SMB INDUSTRY Trends that Will Shape the SMB Industry in 2020
Companies today must work toward developing positive customer relationships. This is a critical goal in the age of the ever-increasing competitive landscape. Firms that build a trusting relationship with customers will be the ones that earn the most profits.
A vast array of new technology is reshaping the way companies analyze and serve their customers. Being up-to-date with technological trends can help you to better serve your customers and keep ahead of the competition.
Our tech experts at Troy Business Group have compiled a list of five key SMB industry trends. We think are expected to drive the small and medium-sized business (SMB) sector in 2020.
1. Artificial Intelligence
A lot of companies are using artificial intelligence (AI) for cutting time in the data analysis process. Machine learning codes can help find patterns after analyzing large amounts of customer data. By doing so, AI is facilitating companies to better understand customer behavior. Which, in turn, allows them to bring changes to their products accordingly.
Another way AI is helping companies is by making better trade decisions.
Automated trading involves using machine codes to define rules for placing an order. Also known as black-box trading, it removes the human error involved in making trade decisions. AI can help in making trade decisions at a greater speed and frequency, resulting in improved revenues.
2. Social Listening
Customers today expect real-time, instant responses for their queries. A social media presence can help in ‘Social Listening’.
By creating a strong online presence, companies can ‘listen’ to the needs of their customers. So, they can know the concerns and requirements of customers by interacting with them on their social media page. The information gathered through social listening can help in improving customer service overall. This is another trend that is expected to dominate 2020.
3. Predictive Analytics
A number of companies are moving away from the traditional way of assessing customer creditworthiness. So, non-credit metrics such as predictive analytics are being adopted by a number of firms. It results in a more accurate assessment of customers.
Predictive analytics involves determining trends, patterns and future behavior based on analyzing recent actions of customers. Furthermore, it involves analyzing a large amount of customer data to gain insights and make data-driven predictions.
Using the technique can give a more accurate picture of the creditworthiness of customers as compared to credit scores. With the greater realization of the effectiveness of the technique, it is also predicted to shape the finance industry in the coming year.
4. Augmented Analytics
Using augmented analytics can save time and effort involved in big data analysis. Moreover, it is critical for companies today. Here are just some of the benefits of augmented analytics in data analysis.
- Results are based on scientific models instead of ‘gut feeling’
- Cost-effective in the long run
- Saves time in data analysis
- Complements the efforts of data scientists – more accurate predictions
In short, SMBs can get greater insights from data through augmented analytics. As a result, it is another trend that is likely to get increased attention in 2020.
Blockchain, the technology behind cryptocurrency, eliminates the need for an intermediary in a monetary exchange. Technology help companies reduce costs and improve the integrity of monetary transactions. As a result, the trend is expected to define the SMB industry in the coming years.
A lot of technological advancements were witnessed in 2018. These have changed the traditional way of delivering services to customers. SMBs need to keep up with the trends in order to better serve their customers and improve profitability.