From mainframes to minicomputers to cloud servers, technology is evolving at a breakneck speed. No matter what technology is booming it certainly is bringing simplicity, innovation, efficiency and agility into our lives, isn’t it? As a result, we are observing the emergence of the newest technology that has a weighty impact on business growth. Businesses that are not keeping up with the latest technology will find it hard to stay ahead of the competition and meet the expectations of their customers.
What tech trends are gathering the most traction in 2023?
What are the “world-changing-technologies” that every business leader should know and be prepared for?
Read on the blog to find answers to these questions and to discover the top technology trends that are gathering steam in 2023.
Top New Technology Trends for 2023
#1 Robotic Process Automation:
RPA automates business processes such as repetitive tasks, standardized jobs, dealing with data, even responding to emails, and so on. Just like us, the RPA robots have the ability to understand what’s there on a screen, navigate the various systems, complete the right keystrokes, extract data, and even perform a wide array of predefined actions. It results in increased scope for data collection, reduced workload, better business results, faster service, and so on.
Check out this guide to discover how RPA can add agility and efficiency to your business process.
Revolutionizing the way we live and work, this emerging technology is all set to take you from the real world into the virtual one. With the help of Augmented Reality and Virtual Reality, companies can create a facsimile version of the real world where people can collaborate, conduct training and demos, and close deals in real time. This latest technology is gaining traction because of the real-world experience it’s bringing in.
Nike generated 3100 Ethereum of revenue ($8million dollars) in just a week by selling its virtual sneakers.
Accenture has already built a metaverse habitat called Nth Floor, which replicates their real-world office, where the employees can waltz into the office space and carry out their tasks without requiring to be present physically in the office.
Tech giants like Facebook (currently named as Meta), Microsoft, Google and Nvidia are already investing heavily in this newest technology and experts predict that this technology will add up to $5 trillion revenue to the global economy by 2030.
While most of the biggest advancements in the medical field came because of technology, there is a bit of resistance even now. The pandemic has shown us how pivotal technology is for the medical field. Telehealth is the distribution of health-related services with the help of technology to patients who are seeking care without having to get out of their homes. Mobile health apps, live video conferencing, remote patient monitoring, etc., are examples of telehealth services.
#4 Low-Code and No-Code AI:
Artificial Intelligence has shifted its gears from technical lingo to user-friendly interface with low-code and no-code solutions. The ability to build solutions without the expertise of coding or technical know-how has made it the top pick and successful among the business leaders. Gartner report states that 50% of mid and small-level organizations will embrace low-code and no-code solutions by 2023. The above statistic is testament to the fact that low-code and no-code is here to stay for a considerable period of time.
Would you like to get deep insights about the low code and no code solutions? Book a free one-on-one call with the service experts here.
#5 Internet of Behaviors (IOB):
IoB is all about using data to change behaviors. It gathers data from different sources and uses this piece of information to influence user behavior with the help of feedback loops. For example, a taxi service can monitor driver’s behavior, such as the speed at which they drive, aggressive turns, sudden breaks, etc. Using this data, the performance of the driver can be assessed, and adequate steps can be taken.
#6 Distributed cloud:
In this, cloud services are distributed to various physical locations, but the entire operations and governance is handled by the public cloud service provider. When organizations have these services physically closer, it helps with low-latency scenarios, mitigates data costs, and it also allows you to be accommodating of the local laws.
Give this blog a read to learn the ins and outs of cloud services.
#7 Edge Computing:
It is one of the new technology trends 2023 which allows for low latency and high-speed data processing. Edge Computing allows organizations to carry out computations closer to data storage systems thereby improving the performance of the application. The objective of edge computing is to run fewer processes in the cloud and transform them to an edge server or the user’s computer. Since it increases the process speed, it lets you handle time-sensitive data that is stored in remote areas and has minimal access to the central location.
#8 Human Augmentation:
Human Augmentation is a broad term which is all about innovations which seek to improve human abilities and productivity. AR lenses, RFID tags, prosthetics, etc., are examples of human augmentation. It can help in the enhancement of human cognition and action abilities. You can accomplish it by sensing, actuation technology, AI, fusion and fission.
#9 Intelligent composable business:
An intelligent composable business is one which can adapt and rearrange itself based on the current situation. Businesses are investing in digital transformation because they want to make quick business decisions that can be made with the data that is already available. To achieve this, businesses should have access to information, enhance it by gathering more insights and responding quickly. This will help businesses to make decisions without having to always wait for a “Go ahead” from the leadership team.
