measures
- Maintaining and updating solutions to ensure compliance with national and international regulations
- Disaster recovery
- Scaling solutions up or down as data needs fluctuate
Enterprise technology investment should focus on data security in 2020
The proliferation of national, international and even statewide data and privacy regulations — such as GDPR and the CCPA — is forcing organizations to rethink the way they manage and protect information.
As the stakes for companies to comply continue to rise, so will the challenge to keep up with the ever-changing regulations. Keeping data in perpetuity is no longer an option. As a result, organizations are investing in enterprise technology like content services solutions to automate document retention and records management policies.
Push blockchain beyond Bitcoin
As business processes generate more and more data, and digital transactions increase, the need for transparency and authentication will grow. Blockchain is an increasingly viable way to provide those assurances across industries, from higher education to mortgage lending.
Using tech to answer economic questions
The strong yet unpredictable economy will drive organizations to seek efficiencies today so they can be more nimble and competitive in the future.
In the same way manufacturers have used technology to improve efficiency on the factory floor, organizations in every industry will focus on reducing the cost and complexity of business processes by improving the efficiency of knowledge workers in the back office.
Areas such as accounts payable and other transactional departments are now looking to second- or third-generation solutions that intelligently automate processes.
Enterprise technology investment 2020: Accelerate automation
Fifty-two percent of the Fortune 500 companies that existed in the year 2000 no longer exist due to bankruptcy, mergers and acquisitions, or other reasons. This pace of change will accelerate, as the rise of intelligent automation technology will create new sources of revenue, leading to the rise of new companies and the demise of others.
Robotic process automation will allow “digital workers” to toil around the clock at blinding speeds — complementing human workers and eliminating the most tedious, repetitive manual tasks.
Machine learning and AI will augment the productivity of knowledge workers by driving more processes and making more contextual decisions, freeing up employees to focus on the highest value tasks.
Embrace tech as a customer loyalty program
With the rise of consumerization and the expectation for rapid response in every interaction, organizations are looking to speed up processes in order to improve employee and customer experiences — and thereby gain a competitive edge. Content services technology will play a critical role in organizations’ quest to deliver better experiences to the people they serve.