The combination of the pandemic, economic crises, the war in Ukraine, supply chain disruptions, inflation, remote work and increased use of mobile phones have been the impetus for a restructuring of the global economy. While the world is still adjusting to new realities and requires time to fully establish balance, all these changes should be considered by companies offering products and services.
Managing your business, hiring people, being able to differ from competitors, adjusting to digitalisation and other issues is a tricky process for every organisation today. While Gen Z startups more successfully change their processes according to market trends, established companies may find it hard to know what to prepare in advance. We created this guide to help you explore what technologies have been introduced to the market and will play a crucial role for most businesses in 2023.
AI Enters All Sectors
Artificial Intelligence is a popular technology that grows rapidly and enters almost every sphere. While it has long been used mainly for chatbots, now it is a must-have tool for many businesses in various domains, including healthcare, Fintech and more. That is because all routine tasks can now be automated by AI and machine learning.
AI can help businesses improve business processes thanks to its three key features: deep learning, autonomous decision-making, and human speech processing. In fact, experts predict that we will see SMBs trend (small and midsize businesses), meaning that these companies will adopt AI as a service.
Easier Finance Management
Companies have many issues related to finances now. It is not only a financial crisis that most companies have experienced during the last few years, but also creating, sending invoices, and managing in-house payments and cash payments is done only by humans. This leads to lots of manual and time-consuming work that is also usually associated with human mistakes.
That is why companies need easier, more effective and fast ways to manage their finances. Luckily, the market offers a variety of options, like credit control software that helps organisations have real-time data regarding their payments and debts while also reducing the need for human resources to perform and manage the task.
Investment in Robots and Automation
Given the fact that recruitment takes lots of money, organisations are expanding capital investments in automation. Global spending on robots is suggested to double by 2030. However, project automation is slowly implemented thanks to supply chain issues (mainly in Europe) and a shortage of engineers.
That is why experts shifted to “cobots”, which is a term describing the process where humans work alongside robots in warehousing and other environments. This is done to replace boring, laborious and unsafe processes. For instance, robots develop exosuits that augment human activities.
New IT Infrastructure
The IT community is vast today and builds in-house resources relying heavily on managed services. Considering the economic crisis, technologists and tools are developed with the goal of making continuous innovations and efficiency improvements. According to the analysis, the global IT professional services market will remain stable and growing in the next decade, growing at a CAGR of 11.2% from 2022 to 2030.
Cyber Security is a Top Priority
Thanks to digitalisation, cybersecurity has become a top priority. Even though cybersecurity has always been essential, experts predict that 2023 will be associated with an increased number of cyberattacks. With companies developing their mobile phones and technologies becoming more embedded in products, attackers have new ways to reach the company’s data.
That is, businesses of all sizes should invest in cybersecurity services to boost protection. In fact, cybersecurity should become a company’s policy rather than a choice. Organisations should provide security trading for employees, hire security teams or use services like penetration testing.
Reimagining the Workforce
Since 2019, companies have experienced issues with hiring employees. Even though it was caused by COVID and now the situation is stabilising, the situation did not change. That is because most organisations now work remotely, and most employees prefer freelance work today. It makes it hard for companies to find and hire specialists in almost every sector, while recruitment costs are high.
That is why those who need development or project management use different options, known as outsourcing and outstaff. While both these options have already been used in 2022, we see the growing trend of dedicated teams, which will remain popular in 2023. This option allows organisations to hire the entire team from providers for cost reduction, speed up hiring and higher expertise.
Blockchain as a Key Technology
Blockchain will be a leading technology in 2022. Even though blockchain has long been used only for payments, it is now an ultimate choice for various industries, including healthcare. Being transparent, efficient and allowing for fast and safe transactions, blockchain seems to become a key basing technology for lots of products in 2023.
With the development of low costing blockchains, and their decentralised model, the ultimate control from an organisation is removed, allowing data to be stored in an encrypted and much more secure way. In fact, decentralisation is also becoming incredibly popular, creating new ways of transacting, communicating, and security.
Experts believe that the commercial value added by blockchain technology will expand to more than $176 billion in 2025. That is why this technology is considered to be essential for companies all across the world.
IoT for a Hyperconnected World
We are living in a highly digital world today. People are looking for new technologies that will make their life easier. That is why the market offers a variety of IoT devices, while this industry is also becoming a fundamental part of creating digital twins, building the metaverse, and boosting the operation of smart machines, while also designing the cities of the future.