Over the years, technology has greatly altered our lives by changing the way we do things, and it continues to reshape the world as we know it. Over the past year, we have witnessed several new technological advancements and how they affect our lives. In this blog, we’ll explore how technology is changing our futures, what the economic outlook for 2023 looks like, and some of the key trends for the coming year.
The Role of Technology in Our Lives and How Innovation is Our Best Bet in Times of Economic Distress
In such a short time, humanity has made great strides—from the domestication of animals to space travel and microchip development. Our lives have been changed forever by the advent of technology. We are fortunate to be living in a time when science and technology can make our lives easier, help us rethink the way we go about daily tasks, and innovate in ways we never have before.
However, the rise in inflation and the looming recession have led most people to feel a financial squeeze. Many businesses are also worried about an economic downturn in the near future. So, how do businesses deal with the threat of recession while still being forced to compete in such a rapidly changing market?
The answer, of course, is technological innovation.
During periods of economic downturn, technological innovation can provide a much-needed boost to our nation’s economy.
The recovery of some companies following previous financial crises suggests that they increase investment in innovation as a way to survive. Technology helps them stay ahead of the curve, gives them an edge in the competitive market, and makes them more resilient in the face of future downturns.
Top 5 Tech Trends for 2023:
The future will undoubtedly hold technological advances that may seem hard to fathom today, but by studying current trends, it is possible to make some guesses about what the world might be like decades and centuries from now. Here are some key technology trends that will play a major role in shaping 2023:
1. AI Will Enter the Mainstream
In 2023, AI will take on a greater definition. It will become a part of everyday business life. No-code AI, with its easy drag-and-drop interfaces and built-in machine learning capabilities, will empower any business to create more intelligent products and services.
In the last year, OpenAI made breakthroughs in artificial intelligence by giving the non-techie public access to AI tools for tasks such as writing and image creation. The Dall-E 2 AI art generator could generate images of nearly any conceivable subject. The ChatGPT chatbot was able to write letters, articles, and even passably good literature essays by using a large database of words.
In the coming year, more AI-based tools will be integrated into existing technologies. Microsoft, an investor in OpenAI, has already added the Dall-E 2 technology to its products such as the popular search engine Bing.
AI’s ability to mimic human behavior seems almost magical, but it is also flawed. As AI expert Peter Norvig explains, “AI systems have some problems that make them less reliable than we would like: they can be susceptible to adversarial inputs, and their performance degrades as the size of training data sets increases.” Although artificial intelligence is still a developing technology, we can expect to see significant progress in its application in the coming year.
2. The Metaverse Will Influence the Real World
With the rise of virtual reality, some have begun to refer to the new internet as a “Metaverse,” a place where we can work, play and socialize in an immersive way. The popularity of this platform has risen rapidly over the past year, and it is likely that parts of it will become a reality in just a few short months into 2023.
The metaverse could grow to be a $5 trillion market by 2030, according to some tech researchers at McKinsey and Company. Moreover, this year will be pivotal for setting its course over the next decade.
In 2023, we’ll have more immersive meeting environments where we can talk and co-create, whether in the physical or virtual world. Microsoft and Nvidia are already working on developing such software platforms to help people work together on digital projects.
We are likely to see advancement in the use of AR and VR for training and onboarding purposes, the use of more advanced avatar technology, and much more over the next few years.
3. Digital Twins Taking Over in 2023:
A digital twin technology provides a data-driven representation of any real-world entity, from buildings and factories to entire cities. Organizations can use powerful query APIs to seamlessly integrate Azure data, analytics, and AI services to gain actionable insights into the business process.
Insights like these can help companies design better products, run their operations more efficiently and profitably, appeal to customers’ needs in new ways, and do all of this at a lower cost.
In the coming year, we expect the market for digital twin software to continue to grow as more companies become aware of how their competitors have adopted the technology and want to level the playing field.
4. Rise in Robotic Process Automation:
Robotic Process Automation, or RPA, is a software technology developed with the help of Artificial Intelligence (AI) and Machine Learning (ML) technology. It uses bots to automate simple day-to-day tasks like gathering information from databases and other sources without human intervention.
In the last 20 years, automation has become commonplace. If you had told people two decades ago that most of their day-to-day tasks would soon be done by robots they could control, no one would have believed it.
The reality is that automation has changed the way we work in countless ways, and this transformation continues at an ever-accelerating pace. In the year 2023, we are likely to witness the rise of new RPA tools that would enable the implementation of RPA across various industries. Moreover, integrating RPA with other tools and technologies might be a smart move to accelerate innovation and ensure an even greater impact.
5. Superapps Will Dominate the Space in 2023
Many of you might not have heard this term before, but it has been around for some time now.
So, for those of you hearing it for the first time, what are superapps anyway?
A digital mall on your phone that lets you network with friends, shop for anything, and bank from anywhere—if it were an application, what would you call it?
You guessed it right! A superapp. Superapps have gotten a lot of buzz lately, but what makes them so special?
When you take a break from work, what do you tend to do? Do you look at nature and enjoy the breeze or check social media on your phone?
Obviously, the phone wins. And that means the most valuable real estate in today’s marketplace is your smartphone.
If you install too many apps, your phone may slow down and become difficult to use. So, when a company offers you an easier way to carry out all these functions on your phone seamlessly through a single platform, there is no way you’ll be able to say no.
According to a recently published 2023 trends report by Gartner, if you are not using superapps yet, you might be missing out on an important channel for increasing business value and improving your mobile user experience. Superapps provide a mobile-first experience that is tailored to the preferences of today’s digital natives.
By 2023, more and more businesses will develop “superapps,” or apps that integrate many functions into one program. The superapp will allow employees and customers to simultaneously communicate and carry out several tasks without having to download multiple programs, providing a better and more tailored user experience.
What is the Way Forward?
We are certain that 2023 will see rapid advancement in these and several other technologies as the world deals with radically-changed circumstances in a post-pandemic world, and looming threats of a global recession. Sitting on the sidelines is no longer an option for companies that want to succeed in today’s business climate. Businesses need to embrace these emerging technologies or run the risk of being left behind.
We at Intech Systems are here to help you navigate these technological changes taking place in your industry and use them to become a more powerful player and stand strong in times of economic distress. With our powerful Business Intelligence solutions using Power BI to AI capabilities with RPA (Robotic Process Automation) in Power Platform, we are helping businesses globally to become smarter and more efficient.
We are a Microsoft-certified Solutions Partner for Business Applications and are one of the top-managed partners in India. We have over four decades of experience in delivering top-notch technology solutions for Microsoft Dynamics 365, F&O, Business Central, CRM, Power BI, Power Apps, Microsoft Azure Cloud, AI, loT, and other custom-developed applications.
Contact us at sales@intech-systems.com to learn more about such technological advancements and how you can invest in them early to stay ahead of the curve.
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