2020-21 has been a pivotal year. and what a year it was!
As China’s Covid-19 virus forced almost everyone to stay at home, the need for IT infrastructure and IT solutions surged. The cumulative development over the past 2 years is roughly estimated at a decade of progress. Collaborative workflow software tools and applications have taken the lead on the solution side. While the internet & server infrastructure has kept pace admirably.
So, what can we expect in the years to come?
Deep integration between applications and ERP, finance, CRM and other legacy systems helps business users have a superior experience. As the days go by, the preparation for deep integration grows exponentially. This promises to reduce costs and lead times.
Ultimately, all enterprise software will be integrated with various applications and software for a seamless user experience.
Data is the new oil. With deep integration between applications and ERP, finance, CRM, etc., it will be possible to channel all this data and store it in a single pool in real time. To achieve this, each organization will need to create its own data lake and update it as needed. The tools to create data lakes and integrate the organization’s data into them will become faster and cheaper.
And with so much data, it becomes easy to create real-time reporting dashboards for control and decision making.
If data is the new oil, then app is the new electrification! Business processes will continue to be applied at breakneck speed. Even today, new business applications developed by small agile teams are hitting the market every minute! From mutual success planning and customer success management to task management and new ways of collaborating, we can expect to see an app designed for all aspects of business.
Analytics as a Service
Artificial intelligence and machine learning (AI/ML) are now spreading faster. While there are some issues with the lack of transparency in backend algorithms and data, the proliferation of AI/ML is unstoppable. The future should logically see many new and important developments in this regard:
The analysis algorithms (“curves”) will be hosted on platforms linked to the correct data lake. This will allow the algorithms to be reused with newer (as well as historical) data for long periods of time – until calibration is recommended.
The role of “Analytical Mediator”. The recent case of a chronic American patient underscored the need for this role. This patient was prescribed opiates for his chronic illness, but was immediately “tagged” as an “addict” by the newly activated analysis algorithm that was automatically applied to his medical record by the hospital network, causing a great anguish and unnecessary suffering. The “Analytical Mediator” role will be created to provide a formal platform to address real-world grievances caused by faulty algorithms or incorrect data.
From CRM to CDP (Customer Data Platform)
The last 3 decades have been the era of CRM or customer relationship management software. It made it possible to store detailed information about customers, their purchases, complaints, service calls made, customer comments, etc.
The future is in CDP or Customer Data Platform software that will allow companies to store detailed customer behavior in multiple formats in the digital and offline world. Data will be pulled from online sources as well as CRM and secondary sales systems. And CDP will recommend new ways to retarget customers based on that data – both online and offline.
The opinions expressed above are those of the author.
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