5 Business Development Trends for 2020

By: Kayla Matthews on January 24, 2020

Advances in technology move at such a rapid pace, it's sometimes hard to keep up with all the capabilities available to businesses. Computers are faster, smarter and capable of holding more data than ever before. The changes data centers face from year to year require constant adjustments.

The start of this new decade promises even more advancements for businesses. Big data is more accessible and capable of generating detailed reports than ever before. Automation is the name of the game, and every type of industry seeks to make monotonous work easier.

Here are five development trends to watch for in 2020 and how they will impact business as we know it.

1. Mobile Internet Advances

2020 promises additional movement in the 5G arena, making mobile connectivity more reliable and faster than ever before. In the coming year, the four main cellular networks should build out their 5G. Speeds will hit anywhere from 10 times to 100 times faster than they are currently.

As carriers expand coverage and devices that use 5G, expect it to impact your business. Technicians out in the field will be able to upload and download data in milliseconds. It will become easier to reach customers in remote locations for teleconferencing. Even more Internet of Things devices will emerge and become commonplace.

2. Employee Ownership Trends

The labor market is highly competitive. Companies want to attract and keep the best workers possible. One thing some firms offer is a stake in the ownership of the company. This tactic keeps employees engaged and much less likely to move on to another brand, as they feel they can directly impact their income. In a 2018 government survey, 72% of respondents said they prefer to work for an employee-owned company.

Employee stock ownership plans require strong succession plans for the owners and some projected financial results. You also need an idea of how to continue after implementing employee ownership and a long-term structure for leadership roles.

3. Data Center Adoption

As technology increases, so does the amount of data that passes through the average business daily. Even sole proprietors might find they need to adopt data centers to keep up with the demands of their customer base and sort through the mounds of data coming their way. Cloud-based computing has been around for a while but expect the need for additional storage to take off in the coming year or two.

Financial transactions alone account for much of the data needs. Experts predict in-store and remote purchases via mobile will reach $2 trillion by 2023 and continue growing each year. As more and more people purchase digitally, businesses will need to improve their payment experiences and even use ease of payment as one of the factors that differentiate them from their competition.

4. Environmental Awareness

People care about climate change, and are starting to seek companies that care about the same causes they do. In a recent survey of more than 6,000 respondents by the Swiss bank UBS, researchers discovered approximately one-fifth of travelers have changed travel plans to avoid flying. "Flight shaming" is becoming more common, as the energy resources needed to fly have a significant impact on carbon emissions and other factors that shape the environment.

Expect to see more companies ramping up efforts to reduce their carbon footprint. New alternative energy technology, smart devices that save on water and energy usage and awareness training will likely continue to increase.

5. Machine Learning and AI

Machines are getting smarter and more and more jobs are going automated. The fear of workers losing jobs to robots is a real and present danger, but smart companies will focus on retraining their best employees in areas that will increase in need, such as programming, machine maintenance and creative endeavors.

For businesses, investing in new technology will be a vital part of keeping up with industry standards and gaining an edge over the competition. Look for ways to automate repetitive tasks and free your employees up for creative work or promotional strategies.

How Will This Decade's Business Development Trends Impact Data Centers?

New technological advances in 2020 and the subsequent years will continue to change business as we know it. Expect hyperscale data centers to grow into megawatt campuses.

 Data consumption and storage increase each year, so it only makes sense that data centers will grow in scope as well. Business owners will seek out companies capable of meeting their needs as they scale up and their technology needs increase.

 

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