The Top Business Assets to Invest in 2020 - HotThemes

The Top Business Assets to Invest in 2020

The technological advancements that have occurred over the past two decades have been nothing short of amazing. Every year technology advances by great strides. The year 2020 will see new cutting-edge business trends surfacing. In this article, we will focus on the assets and resources that will give businesses an advantage in the marketplace in 2020.

Customer Experience Management

The process utilized by businesses to manage the interactions between the company and the customers during their relationship is called Customer experience management (CEM) Providing a personal experience, the business manages the customer's communication with each digital and physical touchpoint.

With personalization plays a crucial part in building brand loyalty, the collection and analysis of the customer's data play an essential role in the utilization of CEM within a company's business model.

With the customer's involvement at various levels, including physical, emotional, sensory, and rational, CEM has the ability to tailor unique customer experiences. This kind of personalization will give businesses the advantage over their competition in the marketplace.

AI - Artificial Intelligence

AI - Artificial Intelligence

"Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions." The term can also be applied to machines that exhibit traits associated with human brains such as problem-solving and learning.

Businesses are currently using Artificial Intelligence to manage a multitude of functions for their companies. With applications spanning every industry, AI has become one of the top business assets available. Collecting and analyzing data, as well as personalization of promotions, are some of the many functions of AI. Automation is taking over repetitive tasks that use unnecessary time and money to complete. Cybersecurity is another area that AI excels in by maintaining company IT systems, keeping threats at bay.

Chatbots

AI Chatbots

"A chatbot, short for chatterbot is an Artificial Intelligence computer program that mimics human conversation through text chats or voice commands or both, with features that can be embedded and employed with any major messaging applications."

Another form of AI that has recently emerged is Chatbots. Benefiting businesses with online customer service, AI chatbots can perform the same tasks as a customer service representative during online chat sessions. Thanks to the innovative AI natural language processing (NLP), technology such as this is now possible.

Powered by AI and preprogrammed rules, Chatbots can interact with customers. By detecting human language patterns, the Chatbots can determine a customer's concerns and respond to them in a human-like fashion.

Backup Solutions

Backup Solutions

For businesses, losing data can be disastrous. The financial impact could potentially be in the thousands, if not more when data is compromised or their system crashes. More and more companies are choosing backup solutions that will back up their databases in real-time because once the data is lost, the damage had already been done.

Although there is an abundance of applications on the market that facilitate backups, there are basically three types of backup available for businesses.

  • The Full Backup - all folders and files selected are back up
  • The Incremental Backup - only saves the changes that have occurred since the previous backup
  • The Mirror Backup - this backup method mirrors the source being backed up

Big Data

"Big data refers to the large, diverse sets of information that grow at ever-increasing rates."

Big Data is a term that is used to describe extensive data sets that are obtained and used to analyze information in databases that are too large to analyze using traditional software. The collection, storage, and analysis of the data is the main challenge of big data.

In the past, only large corporations used big data to improve the way they managed their business. However, now, small businesses are starting to use big data to benefit their companies. Private information such as demographic data, personal data, and purchase history are collected to ascertain if there is a correlation.

Big Data

The data is then organized into a spreadsheet, and either the company itself or a third-party organization will analyze the results. The information obtained will be used in a multitude of ways to give the company an advantage in the marketplace.

Conclusion

Expand your business model in 2020. With new and innovative technology in the digital arena being released consistently, the latest trends will give your business the boost it requires to remain competitive. Don't let the competition get ahead of you. By utilizing these new business trends and assets, your company will benefit exponentially in the future.