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Top 5 emerging technologies to transform your business in 2023

Updated: Apr 12, 2023

The latest events proved that business prosperity depends on digital maturity and flexibility. Following the PwC survey, over 40% of CEOs believe their commercial success depends on digital transformation. It means the sky’s the limit, and companies will continue investing in best-of-breed technologies regardless of inflation. Meantime, what innovations are the most suitable for investment in 2023? Read on to discover.

What technologies are worth your investment this year

Recently, McKinsey shared an insightful report highlighting top emerging technologies that caused a shift in global business last year. They will also affect companies in 2023, helping them boost performance and drive revenue. You still have a chance to jump into the right carriage and continue your digital transformation journey composing your business goals and top tech trends.

Among the technologies that will definitely provide high ROI and empower your business are:

  • Advanced connectivity

  • Artificial Intelligence (AI) & Machine Learning (ML)

  • Cloud and edge computing

  • Immersive-reality technologies (Metaverse)

  • Sustainable consumption

Advanced connectivity

Versatile and smooth connectivity drives excellent customer experiences. IoT and 5G can transform your business from back-office processes to a commercial offering providing room for expanding audiences and revenue streams.

CSPs monetized connectivity, making it a nuclear of its services. Verizon, Orange, and Vodafone - all of them offer SaaS solutions based on the latest technologies to ensure smooth connectivity and lightning-fast speed.

Retailers apply advanced connectivity to create stellar eCommerce and offline customer experiences. Exactly this approach helped Amazon set up smart fitting rooms in their stores and Starbucks - launch cashier-less stores.

Artificial Intelligence (AI) & Machine Learning (ML)

These technologies allow companies to use highly-performant smart equipment to ensure uninterrupted operation and cut operational costs. Machines are capable of learning based on set-up instructions and various behavioral scenarios.

For retailers, AI and ML created the revolution by:

  • driving a buzzed voice commerce

  • supporting customer-oriented approach

  • boosting warehouse and supply chain processes

Meantime, telco operators remain the main suppliers of the power (5G) that makes these innovations work at full scale. They also use AI and ML for their own purposes, such as:

  • improvement of BSS/OSS

  • processing of real-time data

  • detecting and preventing fraud

Cloud and edge computing

Cloud migration remains a top priority for most companies in the telecom and retail domains. Yahoo Finance predicts that the cloud migration services market will reach a whopping $429.82 billion in 2026 because of the business desire to get:

  • data sovereignty

  • grander autonomy

  • high security

  • better latency

  • real-time data processing

For retailers and CSPs, cloud and edge computing are also crucial for profitable monetization since it allows the launch of new products and services to engage clients. For instance, AT&T has made a new service line providing customers with multi-access edge computing by partnering with system integrators to connect customers’ enterprise data centers with LTE and 5G infrastructure. Walmart is planning to use edge computing to leverage its national coverage of supercenters to supply edge computing services to customers near these locations.

Cloud Computing vs Edge Computing

Immersive-reality technologies

Metaverse is a game-changer in the retail industry empowered by telecom operators. Win-win. However, companies are just building the base, over 36% of online buyers expressed interest in using it. Meantime, Metaverse's global market value was $47.48 billion in 2022 and is expected to reach $678.80 billion by 2030.

Immersive reality is an excellent option for telecom since businesses can ensure its uninterrupted operation. When for retailers, it's an opportunity to:

  • Scale effortlessly

  • Predict customer behavior

  • Open virtual stores/digital showrooms

  • Use AR/VR technology to provide a native-like experience

Characteristics of the metaverse

Sustainable consumption

Sustainability is still a core aim for retailers and telco operators because of its significant impact on business development and scaling. Companies strive to consume less and become eco-friendly from the software used to offices their employees are working in.

While ESG reporting remains a core burden because of its complexity, it opens up more opportunities to boost business maturity. Building a sustainable environment around, companies can count on:

  • reliable contractors

  • effortless international business development

  • cut in operational costs

  • tax incentives, and many more

The Bottom Line

The range of emerging technologies that are business game changers has become broader. Most of them are already mastered by companies and, in the meantime, need more effort to be explored at a full scale. Business transformation or modernization requires extensive knowledge and experience. If you’re looking for support in implementing any of the above technologies, contact our sales team to discover how you can get robust software at a fraction of the cost and time.

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