How will technology shape your business in 2023

2022 was the first year that the UK didn't experience any lockdowns since 2020, presenting an opportunity to take stock of the economic impact those lockdowns had during the previous two years, and explore the opportunities that had grown out of the challenges faced. Technology was undoubtedly a huge factor in helping businesses keep trading even after their doors were forced to close. Today, those technologies are continuing to evolve, presenting business owners with new and better ways to reach their audiences. Here we explore technology trends for business that are predicted to lead the market in 2023 and beyond.

Technology trends to kick-start your business this New Year

Blockchain

Historically synonymous with cryptocurrency, the wider business applications of blockchain have become increasingly apparent, with 2023 predicted to be a significant year for adoption of the technology across a range of sectors. Blockchain leverages Distributed Ledger Technology (DLT) to create an immutable public ledger that records data on computers distributed across a network. Validation records are irreversible, individually encrypted, time-stamped, and must be validated by all network participants, all of which are anonymous. The decentralised approach, combined with high levels of security and confidentiality makes blockchain an attractive prospect for many businesses looking to take their cybersecurity to the next level.

Integrating blockchain with Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS) technologies can effectively address two key areas that are sometimes problematic for these cloud services: privacy and security. Data can be stored on blockchain nodes, with users been charged for the storage they use, and node owners being paid accordingly. There is also enhanced protection against loss of data when applying blockchain to cloud storage solutions, as once data is added to a blockchain, it cannot be deleted or removed. And even in the eventuality that the data does somehow get removed from one computer, it will still remain on all other computers throughout the network, providing tremendous resilience to data loss.

Any repeat of the highly-publicised ransomware attacks that blighted NHS computer systems a couple of years ago could potentially be prevented with the adoption of blockchain. The implementation of this technology in the healthcare sector would mean that patients' personal data could be stored on a distributed network over thousands of computers. The duplication of information across the network eliminates the possibility of DDoS attacks, as each computer holds a full record of all data, meaning thousands of identical backups are available. All data is protected by high levels of encryption with secret private keys, mitigating against the chances of any information being stolen. Blockchain approaches to patient data also make the information available globally, meaning doctors can access patient information from anywhere in the world, something that may prove particularly useful for patients who are travelling or on holiday. Blockchain also makes the ordering of drugs and medical equipment safer and more reliable, as the entire history of the products - from the sourcing of their materials, to the shipment method used to transport them - is easily traceable across the network in just a few seconds.

When applied to real estate, blockchain can dispense with paperwork and associated red tape to provide transparent, traceable records of property ownership and rights. Reducing the time it takes to perform checks from weeks to mere minutes could potentially make the processes of buying, selling, and transferring property rights much simpler, and stimulate the industry in ways almost unimaginable without this technology. The potential for fraud and human error is also greatly reduced with blockchain's robust encryption and validation methods. Data collection is another benefit of blockchain adoption, and being able to trace the origins of data can make it easier to ascertain relevant property rights and ownership. All of this could make the roles of expensive third parties currently essential to the buying and selling processes redundant, saving significant costs and simplifying the entire industry.

These are just a few examples of industries that are waking up to the untapped potential of blockchain technology. Legal systems, government bodies, manufacturing companies, and many more sectors all stand to significantly enhance their processes with the adoption of this technology. Could your business be among them?

Internet of Things

Internet of Things (IoT) devices are nothing new, but their application and development continue to accelerate at a phenomenal pace, so much so that some predictions suggest 75% of all devices will be IoT devices in the next eight years. IoT describes the interconnection of physical devices over the internet, with sensors, processors, and other software which facilitates the capture, storage, sharing, and processing of data. In 2023 and beyond, the IoT is set to become ubiquitous throughout all industries. Supply chains across healthcare, retail, logistics, manufacturing, and other sectors will benefit from reduced overheads, faster processes, and improved monitoring as every point in the chain becomes traceable at much more granular levels, with greater amounts of data being captured for analysis at each point to optimise the chain. While most people are aware of the negative economic impact the COVID-19 lockdowns had on business, the accelerated development of IoT monitoring capabilities was a direct positive response, and one that can continue to help businesses to recover and grow in the coming years.

The application of Machine Learning (ML) to IoT devices has opened up a new world of possibilities that have helped businesses execute predictive maintenance strategies, eliminating system malfunctions before they occur, and therefore limiting downtime which has saved considerable amounts of time and money. ML is also making it possible to obtain swift and accurate analyses of all the data IoT devices are gathering, leading to better processing and classification to provide enhanced business insights. Accurately automating these processes is already proving invaluable to the energy, healthcare, and finance sectors.

Data centres are also benefitting from increased efficiencies by applying ML to their IoT devices. In one application, IoT devices monitor the temperature of servers that store and process data. ML defines optimal thresholds to ensure the servers are functioning at their best, and remain resilient to failure, with cooling procedures being initiated instantly if these thresholds are breached. This practise is already saving a significant amount of money for some of the biggest names in cloud computing, and is a trend that will only increase in popularity as ML becomes better at optimising IoT efficiencies.

Sustainable technology

Consumers are more environmentally aware than ever before, and are demanding the same of the brands they purchase from. In response to this, businesses are assessing their manufacturing and supply chain practices, ensuring they meet and even go beyond new regulations imposed throughout many European countries to ensure a greener future. The rise in online shopping during the COVID-19 lockdowns saw a significant reduction in consumer carbon emissions, as they shopped from the comfort of their homes rather than driving to stores. However, these emissions savings were at least partially offset by an increase in the number of delivery vehicles on our roads, shipping purchases to the consumers' front doors.

