The many advancements in technology for 2020 will affect businesses in a hugely positive way. From enhancing customer experience to build trust, tech tools are allowing businesses to stay competitive and productive.
Businesses are investing in technology trends that have more of an impact on their company while finding ways to implement smart solutions to streamline processes and save the company money.
Automated Accounts Payable System
With a typical Accounts Payable workflow process, interaction with multiple web portals, banks, or payment providers may be needed in order to pay your customers and suppliers. Purchase orders will need to be reconciled against invoices and your accounting system. If applicable, early payment discounts should be applied.
Your customer's payment information needs to be entered manually and validated. Depending upon your accounting system, you might need to toggle between more than one portal in order to pay different countries with different payment methods.
When your accounts payable is automated for businesses, a one-click payment method is all you need with your AP software. All of your vendors can be paid by simply clicking a button. Within minutes money is sent to your customers and suppliers instead of the hours it used to take. This streamlined process saves your company real money for your AP team.
You will have a supplier portal where the payee can choose how their payments will be made, whether it's through global ACH, checks, wires, local bank transfers, or even PayPal. Your payees can also choose their currency. This portal is user-friendly and reduces the possibility of errors occurring in payment information. When your customers and suppliers are happy and satisfied, it will lead to a better reputation and more business.
AI: Artificial Intelligence
More and more companies are starting to explore the use of AI in improving their customer's experience and streamlining their business operations. Most of the AI applications are made through providers as a service you pay for. This allows businesses to easily feed in their own data and pay for the computer resources and algorithms as they are used.
Microsoft, Google, and Amazon currently provide many of these platforms. They require custom engineering in order to apply them to the specific jobs a company may desire. This makes them rather expensive and broad in scope.
This new year will see a growing pool of providers and a wider adoption of AI. Because of this, providers will start offering more tailored services and applications for specialized or specific tasks. This opens up the world of AI to many more companies in the future.
Chatbots are an interactive software platform that resides in live chat, apps, SMS, and email and can have a human-like nature. 80% of businesses said that they already use or plan to used chatbots in 2020.
The amount of customer service positions in the US that could be automated through chatbots and other tech is around 29%. This equates to approximately $23 billion in savings from annual salaries.
The recent advancements in AI, along with the increase in the number of messaging apps, are encouraging the development of chatbots. There are now software programs that use messaging apps as the interface for carrying out tasks such as helping a user buy a pair of shoes, reporting the weather, to scheduling a meeting.
5G data networks
A 5G data network is the 5th generation of mobile internet connectivity. 5G delivers more stable connections and faster download and upload speeds, as well. By 2021, the number of 5G connections is forecast to reach a figure of between 20 million and 100 million. Some estimates put the figure at 200 million. Spending on 5G mobile infrastructure for that same year is forecast to be at around 2.3 billion U.S. dollars.
In 2020, we will see 5G become more available to consumers, with improved coverage and more affordable data plans. The increased speed that 5G offers will mean that mobile networks will become more reliable and usable than wired networks for businesses. The increased bandwidth will allow robots, autonomous vehicles, and machines to transfer and collect more data than ever, leading to advances in the area of the smart machinery and the Internet of Things (IoT).
With the new year upon us, it is advantageous to watch out for trends that can improve your business and streamline the process. Technological advances are happening faster than ever with AI, Chatbots, 5G, automated systems, and many more applications that can impact your business's success positively.
In 2020, It will be more important than ever to stay on top of the major marketing trends in order to gain a boost in your business's growth and reach your audience easier. Your business will benefit from the advances that are sure to come in the next year.