2020 < Planning < Expense Reduction Analysts

As we enter the midpoint of the fourth quarter, many organizations already have 2020 plans in motion. Financial goals, innovation strategies, and digital advancements are all critical points to consider. However, some details are easy to miss among executing top priorities. For instance, organizations need a back-up plan for encountering glitches with new technologies. The new year is quickly approaching, and proper planning is essential to maintained profitability.

Here are three things every organization should keep in mind for 2020.

Avoiding an AI Slowdown

Although the concept of artificial intelligence (AI) launched several decades ago, its impact is stronger than ever today. Most organizations know that AI implementation is necessary, but may be undecided on where to direct their focus. For this reason, businesses are investing in AI research and knowledge resources to determine the best decisions. AI is so ingrained in our every day lives that finding unique ways to utilize it may prove to be a daunting task. However, AI implementation must not be over-promised and under-delivered 1 . Organizations may begin to lose confidence in AI capabilities if patterns of improper application arise.

The Fear of a Robot Tax

Automation processes are heavily in demand. Everyone is looking to gain more productivity in less time and a reduced cost. For this reason, the digital integration of manual processes has resulted in substantial job cuts for some industries. Now, some individuals are raising concerns around a possible robot tax 2 . An approved robot tax would impact organizations utilizing labor-saving automation. Staff cuts would likely be severe, with automation replacing human roles. As a result, the robot tax would also require a new federal agency to determine regulations surrounding job cuts.

Search for Data Literacy

Many organizations are searching for the most talented individuals to bring into their business. Soft skills, along with creative thinking, are highly sought after attributes. However, look for data literacy 3 to be the top skill organizations demand in 2020. Accumulating useful data is only half the battle. Organizations must have staff equipped to interpret the data for the next important business decision. All members of an organization should at least have a basic working knowledge of the story data tells.

Despite the rush to the finish line for 2019, organizations should adequately prepare for what’s ahead in 2020. Asking the right questions, analyzing data correctly, and allowing ample implementation periods is critical to prolonged success. Keep the seemingly small details in mind to ensure your organizations stay ahead of the competition.

 

1 Are We Heading for Another AI Winter Soon? by Kathleen Walch
2 A Robot Tax Will Help No One and Hurt Many by Milton Ezrati
3 The 10+ Most Important Job Skills Every Company Will Be Looking for in 2020 by Bernard Marr