Digital Transformation Trends That Will Change Small and Midsize Businesses in 2020 Digital transformation with document conversion services will help streamline data management and make the best use of business data for business success.
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While large businesses have taken the lead by digitizing documents to enhance productivity, improve response times, monitor process status and optimize workflows, smaller businesses continue to shuffle stacks of files and sort paper that lead to low productivity and other concerns . For small and mid-sized companies, digital transformation has brought unimaginable opportunity to become more agile, expand and also to be ready to face the large competitors. Data conversion services help to convert all business documents into digital format and enjoy the flexibility it offers and other benefits including easy access, and savings in terms of office space and time. Digital transformation refers to the integration of digital technology into all areas of a business to change the way it operates and delivers value to customers. It includes adopting a cultural change, experimenting with new technologies, embracing failures, and inventing new digital solutions. According to an article published in CXOtoday.com, here are some digital transformation trends that small and mid-sized businesses may experience in 2020.
Connected business: Investments will be made around ways a connected business can achieve hitherto unachievable organizational goals. New technologies like cloud, platforms, edge, devices, applications, security, collaboration, workspaces and insights will be a solution for connected businesses to improve operational competence, customer intimacy, staff empowerment and product innovation. Customer intimacy: Customer intimacy which includes acquisition, retention, experience and satisfaction will drive IT adoption and business process development . It is predicted that by the end of 2020, 45% of SMB’s need for customer intimacy will drive IT adoption and 76% of new SaaS adoption will be customer-focused. As a result, 15% of small businesses and 24% of midmarket firms will have excellent customer-facing digital presence. Consumption based IT acquisition: Sales of individual products or integrated systems will be replaced by agreements to provide IT capacity and business functionality “as-aService”. This trend will be driven by medium-sized businesses rather than small businesses, with 20% of midmarket firms shifting to OPEX-based agreements with a view to achieve flexibility and acquire technology based on usage. Analytics is important: In 2020, small and medium sized businesses will see a new attitude and culture that values and uses data as a meaningful source to determine the overall performance of specific areas of interest. SMBs are expected to demand Key Performance Indicators (KPI) as a standard part of application architecture . By the end of 2020, 15% of SMBs will be highly data-driven and 30% will be using cloud-based analytics. 50% of midmarket firms will demand AI-driven analytical platforms that help lessen risk and increase opportunity within the predicted future.
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Embedded collaboration: Collaborations should be considered as a framework for integrating various capabilities, native to multiple applications. By the year 2020, 80% of SMBs will gain advantages from embedded collaboration and the organization will have high-growth, innovative businesses, effective, efficient collaboration to deliver decision agility, business agility and innovation agility. End-to-end digitization: SMBs are expected to focus more on poorly automated or unautomated business processes. However, IT suppliers may not be equipped enough to provide digitization solutions. They may end up providing inadequate solutions resulting
in frustration or disconnected workflow systems for the SMBs. Therefore, it will be a lucrative opportunity for IT consultants who may be called upon to provide suitable digitization solutions. End-to-end digitalization will be the goal and by the end of 2020, 30% of SMBs are expected to have successfully automated their business processes and would have at least some of the tasks connected via automated workflow systems . 5G will be a game changer: Use of 5G in SMBs is not likely to happen any time soon when compared to mass market adoption of cloud and analytics. By 2020, most smart phones launched will be 5G enabled. But applications and use cases will have to do a lot more catching up to meet the developments. Introduction of 5G will provide more opportunity for SMBs and IoT focused suppliers. By the end of 2020, 20% of digitalized
and sophisticated-IT SMBs will begin to take advantage of 5G. Security will become more rigid: For most of the SMBs a tight security may be difficult to achieve, but in 2020, innovative and IT-mature SMBs will demand complete and flawless security within each layer of their IT stack . They will want this security to comprise of various tactics and integrated technologies to ensure that they provide comprehensive coverage. This will ensure that they are able to respond to new threat sources as they arise. 50% of SMBs will aspire for end-to-end security but only 20% will
be advanced enough to adopt it . AI will drive cyber security, customer experience, automation: Artificial intelligence adoption is almost absent in small businesses but notably present within midmarket firms. However, it is not a question of when AI adoption will take firm root, but how . Vendors and other suppliers will be responsible for the guidance, deployment alacrity, and outcomes as regards AI adoption. By the end of 2020, 35% of AI deployment within SMBs will be in the areas of IT automation, marketing/advertising, customer experiences and cyber security. IT-efficient deficit will increase managed service adoption: 77% of IT staff time is spent on support and this is reducing IT’s ability to assist with key business objectives . There is every likelihood of an IT efficiency deficit to be created by a combination of factors such as growing complexity and cost constraints. This will result in the SMB
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organization looking to outsource a large part of its technology consulting, architecture, deployment, support, maintenance, and management . These outsourced services will help fill the gap between IT requirement and capacity, and thereby improve IT efficiency and optimize time. IT is estimated that by the end of 2020, IT efficiency deficit may reduce by 12%. Having a small business or being a small business owner is not easy, and you need to take advantage of all resources that can make a difference. The quicker you are the better chance you have to ensure success. Digital transformation with the help of document conversion services can help you streamline data management and make the best use of business data . Digitization is the way to reshape your business to create value, gain a competitive advantage, meet your customers’ expectations, and drive more revenue.
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(800) 670 2809