In an effort to maintain lower consumer emissions, many businesses have opted to close their bricks and mortar premises indefinitely, and operate entirely online. This has seen a surge in ecommerce websites and software to facilitate remote working. Instant Messenger (IM) applications, video conferencing systems, online stock tracking, ordering and management, and a host of other digital tools have all made it possible for businesses to reduce the overheads incurred when running physical stores, give their staff more flexible working options, and significantly decrease their greenhouse gas emissions. Industries that would seem to require physical store visits to operate - such as high street clothing stores that allow people to try on products before purchasing - have turned to Augmented Reality (AR) and Virtual Reality (VR) solutions that allow customers to digitally try on their clothing to see how it looks on them before they make a purchase.

Efforts to reduce the emissions caused be delivery vehicles are also taking great strides forwards. Major brands are moving to 'electric first' vehicles fleets, which include electric cars, drones, and bicycles. Autonomous delivery vehicles are also being trialled in a number of countries in a move to decrease costs and increase efficiencies associated with shipping and delivery. Vehicle fleets are also turning to advanced onboard telematics solutions that use IoT devices to monitor a range of variables, from drivers' habits to the vehicles' environment. With the data gathered, fleet managers are able to encourage driving habits that keep emissions down - such as reduced idling - and ensure that the best routes are plotted to avoid unnecessary fuel consumption.

Robotic Process Automation (RPA)

With 80% of global organisations having implemented or being on course to implement RPA systems, business leaders are paying close attention to this technology. Significant improvements in productivity are already being enjoyed across a number of sectors as RPA enables users to program bots to follow specific processes in an automated manner. Automating these processes with RPA makes them faster, scalable, and more reliable, while also freeing up employees' time to work on higher value areas of the business.

The 'Robots' in RPA are virtual and can overlay multiple software applications simultaneously. They use user interface interactions and descriptor technologies to perform their tasks. This has proven particularly useful in the telecommunications industry, as RPA bots match common query responses to questions raised by customers when they liaise with contact centres, and present these responses - along with other relevant information about the customer, their history with the organisation, and the nature of their query - to contact services agents, making it easy for them to compose and send an appropriate response within timeframes that would not be possible without this RPA assistance.

In the retail and ecommerce sectors, RPA solutions are being employed to process customer orders. The steps in these processes are often repetitive and tedious, which can sometimes lead to carelessness and a lack of attention when they are executed by humans. Offloading these processes to RPA bots ensures tasks are consistently executed, resulting in better customer experiences, and a workforce empowered to focus on more interesting and higher value areas of the business. And it's not just retail employees that are getting a helping hand from RPA: onboarding processes across many sectors are being handled by bots to ensure consistent experiences for new starters, and free up time for managers. RPA solutions will ensure staff are correctly added to payroll systems, set up with a company email address and access to the intranet, given the appropriate levels of access to the systems they need, invited to inductions and other meetings, and provided with any relevant handbooks or other literature about the organisation. Using RPA for these processes ensures that every staff member is onboarded in accordance with company HR policies and any regulatory requirements the business operates under.

Another broad application of RPA solutions is cybersecurity. Every business wants to protect their data and systems from malicious attacks or erroneous leaks, and RPA solutions are very effective in this field. The use of bots can entirely eliminate the need for human intervention when processing data, thus eliminating the chances of human error. Simultaneously, these bots can constantly monitor systems for irregularities that could indicate a data breach or a cyberattack, taking necessary action in such an event, as programmed. This is particularly useful in the finance sector, where any fraudulent activity can prove especially costly. Bots will constantly monitor systems and detect any suspected fraudulent behaviours far faster than a human could. They can also be programmed to isolate and close down accounts associated with suspected fraudulent behaviour, mitigating against the chances data loss or system compromise.

Edge Computing

Edge computing describes the processing of data outside of (or on the 'edge' of) the cloud or data centre. It is a methodology applied to industries where the reduction of latency is paramount, and places the processing of data closer to the source from which it is generated, allowing for real-time analytics to attain better insights. The cost of data transportation is mitigated with edge computing; sensitive data that can't be moved (for compliance or other reasons) can still be processed outside the data centre; and bandwidth requirements are greatly reduced, helping businesses to save on these costs.

It's predicted that by 2023 more than half of new enterprise IT infrastructure will use edge computing methods. As mentioned above, the IoT industry is booming, and showing no signs of slowing down over the next few years. Every IoT device generates data, and therefore we are likely to see a huge increase in the amount of data being generated in 2023 and beyond. As a result, we will see an increase in edge computing, as IoT devices are either equipped to process the data they gather, or pass it to local nodes for processing outside the data centre.

The proliferation of 5G networks, and the anticipated rise of 6G means data capture and transmission will be faster than ever before. To realise the value of these increasing volumes of data, we will need ways to quickly and accurately process it, and this is where edge computing will prove an invaluable tool for processing data at its source. A direct, real-world application of this technology will be in seen in the growth of Autonomous Vehicles. Edge computing will provide the low-latency processing capabilities needed to analyse data gathered by vehicle sensors, giving vital insights on road conditions, vehicle health, other road users, and a range of other information critical to maintaining efficiency and safety. It may not be too much of a stretch to say that edge computing will be the key that unlocks the anticipated boom in AVs in the years ahead.

To find out more about any of these trends in business, or what the future of your own business technology could look like, get in touch today https://www.dotfive.co.uk/info/contact

Some predictions suggest 75% of all devices will be IoT devices in the next eight years.