5 Ways Technology Will Change Business in 2023

5 Ways Technology Will Change Business in 2023

The constant evolution of technology means companies of all sizes need to stay up to date with developments which could affect their operations and potentially improve their bottom line. So, here are five technology trends that will impact businesses in 2023.

Artificial intelligence (AI)

The main AI trend to watch in 2023 and beyond is its real-world application. From streamlining the retail process for customers to inventory management, companies will be able to access simple AI interfaces that allow them to harness the opportunities to create efficiencies. Other key areas where the technology will be increasingly deployed include generative AI, which allows for the creation of content including images and text, as well as use cases for tackling such issues as carbon emissions.

Virtual and augmented reality (VR/AR)

Next year is expected to see continued development of VR and AR, as well as other transformative technologies, such as mixed reality, cloud computing, internet of things and 5G. In particular, VR and AR have great potential to facilitate business functions in such areas as staff training and education, design and manufacturing, and presentations. In terms of the customer experience, through VR, retailers can virtually create their physical store and allow consumers to browse the racks and shelves from home.

Quantum computing

The reason why quantum computing is a trend to watch is the sheer amount of interest there is in its development in countries including the US, UK and China. Similarly, it is generating high levels of investment as the race to scale quantum computing continues. Quantum computing offers new ways of storing and processing information that could be transformational. In fact, it could make current encryption technology obsolete, which is why it should be on the radar of business leaders. Commercial applications for quantum computing include financial portfolio management, drug discovery and behavioural analytics.

Web3, blockchain and crypto

Next year, there is expected to be a shift among businesses towards Web3. This is an advanced version of the internet that incorporates decentralisation, blockchain technologies, cryptocurrencies and non-fungible tokens (NFTs). One industry Web3 is expected to impact is online gambling. Customers are already able to wager and cash out using cryptocurrencies at a bitcoin casino. However, the development of Web3 and related technologies open up additional possibilities. These include different forms of NFT betting and the chance to play using the next-generation Web3 cryptos.

Robotics and automation

A fifth trend that will continue to disrupt the business world in 2023 is the wider adoption of robots and automation. One change will be the appearance of robots in a more human form. In addition, they will be able to perform ever more challenging and complex tasks. As such, they are likely to be deployed more widely in warehouses and factories of all sizes to assist with a variety of manufacturing and logistics functions alongside the human workforce.

These are just five main trends to watch out for in 2023 and beyond. In addition, there are likely to be changes in such areas as green and sustainable technologies and the metaverse. So, employers, entrepreneurs and business leaders should stay alert to these developments and how they could impact, disrupt or even transform their industry.