The technology industry is advancing at an exponential rate, introducing new technologies to reinvent business processes and captivate consumers. We look at the development of technology from 2022 to 2023:
In 2022, research by Accenture (2022) found that a mere 35% of consumers trust how companies utilise AI to improve their business processes. This level of mistrust of consumers is one of the factors that fuelled the progression of responsible AI which is expected to continue throughout 2023. Responsible AI is created and implemented with the primary intention of benefitting organisations, employees, and consumers (Accenture, 2022). Accenture (2022) explains that responsible AI should be transparent, unbiased, and ethical in its design and implementation. A trend that HCL Tech (2023) is currently noticing is a preference by investors to invest in organizations that provide Responsible AI services as opposed to organizations that don’t.
Hybrid Work Models and Cybersecurity:
The number of employees who work in a hybrid environment has increased from 13% in February 2022 to 24% in May 2022 (Quixy, 2022). The gradual increase in the use of hybrid work models and the reliance on cloud solutions to facilitate this environment has reinforced the importance of adequate cybersecurity measures. HCL Tech (2023) explains that cybersecurity defined the parameters of the hybrid-work model in 2022. In response to this, cybersecurity mesh has come to the forefront in 2023 due to hybrid work models requiring “advanced level security” (HCL Tech, 2023). HCl Tech (2023) predicts that companies that implement cybersecurity mesh systems can mitigate the “financial impact” that cyberattacks have on a company by 90% in 2024.
HCL Tech (2023) states that hyperautomation was a key enabler of companies’ digital transformation strategies in 2022 and this trend is expected to continue throughout 2023 (HCL Tech, 2023). Hyperautomation involves identifying every process within a business that can be automated and implementing technology to automate each of these processes (IBM, n.d.). The increase in the accessibility of hyperautomation tools will influence the commoditisation of Robotic Process Automation (RPA) and fuel the implementation of these tools in business’s workflows (HCL Tech, 2023).
The green technology industry has gained considerable interest in response to the advancements being made in sustainable technology, the increase in investments in green tech, and the increase in the affordability of “greentech infrastructure” (Perkins Coie, 2022). Some of these advancements were made in clean energy, green hydrogen, and carbon capture and storage (Perkins Coie, 2022). HCL Tech (2023) explains that green IT was a forerunner in 2022 in the journey to a sustainable future. Building on this, the main focus of green IT in 2023 is enabling “cloud sustainability” and reducing the harmful emissions generated by data centres (HCL Tech, 2023). The drive for sustainability and the development of green technologies is expected to become an “enabler for continued business growth” (HCL Tech, 2023). The benefits attainable from green IT include:
- reduced wastage of resources
- cost savings from reducing energy expenditure
- improved “customer satisfaction and loyalty,” as many customers prefer companies that maintain sustainability policies (Lutkevich & McLaughlin, 2022).
Accenture (2022) AI Ethics & Governance, Accenture. Available at: https://www.accenture.com/nz-en/services/applied-intelligence/ai-ethics-governance.
HCL Tech (2023) Tech Trends 2023, pp. 24–26. Available at: https://www.hcltech.com/trends/tech-trends-2023.
IBM (n.d.) What is hyperautomation?, IBM. Available at: https://www.ibm.com/topics/hyperautomation.
Lutkevich, B. and McLaughlin, E. (2022) Green IT (Green Information Technology), TechTarget. Available at: https://www.techtarget.com/searchcio/definition/green-IT-green-information-technology.
Perkins Coie (2022) 2022 Emerging Technology Trends, pp. 38, 40. Available at: https://www.perkinscoie.com/images/content/2/5/250636/4-ETT-Chapter-4-GreenTech.pdf.
Quixy (2022) 50+ Hybrid Workplace Statistics that you should know in 2023, Quixy. Available at: https://quixy.com/blog/hybrid-workplace-statistics/.