As we navigate our way through the ‘next normal’, technology has the potential to drive us towards a better future. Companies around the world are automating repetitive tasks, tackling innovative projects with powerful tech tools and utilizing data to deliver superior products and experiences. Let’s look at some of the major tech trends that are dominating 2022 and empowering businesses to create value.
Businesses around the world are generating and consuming large volumes of data at impressive speeds. Though becoming a hyperscaler to handle a gamut of data is an extremely expensive undertaking, companies can leverage the capacities of existing hyperscalers like like AWS or Azure to process data and automate processes. Hyperscale computing involves the creation of cloud-native architectures using complex technologies. Hyperscalers and SaaS providers are working on making adoption easier for businesses with modular solutions. These will accelerate app development and enable companies to focus their resources on strategic business functions and competitive differentiation.
Organizations are not only utilizing their own data but also increasingly leveraging data from external sources to derive insights and support business decisions. This data helps them in realizing more data-driven opportunities with a better worldview. Traditionally security and privacy concerns had made external data difficult to obtain and consume. Powerful data-sharing and privacy-preserving technologies are making it possible to democratize data like never before. Fully Homomorphic Encryption (FHE) and Differential Privacy are some of the technologies that are opening up new possibilities by enabling data sharing while also creating avenues of data monetization.
The scope of blockchain and distributed ledger technology (DLT) has evolved beyond cryptocurrencies and NFTs (Non-Fungible Tokens). Enterprises are now expanding their portfolios and creating new income streams with creative uses of this technology for managing tangible and digital assets. Blockchain and DLT also allow sharing of information across entities seamlessly and transparently facilitating collaboration and transactions. The applications of these technologies are endless, including identity management, supply chain, logistics, banking and trade.
Today's businesses are subjected to technological complexity and higher customer expectations. Demands for business continuity and extended availability have led CIOs to reengineer their IT processes and automate repetitive and manual processes at scale. A combination of engineering, automation and self-service platforms has enabled faster time-to-market and enabled organizations to streamline their processes. Automation at scale has gained importance but still remains an underutilized concept. Companies are increasingly turning to automation to manage complex systems, handle repetitive tasks and improve customer experiences to make their businesses more resilient.
The growing use of digital systems has also led to a rise in cyberattacks. These threats are also becoming more complex and difficult to detect. Combating these issues is a priority for businesses as they risk losing sensitive data and facing operational hurdles. Cyber AI not only helps organizations respond to attacks faster but can also be critical in identifying anomalies to detect and prevent threats before a breach happens. This makes a business more resilient and proactive in terms of its security posture so that valuable resources can be protected even against sophisticated or AI-powered attacks.
Smart devices are everywhere and are impacting all aspects of our lives. In this increasingly connected world, the scope of IT in business is growing beyond laptops and smartphones. Devices like IoT-enabled factory equipment, automated robots, drones, etc. are a critical part of business and are new to many organizations. CIOs are now considering ways to onboard, manage, maintain and secure these devices efficiently to ensure system uptime and resilience. Device Governance plays a vital role in this regard to establish standards, guidelines and ethical grounds. Companies are also looking at recruiting the right technology talent to manage technical complexities and reskill their current workforce to utilize these smart devices to their best potential.
The alternate reality of the metaverse has taken the world by storm and is finding applications other than gaming and entertainment. There is a lot of excitement as well as skepticism around the implications of this technology. Nevertheless, the metaverse is set to disrupt the technological landscape and reshape user experiences and businesses. Industries like banking and finance are already exploring how the metaverse can help them create more unique customer engagements and be a differentiator in competitive markets. First movers in the metaverse will also be the ones to have an impact on setting standards and creating a responsible metaverse. Companies set to make decisive technological investments will be able to get ahead, starting by prioritizing digital transformation.
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