Numerous digital inventions and shifts have entered their heyday. Businesses need to adopt new technology to keep up with the ever-shifting competition and maintain a competitive edge in today’s dynamic business environment, as shown by the previous few years. Products and services, as well as performance, new income sources, and the quality of the customer experience are all impacted by the digital transformation strategies that companies are adopting. As stated in an IBM survey, 56 percent of businesses expect to put digital transformation at the top of their agenda by 2021.
According to market research firm IDC, worldwide spending on digital transformation will increase by 17.1% annually. It’s anticipated that by 2023, this would have reached a whopping $2.3 trillion. Most money will be spent on digital transformation initiatives in the United States, Europe, and China. The cost of digitally transforming the financial services sector (which includes banking, insurance, security, and investing) will be higher than any other sector.
To help you prepare for 2023, we’ve compiled the five most important themes in digital transformation that will impact business.
AI Everywhere
When the year 2023 rolls around, AI will finally be a thing. To say the least, it is intriguing to see how quickly businesses all across the world are adopting new technologies. AI is improving efficiency and attempting to close the skills gap in a variety of ways, including by automating work and offering novel experiences. The technology will improve almost every aspect of business procedures in all industries. Artificial intelligence (AI) has evolved from its basic premise of automation as a means to prevent recurring low-end labour to becoming an aid to high-value jobs, such as assisting doctors, lawyers, and now programmers, to automatically execute critical tasks. Adoption of ChatGPT and the realisation that AI is now has proved that the time for AI Everywhere has here.
While 35% of businesses now make use of AI, another 42% are looking into the possibility, according a survey by IBM. Adopting companies stand behind the technology’s ability to consistently provide high-quality, innovative services and goods. Many major firms in the retail industry have already used AI-driven systems to handle and streamline their intricate inventory management procedures. If the current trajectory continues, the contactless, self-driving retail market will be next in line.
MetaVerse is Set to Become Real
To hear the experts tell it, 2023 is the year that will set the tone for the following decade in the metaverse. And by 2030, it will have added $5 trillion to the world economy. Innovations in VR and AR will go forward. A growing number of businesses across the world are already embracing augmented and virtual reality for employee onboarding and training.
The workplace, however, should be seen as a potential red flag. This means that we can have more productive brainstorming and collaborative-creation sessions in more stimulating settings. The sophisticated avatar technology is another aspect to be wary of. With motion capture, an avatar may seem identical to the actual world, and it could even mimic our movements and expressions.
Advancement in Web3
In 2023, blockchain technology is expected to make major strides toward the goal of producing more decentralised goods and services. The use of NFTs, or non-fungible tokens, is growing in popularity. Using an NFT ticket to a performance, for instance, may provide you access to the venue’s backstage area. In addition, NFTs may replace more traditional methods of interacting with digital goods and services.
Quantum Progress
This is a pattern we should keep an eye on in the year 2023. In order to provide novel approaches to processing and storing data, quantum computing makes use of subatomic particles. We’re competing with other countries to create practical quantum computers. Computers built with this technology are predicted to be a trillion times quicker than the most powerful current CPUs.
The present methods of encryption might become ineffective, though, thus this is a potential drawback. In other words, any country or company that invests much in creating quantum computing will be able to decipher the encrypted data of any other nation or company.
Progress in Green Technology
One of the major issues staring down at global economies today is reducing carbon emissions to address the climate catastrophe. It follows that in 2023 there will be more talk about green hydrogen, a new clean-burning energy source that generates almost no greenhouse gas emissions.