#10 Hyper Automation:
With this new technology trend 2023, anything can be automated in an organization. There are a lot of organizations which use legacy processes that are pulling them down. These processes create a lot of issues and are also immensely expensive just to maintain them. Advanced technologies such as Artificial Intelligence, Machine Learning, RPA, Natural Language Processing, Process Mining, etc., are applied to leverage the maximum potential for an automated enterprise.
Many organizations are guilty of using technologies that have limited applications. They are usually not lean or optimized specifically for the business. You need to accelerate the use of technologies in your organization to be agile and efficient. If you don’t invest in the latest technologies that are taking the world by storm, you might be left behind by your competitors.
At Zuci, we help you with everything from personalizing your digital experience to Business Intelligence services. Partner with us to work with some of the best technological minds in the world!
Frequently Asked Questions (FAQs )
How to stay on top of the top technology trends?
Organizations must know “what’s-what” in modern technology to transform their business models, launch innovative products/services, shoot up sales and enhance customer experience. But with the emerging technologies, it’s challenging to cope with the new technology trends. By joining the technical communities, subscribing to technology newsletters such as TechCrunch, fully charged by Bloomberg, etc., attending technology conferences and seminars, you can easily keep a finger on the latest IT trends.
What are the other future tech trends to watch out for in 2023?
Natural Language Processing (NLP)
As Rachel Roumeliotis, Vice President of AI & Data Content Strategy, explains, “Natural Language Processing (NLP) is a wing of Artificial Intelligence that helps machines understand how humans talk, speak and write. These systems capture inputs from the users and offer contextual output for them.” Language translators, smart assistants, chatbots, email filters, and Optical Character Recognition (OCR) that we use on a day-to-day basis are a few examples of the NLP system.
With a few inputs from the users, the NLP technology can automate your repetitive tasks, offer contextual responses, analyze massive chunks of business data, help gain insights into it and make data-driven decisions.
The growing popularity of blockchain technology can never be overlooked and thus we are listing this in our article here. The technology which was primarily used for cryptocurrencies gained momentum in recent years for its immutability, increased capacity and transparent system. Banking and accounting firms are predominantly using this technology for its top-of-the-line security and to generate smart contracts, automate their ledger and record keeping duties and store customer information in a decentralized infrastructure. From healthcare, payment companies to supply chain and logistics companies, nearly every industry is transforming their digital journey with the help of this technology.
How can businesses leverage these latest technology trends for growth and innovation?
No matter how informed you are about the latest technologies and trends, you need a foolproof plan to leverage its potential and skyrocket your business performance. Here are 3 ways you can leverage technology trends;
- Creating the game plan: You need a foolproof strategy to understand what needs to be implemented and what not to achieve your technical goals. Consider your IT infrastructures, budget, and business challenges while mapping out the strategy.
- Finding the right tools: You may have top-notch ideas ready, but if you fail to adopt the right tool, your entire vision to drive your business growth may go down the drain. Pick the right tool that is needed to accomplish your technical goals.
- Finding the right technical partners: You need a highly skilled workforce to implement, maintain and troubleshoot these tools. Whether by hiring an adept internal team or outsourcing it to industry experts, tapping into the right talents can go a long way in harnessing new technology trends to stay ahead of the competition.
How is Artificial Intelligence (AI) impacting various industries?
From production operations and machine maintenance to quality control and data processing, AI is already revolutionizing the way businesses are operating. The AI capabilities are being used by different industries to drive progress. Check out some of the ways in which AI is driving growth and innovation in different industries.
- AI in Finance – AI’s ability to analyze and process a big chunk of data much more quickly than humans are making it the most powerful technology for trading and investing. It identifies the buying and selling patterns of the customers and aids financial experts in predicting the future and making informed decisions.
- AI in Healthcare – From robot-assisted surgeries to wearables that generate health conditions such as blood pressure rate, heart rate, etc., AI is reshaping the way the healthcare industry is functioning today. AI in healthcare detects diseases faster and offers improved patient experience and safety.
- AI in Marketing – End-users, today, prefer personalized experience and AI has the power to offer them just that. AI tools are useful in tracing market trends, customer habits and predicting future trends. Marketers can leverage this information to build successful strategies and present the right type of content to improve sales and customer experience.
What is Blockchain, and how is it changing industries like finance and supply chain?
Blockchain technology gained momentum for its decentralized infrastructure and the ability to conduct transactions without any intermediaries. Although many industries are embracing this technology to improve security and efficiency in their business operations, supply chain, and finance industries are unleashing their potential to the fullest. It is turning traditional financial institutes with their seamless, transparent, and secure transactions for their customers.
In supply chain, organizations can create unique transaction-led tokens for purchase orders, inventory units, invoices, etc., that can be shared only with the stakeholders. Every token transfer between the stakeholders can be recorded and traced by the organizations.