December 30, 2019

7 Technology Predictions for CIOs in 2020

2019 was a pivotal year for artificial intelligence.

We witnessed the normalization of AI-powered innovations like virtual assistants, driver assistance systems, and self-driving cars.

Consumer-facing products and services that use these technologies went mainstream, which has helped consumers see their potential.

As 2019 comes to an end, the momentum of this past year has inspired our team to make several predictions about 2020.

Here are ElectrifAi’s AI + ML predictions for 2020:

1. AI, RPA, and blockchain projected to grow

We expect 2020 to be another powerful year for growth across artificial intelligence (AI), robotic process automation (RPA), and blockchain technology.

As adoption grows among businesses and consumers, we believe solutions and possible applications will skyrocket. Data security and quality will greatly improve to keep up with rising demand.

2. AI outsourcing

The processes through which CIOs analyze, automate, and secure data are changing. Using AI and building an AI system are still vastly different business objectives.

The ability to provide rich analytics and effective AI and machine learning products will be key to thriving in 2020. That’s why more CIOs will begin to contract with leading AI firms to streamline the process of implementing AI.

Instead of trying to reinvent the wheel, more companies will integrate their platforms and products with trusted third-party AI providers.

3. Accelerated AI and ML adoption across specific sectors

The key industries that will continue to adopt AI are healthcare, finance, automotive, and telecommunications. In 2020, expect to see the application of ML for contracts, spend, workforce and image-AI products.

In 2020, the market will mature. Companies that deliver clear business outcomes through ML, blockchain, and other leading-edge technologies will come out on top.

4. Real machine learning companies will become obvious

In the past few years, even large tech giants have abandoned projects in ML that simply didn’t meet expectations. We’ve found this usually has less to do with the core technology, and more with having the right team of engineers and data scientists to implement the technology successfully.

Hype-driven companies that use marketing buzzwords without delivering real results for their customers will begin to close shop.

5. Costs will catch up to laggards

Companies that still haven’t implemented machine learning will begin to see how they’re missing out.

As their competitors achieve higher revenues, greater cost savings, and deeper insights, more companies will be forced to start using AI to remain competitive.

In 2020, the insights gained through AI will be fundamental for businesses.

6. AI becomes standard workplace technology

Instead of enduring the trial and error it takes to build an internal team, more companies will rely on domain experts — like ElectrifAi — to help them effectively access, interpret, and apply AI for real life business use cases.

7. Blockchain shifts from optional to fundamental

Blockchain is one of the fastest-growing technologies. But if you ask us, it’s still not growing as fast as it should be, given the security it offers. We believe 2020 will see an acceleration of adoption as more industries leverage blockchain to track and verify their products, transactions, people, and customers.

Most notably, healthcare — which has endured many notable data breaches in the past year — has started using blockchain to protect patient health records.