Five Technology Trends That Will Shape the Future of Business in 2023

CXO Digital Pulse

The world is rapidly evolving, and technology is at the forefront of this transformation. I predict that in 2023, businesses will focus on five technology areas that have the potential to create immersive and impactful experiences that will transform industries.

1. AI/ML Applications in Industry Verticals

The adoption of Artificial Intelligence (AI) and Machine Learning (ML) in industries such as farming, factories, and marketing has already shown significant improvements in optimization, reduced costs, and improved customer experiences. I predict that the potential for AI/ML applications will continue to grow in 2023, with more businesses adopting these technologies. Farmers can use AI/ML to optimize crop yields and minimize fertilizer usage, factories can use it to identify equipment failures before they occur, and marketing teams can use AI/ML to personalize customer experiences to improve engagement.

Golden Nugget: I suggest that the successful adoption of AI/ML requires a clear understanding of the business problem and the right expertise to build and implement solutions. Businesses should identify specific areas where AI/ML can make a meaningful impact and ensure they have the right talent and technology to support their adoption.

2. Digital Workplace and Digital Literacy

In 2023, businesses will focus on a digital workplace that supports a self-service approach to accelerate digitization and automation. Companies can significantly improve productivity with a range of tools available, from data visualization to web and mobile app development, workflow and automation, and AI services such as cognitive service or OpenAI (GPT) capability. In addition, businesses must focus on digital literacy to ensure employees are equipped to work in a digital environment. By creating a digital workplace that empowers employees, companies can increase agility, innovation, and productivity, which is essential in a rapidly changing world.

Golden Nugget: Successful digital workplace development requires a shift in mindset that prioritizes the employee’s needs. Businesses must rethink their processes and tools to ensure they are designed with the end user in mind. By creating a culture of digital literacy and providing the necessary tools, knowledge, and support, businesses can empower employees to be more productive, innovative, and agile.

3. API and Integration Platform

An API and integration platform are critical to establishing a digital integration fabric that allows different technology building blocks to communicate and interact with each other. In 2023, this platform will be essential for end-stage digital platforms and ecosystems that require a high degree of integration between different technologies. By enabling seamless communication between different technology building blocks, businesses can create new, innovative digital solutions that can transform industries.

Golden Nugget: Successful API and integration platform development requires careful planning and attention to detail. Businesses should ensure they have the right architecture, technology stack, and governance in place to support the platform’s development and growth. By creating a digital integration fabric, businesses can create an innovative digital business model and new customer values.

4. In-House Digital Platform

In-house digital platforms can provide better customer experiences and generate new revenue streams. In 2023, I predict that more organizations will be ready to pilot or start introducing digital platforms for their customers or external users to provide better customer experiences and generate new revenue streams. These platforms enable businesses to create unique value propositions and differentiate themselves from competitors. By creating in-house digital platforms, companies can create a seamless and personalized experience for their customers.

Golden Nugget: Successful in-house digital platform development requires a deep understanding of the target customer, competitive landscape, and organizational capabilities. Businesses should focus on creating an iterative and agile development process that allows for rapid experimentation and learning.

5. Cybersecurity on Cloud and OT (Operation Technology)

I predict that in 2023, businesses will place a significant emphasis on cybersecurity on the cloud and OT. As digital transformation continues outside the company and cloud adoption becomes more critical, security on the cloud is becoming a crucial issue. In addition, the smart factory effort is opening OT (operation technology) more than ever to cyber threats. To address these challenges, businesses will need to invest in advanced cybersecurity measures that protect their data and systems from malicious attacks.

Golden Nugget: Successful cybersecurity on the cloud and OT requires a comprehensive approach that includes the right technology, processes, and people. Businesses should invest in cutting-edge cybersecurity technologies such as advanced threat detection and response systems, encryption, and identity and access management. Moreover, businesses should develop a culture of security awareness that empowers all employees to take ownership of their security responsibilities.

Technology Impact Prediction: Measuring the Impact of Digital Transformation

In addition to the five technologies highlighted above, I predict that businesses will start making a concerted effort to systematically measure the impact of their digital transformation and technology investments. By doing so, businesses can better understand how their investments create value for their bottom line, improve customer experiences, and drive innovation.
To achieve this, technology leaders will need to work closely with business leaders in different functions, such as finance, marketing, and HR, as well as the CEO to co-create measurable business impacts that drive a sustainable and measurable transformation program. Businesses will need to develop metrics that measure the impact of their digital investments on key performance indicators such as revenue, cost savings, and customer satisfaction. These metrics should be incorporated into regular reporting and decision-making processes to ensure that businesses are making informed decisions.

Golden Nugget: To measure the impact of digital transformation, businesses must have a clear understanding of the key business processes and the customer journey. By identifying the critical areas of the company and the customer experience, businesses can prioritize their digital investments and measure their impact effectively. In addition, businesses should invest in the right data and analytics tools that can help them collect, analyze and visualize data to make informed decisions.

Conclusion

In conclusion, businesses will need to focus on five critical technology areas to remain competitive in 2023. These include AI/ML applications in industry verticals, digital workplace and digital literacy, API and integration platform, in-house digital platforms, and cybersecurity on the cloud and OT. Moreover, businesses will need to start measuring the impact of their digital investments to ensure that they create value for their customers and their bottom line. By focusing on these technology areas, businesses can create immersive and impactful experiences that transform industries and provide them with a competitive advantage.

About the author

Athikom Kanchanavibhu
Athikom Kanchanavibhu
Executive Vice President – Digital & Technology Transformation
Mitr Phol Group

 

Athikom Kanchanavibhu is currently serving as the Executive Vice President of Digital & Technology Transformation at Mitr Phol Group, a leading producer of sugar and bio-based products in Asia. With two decades of experience in both consulting and industry, he is passionate about driving business performance through strategic integration of business strategy, human capital, technology, and innovation.

He has been awarded the CIO75 ASEAN award for two consecutive years (2021-2022), which highlights his expertise in technology management, strategy, governance, risk mitigation, and compliance. Athikom comes with a proven track record as a PMP and SAP-certified professional, having successfully led transformative initiatives and projects across seven industries, both domestically and internationally.

Athikom’s digital and technological expertise encompasses a wide range of competencies, including business solutions, B2B2C commerce, automation, data analytics, digital marketing, cybersecurity, cloud computing, and infrastructure. He has been a keynote speaker at premier events such as the Microsoft Envision, SAP Asian Innovators Summit, The Economic Times, IDC Business Forum, CIO Leader Summit, Chief Transformation Summit, Chief Digital Officer Summit, and Martech Summit to share his insights and experience.

He holds a Ph.D. Candidate, MBA, and MIS from Chulalongkorn University, possessing a T-shaped skill set in business, technology, and innovation management. Athikom is passionate about lifelong learning and giving back to the community fuels my involvement as an Advisory Board Member for the ASEAN Innovation Business Platform.

Disclaimer: The views expressed in this feature article are of the author. This is not meant to be an advisory to purchase or invest in products, services or solutions of a particular type or, those promoted and sold by a particular company, their legal subsidiary in India or their channel partners. No warranty or any other liability is either expressed or implied.
Reproduction or Copying in part or whole is not permitted unless approved by author.

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