Forrester 2020 Predictions: On the Precipice of Far-Reaching Change
What does 2020 hold for you and your business as a service provider?
Forrester predictions are based upon a solid foundation of research, facts, and insights garnered from long experience.
And according to their very latest report, On the Precipice of Far-Reaching Change, “if 2020 could be encapsulated into one word, that word would be energy.”
What kind of energy?
A potential energy, waiting to be drawn upon and utilised by the most far-seeing enterprises.
2020 Predictions; The Year of Energy
“Automation, AI, and robotics move deeper into the organisation, closer to the customer, and, more profoundly, into the very makeup and operations of the company”
Of course, we’re all aware of the vast array of Technology Energy that’s becoming increasingly available.
But as the Forrester Report explains, there’s also Consumer Energy to take into account.
For instance, consumers are becoming ever-more values-based, constructing personal
ecosystems and forcing firms to take sides on social issues.
Even Security Energy will have profound consequences. For industrial and nation-state cyber risks are surging and, in some cases, merging.
2020 could well become the year of a dynamic move from prudent investments to breakout growth, as companies convert and build upon the potential energy built up in 2019.
Then again, it could also see the emergence of further protections of existing markets, a time of eking out only small gains.
The real leaders of 2020 can only be those capable of accurately predicting how the year will unfold and spotting the most profitable areas to invest in.
“Advanced firms will double their data strategy budget”
The Customer Experience and the Search for Deeper Meaning
“More than 55% of consumers will consider company values when making a buying decision”
2020 will be the year that enterprises world-wide will attempt to satisfy their customers’ wishes to the fullest.
Previously, these companies have focused on elevating the customer experience to one of self-centred convenience, such as fast shipping – only for these customers, by some measures, to declare themselves less happy than they were twenty years ago.
What could have gone wrong?
Customers are increasingly coming to decisions based on their need for affiliation, along with accounting for the wider impact of their choices, as news articles on inequality, climate change, and political unrest surround them.
They want to align their purchases with their values.
Similarly, the companies wishing to engage with them must pay careful attention to both their authenticity and the values they choose to express.
The most innovative customer experiences will be those combining technology, creativity, and a deep understanding of consumer motivations.
“The top 10% of CMOs will broaden their role in the name of customer value”
As Automation Reshapes the Workforce, CIOs Focus on People
“CIOs will automate 10% of their IT tasks and look to upskill everyone”
Chief Information Officers are under pressure to control costs and improve efficiency; but the more efficient amongst them will also utilise analytics capabilities to predict changes and rationalise HR technologies.
In 2020, automation is set to replace around 1.06 million jobs in areas including cubicle, coordinator, and function-specific knowledge workers.
An enhancement of skills is the answer, an investment in prepping employees to successfully adapt to the changing of workforce dynamics that involves integrating emerging technologies and optimising the interaction with robots.
Not surprisingly, employees are wary of automation, and the more intuitive leaders will allay their fears.
“Anti-automation backlash will cause a PR nightmare for at least one Fortune 500 company”
Data Strategy Unlocks Transformations while AI gets Weaponised
“Advanced firms will double their data strategy budget”
40% of firms are predicted to launch data literacy programmes for everyone in the organisation.
An enterprise data strategy continues to be a top initiative for executives, who quite rightly regard it as being critical in unlocking a firm’s digital transformation.
It requires a multifaceted approach, one taking into consideration big data technology investments, process re-engineering, and talent recruitment and management.
Accessing external and differentiating data will also be necessary, yet this may prove increasingly difficult as enterprises find they have to clamp down on data sharing in the interests of privacy and ecosystem concerns.
For there’s no doubt that cryptocriminals are becoming ever-more ingenious, in many cases adopting AI and machine learning technologies far faster than security leaders can.
As well as utilising the tremendous amounts of data now available to them, these resourceful attackers are already using cutting-edge technologies like natural language generation and video AI to generate fake audio and video materials.
“Deepfakes will cost businesses over a quarter of a billion dollars”
2020 Predictions: A Year of Potential
“The foundational work accomplished in 2019 is setting the stage for leaders and firms to better adapt and capitalise on opportunities — both big and small”
Why did Forrester refer to a “precipice of far-reaching change” in the name of their report?
Because it’s a year of opportunities.
Opportunities charged with energy from dynamics ranging from the values-based consumer to security threats, emerging technologies, and new organisational structures.
Opportunities to convert all that potential energy into solid business growth.
Would you like to explore these dynamics further?
Then you can read the Forrester Report below, or download it by clicking here.
You’ll also find articles on areas that couldn’t be covered here, including privacy concerns, the regulation that makes and breaks markets, and an assessment of investment and Venture Capital.
If you’d like to undertake a deeper exploration of the technologies behind the automation, security, and customer experiences referred to above, you can discover ground-breaking solutions for these and all other service provider and business-related areas here.