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In this digital age, technology is not the only aspect of business that is rapidly changing. While we’re surrounded by new gadgets, discoveries, and inventions, every company is also subject to an insatiable hunger that is the customer’s expectation. Every time a new product or service is released, the customer’s expectation goes to the next level, raising the bar for the entire industry.
This puts a significant amount of pressure on upper management to formulate the ideal business development strategy that involves regular innovation of products and services while meeting the great demand and expectations of their customers. It is of the utmost importance that businesses follow the market trends and stay up to date with the fluid nature of technology. This can be seen clearly in the Deloitte CEO Survey: Summer 2021.
The Trends over ‘Growth’ & ‘Large Scale Initiatives’ in the Works
The data clearly shows that in the aftermath of the global pandemic, the majority of chief executives believe that their businesses will experience significant growth over the next year, with a main focus on technology and professional services.
It was also found that nearly 75% of CEOs are looking at digital transformation as the game-changing factor to accelerate their company’s progress. (Source: Fortune/Deloitte CEO Survey: Summer 2021 Highlights) This highlights the importance of effective digital solutions, as the data indicates there is already a large demand for them. This seems to be only growing.
This is further emphasized by the amount of spending allocated to the technological side of the business. Deloitte’s report found that the majority of company investment will go into technology modernization and artificial intelligence. This is valuable information for all C-Suite executives, as it indicates the direction in which companies are heading and the aspects of business strategy to focus on.
Drivers of Business Success
Having established that rapid technological discoveries and developments are the driving force behind business investment and acceleration, it’s only logical that technology is viewed as the way forward. The report shows that over 50% of all CEOs are relying on new products, innovation, and the application of technology to facilitate their predicted growth. (Source: Fortune/Deloitte CEO Survey: Summer 2021 Highlights)
Beyond the CEO
CEOs are at the very top of the organizational hierarchy, as they are responsible for the overall management and leadership of the firm. However, when it comes to business strategy and innovation, the CEO is highly reliant on other C-Suite executives to make a calculated decision on how the company should proceed. The Chief Innovation (or Technical) Officer, for example, is an invaluable asset to the company, since it is their direct responsibility to recognize business trends, anticipate customer demands and generate new, lucrative ideas on all aspects of business.
The recent study by Deloitte puts technology leaders above business leaders in both quantity and demand. This is in sync with the notion that digital transformation is being viewed as the way forward for most, if not all businesses.
Gartner’s 2022 CIO Agenda indicates that the concept of market “disruption” is growing with increasing popularity. Firms are waging a war with each other on the technology front, to see who can come up with the latest, most effective digital solutions, going head to head with innovation and investments, until a winner is declared by the general public.
This explains the reason why the main focus of all businesses has shifted to the technology leaders. As indicated in the report above, businesses are highly reliant on their Technology and Innovation Officers to lead the way forward.
Top 5 Technology Trends In Business To Look Out For
Between Forbes’ “Top 5 Biggest Technology Trends 2022” and KPMG’s 2021 CEO Outlook Pulse Survey, it’s very evident that there are specific areas in which a large number of businesses are looking to compete and excel in.
1. Artificial Intelligence
Artificial Intelligence (AI) has been on the rise over the past few years. Increasing investments and discoveries in the field of machine learning have helped develop state-of-the-art software. This has made business operations smoother and more efficient. However, there is an endless race to push the boundaries of technology and incorporate the latest AI solutions across leading industries such as Healthcare, SaaS solutions, and Security. The AI train left the station a while ago, and everyone’s trying to get on board, especially since it’s picking up speed. Fast.
Unfortunately, technological advancements aren’t always used for good. There has been a significant increase in cyber attacks, ransomware and data protection breaches over the past few years. This has resulted in a large demand for effective cybersecurity solutions. One of the most prominent currencies of today’s digital world is data, both financial and otherwise. With everything being digitized, the protection of this data is invaluable to companies, as customers have to be able to trust that their information is safe and secure. Firms will invest large amounts of money to ensure this outcome, making cybersecurity one of the most lucrative industries of today’s world.
3. Internet of Things
The Internet of Things (IoT) has gained a lot of attention of late. There’s been a large amount of success with the concept, which is to digitize anything and everything. This creates a network of interconnected devices that has the ability to store and process information. This is a prime example of the kind of technological advancements companies are conducting large amounts of research on. IoT also relies on AI to be successful. The applications are limitless, and the concept can be used in almost any industry.
4. Sustainable Energy
With the entire world focused on climate change, and the rising concerns of the degradation of the planet, many companies are on a mission to “go green”, and incorporate efficient and sustainable, renewable energy solutions. Technology is the foundation upon which these solutions are being built. The World Business Council for Sustainable Development says, “We’re working to scale the use of solutions that allow companies to go low-carbon today by increasing demand for new energy solutions, facilitating the development of innovative business models as well as raising awareness with investors. These activities build on the cross-sectoral collaboration across the energy value chain that this project has already established.”
5. The Low Code/ No Code Revolution
Software development process with little to no coding? Yes, please! This technology trend has surely brought a revolution in the sphere of development. This helps programmers and non-programmers to develop application software with the help of a graphical user interface instead of using traditional coding. Therefore, a lack of knowledge in programming will no longer be a barrier to converting your ground-breaking ideas into reality.
The majority of businesses in the world today are relying heavily on technological solutions to pave the way forward. A large amount of investment is being put into the innovation and development of digital systems, incorporating the latest technology and artificial intelligence systems. Industries such as Healthcare and SaaS are among the more prominent leaders in this space, as the applications are extremely important to health, lifestyle changes and digital security. Between the reports and the information gathered from global C-Suite executives, it’s safe to say that the major focus of the business world is now technology modernization. This is the field in which companies are investing and looking to advance in, rapidly.