By: Venkat Nanduri
Every new year, most of us make new resolutions to improve our quality of life – only to be broken in the first two weeks. Closely connected with resolutions are predictions, telling what’s in store for us in the new year.
Some predictions come true and some don’t. But a few things are sure to happen – come what may.
Innovations and disruptions will dominate 2020 and beyond. In its newly published infographic titled: The Roaring 2020s: Six Trends Impacting Midsize Companies in the Next Decade,” IDC predicts that “by 2023, 50% of midsize companies will report that transacting and communicating digitally is a critical priority. This includes not only eCommerce, but also connected supply chains and goods sourcing.”
This is must-read material for any executive.
In a related article published by Digitalist Magazine, Meaghan Sullivan, the Head of General Business and Global Partner Marketing at SAP, comes up with three dominant predictions for midsize companies in 2020 and beyond.
- Employee and customer experiences will rule everything: The value of customer-centric experience models will be so enticing that 55% of midsize companies will either adopt or progress toward them by 2024.
- Innovation-driven transformation will be a priority: Companies that prioritize transformation initiatives will be two times more likely to report double-digit revenue growth and four times less likely to experience revenue decline.
- Technology and data will determine growth scalability: More than 25% of growing businesses will focus on building a connected ecosystem of platform providers to accelerate digitalization. 40% of companies will adopt intelligent solutions to offset skill shortage and elevate the strategic value of work.
So, here are my conclusions based on industry predictions:
- Innovations and disruptions are expected to accelerate in 2020. But, the right technology will remain the differentiating factor between thriving midsize companies, versus the bare survivors.
- Businesses that wish to transform using innovative technologies, such as AI/ML and IoT, need to make sure that their underlying data is real-time and accurate. This will ensure their customer experience is as exceptional as their upcoming product innovations.
Do you agree with me?
I’d be interested to hear your thoughts.