Technology innovation will transform the businesses operate in 2019.

Gartner’s predictions reflect the advancement of technologies that have the potential to reshape existing business models, and create new ones, that can bring more efficiency to the operations of the workplace. However, these predictions pose big challenges for C-level executives. CXOs will have to discover how to take advantage of new digital business models that deliver services generating revenue while not forgetting the customer experience.

Magna5 hosted a panel discussion called Flash Forward in Seattle on December 13 with notable risk and compliance leaders to discuss how technology innovation will shape the way businesses operate in 2019 and how to prepare for these changes.

Peter Miller, CPA and CFE, Clark Number PS, says, “This was an incredibly thought-provoking discussion. Some of these predictions are more controversial than others. Some of them are closer to being a reality than others, as well. Regardless, it was great to have the perspective of topical experts alongside the practical application of people applying this technology in the private sector. Thank you to Magna5 for coordinating such a valuable session. It was fun.”

Here are Gartner’s top 10 technology predictions for 2019 that were discussed during the event:

Artificial Intelligence

  1. Through 2020, 80% of artificial intelligence projects will remain alchemy, run by wizards whose talents won’t scale widely in the organization.
  2. By 2023, there will be an 80% reduction in missing people in mature markets compared to 2018 due to AI face recognition.
  3. By 2023, U.S. emergency departments visits will be reduced by 20 million due to enrollment of chronically ill patients with AI-enhanced virtual care.

 

The truth is that artificial intelligence (AI) is not widely used throughout organizations yet. However, AI has advanced significantly throughout the past few years, giving organizations functionality and insights in real-time for performance upgrades. To get AI projects deployed, there must be ownership taken from the top down to realize the potential AI can have on the business.

Security / Privacy

  1. By 2021, 75% of public blockchains will suffer “privacy poisoning” – inserted personal data that renders the blockchain noncompliant with privacy laws.
  2. By 2023, ePrivacy regulations will increase online costs by mining the use of “cookies,” thus crippling the current internet ad revenue machine.
  3. Through 2021, social media scandals and security breaches will have zero consumer impact.

 

There are countless examples of when personally identifiable information (PII) has been compromised in the past few years. Headlines are littered with the next big scandal, and organizations and consumers are concerned about their privacy more than ever before. As a  result, people are being more protective of their information. Gartner predicts that regions, states and countries will start to implement more stringent privacy regulations to protect people’s information – like the EU’s General Data Protection Regulation (GDPR). Legacy approaches for managing data privacy are not keeping up with the depth and speed of innovation. Vulnerable attack surfaces, like end points and IoT (Internet of Things) devices, need to be secured with next-generation solutions to limit the access of threat actors.

Digital Transformation

  1. Through 2022, a fast path to digital will be converting internal capabilities to external revenue-generating products using cloud economics and flexibility.
  2. By 2022, companies leveraging the “gatekeeper” position of the digital giants will capture 40% global market share, on average, in their industry.

 

Smart, connected products and platforms that convert internal capabilities to new services and subscription-based revenue will be the future for many organizations. On top of that, Gartner is predicting that the average number of partners an enterprise will utilize will grow from an average of 78 partners to 143 by 2023, creating the market to be dominated by a smaller number of large sellers.

Culture

  1. By 2023, 25% of organizations will require employees to sign an affidavit to avoid cyberbullying, but 70% of these initiatives will fail.
  2. Through 2022, 75% of organizations with frontline decision-making teams reflecting diversity and an inclusive culture will exceed their financial targets.

 

Gartner is predicting the use of technology, like social media and AI in the workplace, will be used to monitor cyberbullying on internal employee forums. This will ensure that high standards are put in place to ensure a safe workplace.

While these are still just predictions for 2019, organizations need to take heed and understand the impact that technology innovations can have with their business operations, profit and success. Taking the right approach and shifting the way your organization handles digital transformation and data privacy can ensure your business takes a step in the right direction.

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