Forrester 2020 Predictions

In BICSI Bytes, Newsby info@bicsi.com.au

According to Forrester’s 2020 predictions of key market dynamics that will impact companies’ growth, 2020 will be the year that moves leaders’ attention to adaptability: the ability to understand and anticipate market dynamics — and rapidly exploit opportunities, both big and small.

Factors including heightened values-based consumer activism; the lack of clarity around Brexit; automation, Artificial Intelligence (AI) and robotics moving deeper into the organisation; and recessionary fears due to socio-political uncertainty will make 2020 a raucous year, forcing leaders to embrace adaptability.

In 2020, Forrester predicts that:

  • Consumers will search for deeper meaning. Companies will pay careful attention to authenticity, both in the values they choose to express and how they express them.
  • CMOs will rally around customer value. To establish a successful ecosystem, CMOs will ‘thread the needle’ between employee experience, customer experience, brand purpose, creative, and technology, imbuing all these crucial areas with customer obsession.
  • CIOs will focus on people. Smart CIOs will become a trusted advisor and partner to employee experience and HR teams to help with changing workforce dynamics, including working with new emerging technologies or interacting with robots.
  • Immersive, adaptive IT will take hold. IT will follow the broader organisational future of matrixed, shape-shifting organisations that form and morph to changing priorities.
  • CX will continue to bifurcate. Firms that have made the least headway will cut their programs in frustration. Meanwhile, companies that have started realising the benefits of CX will double-down, simultaneously shoring up their fundamentals and innovating.
  • Advanced firms will double their data strategy budget. 2020 will be a wake-up year for many, as the total cost of getting data wrong will become apparent.
  • Data and AI will get weaponised. In 2020, ransomware incidents will grow as attackers learn that holding data hostage is a quick path to monetisation.
  • Group-targeted experiences will supplant personalisation. Marketers will move away from laborious and often-unwanted personalisation efforts. Instead, they’ll seek to authentically connect with customers through group-targeted experiences.
  • Automation will reshape the workforce. Automation will change the composition of the job market and raise global economic issues of income distribution and wage stagnation.
  • Regulation will make and break markets. Regulatory bodies will gain steam — impacting and shaping markets, in a very real way.
  • For VCs, profitability will become the new unicorn. In 2020, venture capitalists will increase their scrutiny of start-ups.