Vector ITC highlights the 5 digital trends of 2020

Despite the great advance of technology in recent times, there is still a long way to go and throughout this year there will be great changes that will modify many sectors. The digital ethic, data management, hyperconnectivity, innovation and consumer experience will be the trends that companies will have to pay attention to this year in order to stand out from the competition; as can be seen in the report “2020 Digital Trends” by Vector ITC, an international technology and digital group, which designs and develops initiatives based on cutting-edge technology to drive digital change and generate the greatest value for companies.

For this reason, the company points out the main trends for 2020:

New digital ethics: the Internet and Information Technologies are one of the most powerful tools today, but their use has been corrupted by violations of privacy, political manipulation, lack of veracity of information, etc. Against this background, the debate on digital ethics became widespread in 2018, when companies focused on complying with the RGPD (General Data Protection Regulations). The digital ethic is a long-term change of approach that incorporates ethical thinking into all aspects of the technological ecosystem and the way each technological solution is designed, developed and used. In this way, proper management of ethics will in any case reduce concerns about data and information management and therefore lead to improved customer relations and regulatory framework. Because of this, more than 80% of large European companies already include, or will soon include, ethics related to new technologies in their organization’s agenda.

• Data are money: data and the technologies related to its analysis have been in constant evolution in recent years, driven by the digital transformation of organizations, which are seeking the best way to manage and understand information. Thus, in order to collect and analyze large volumes of data, companies of all kinds have defined comprehensive technological solutions that provide them with a competitive advantage. Currently, 74% of companies expect extensive benefits from data analysis. However, while companies recognize the importance of implementing these initiatives, many still struggle with implementation. As a result, almost 70% of companies have made the creation of a data-based culture a priority, although only 40% are reaching the goal.

A hyper connected world: technology is advancing so fast that the Internet of Things (IoT) concept has evolved into the Enterprise of Things, which encompasses machines, devices, networks and applications with Internet access that connect to other areas at all levels. In this sense, it is estimated that by 2020 there will be 31 billion Internet-connected devices on the planet, which means that there will be at least 4 connected devices per person. Thus, with the entry of 5G in 2019 and its settlement throughout 2020, the hyperconnected world will be increasingly linked so that all devices can exchange data seamlessly, further expanding the network of smart devices. This will be critical to the development of Smart Cities.

Innovate or Innovate: at present, survival in the corporate world is not determined based on the strength of one company or another, understanding strength in quantitative terms of market volumes, revenues and profits. The adaptation of companies to their environment, which is more competitive than ever, and therefore their survival, is determined by their capacity for innovation in a constantly evolving context. If in the past the Internet was a revolution, today it is mobile technologies, Artificial Intelligence or Big Data. Tomorrow it will be quantum computing, RPA or Blockchain. The incessant evolution of the environment leaves few alternatives to companies of all sizes: they either innovate or risk extinction.

Emotions are in control: consumer habits have changed radically in the last decade. The new generations, like the Millennials and Generation Z, represent a greater percentage of society, and their way of consuming has changed. They are looking for solutions that are totally adapted to their needs, for instant consumption and that they can acquire through digital channels. In fact, 23% of the $1.68 billion invested in digitalization processes during 2019 has been focused on transforming the customer experience. Against this backdrop, companies must adapt by generating memorable and much more personalized experiences that retain customers, placing them at the center of business strategies.

“We are in an environment where the need for evolution and adaptation forces us to put innovation at the center of our strategy, providing companies with the elasticity and flexibility necessary to adapt quickly and agile to changes in the market, and to bring this innovation to the customer through personalized and emotional experiences and interactions. The convergence of technologies allows us to anticipate the needs of an increasingly demanding and evolving client, who demands personalized solutions and services adapted to their needs”. Rafael Conde del Pozo, Director of Digital & Innovation of Vector ITC.

To download and read the full “2020 Digital Trends” report click here