All businesses must evolve technologically to remain competitive. And, the speed of new developments means that keeping up with new technological trends must remain a strategic priority.
According to data from the Department for Digital, Culture, Media & Sport, the UK is the biggest investor in technology in Europe. Compared to neighbouring countries, the UK technology market is worth an average of $1 trillion, while Germany is $467.2 billion and France $307.5 billion.
The technology market was forecast to grow by £24 billion in 2022. Investing in technology is investing in the future, and it is essential to keep abreast of new trends to continue growing in a competitive market.
Everything is digital
The world is increasingly digitalised, providing previously unimaginable facilities, such as remote, secure and fast purchases. In this context, consumer behaviour is also evolving as they benefit from the possibility of "connecting and disconnecting" to various services as required and solving problems at a time and place that suits them.
Customers now expect all companies to offer digital services and offer them a quality and consistent experience. With less human interaction, companies seek digital solutions that will achieve stability, predictability and promise fulfilment that delivers better user experiences. In this way, digitalisation of processes allows businesses to meet or exceed customer expectations, generating loyalty and becoming a major competitive differentiator.
Data fabric
The data fabric, one of the main technology trends, aims to integrate data across platforms and users, making data available everywhere it is needed. The real value of data fabric exists in its ability to make recommendations for different and better data, reducing data management by up to 70%.
According to Gartner, by 2024, data fabric deployments will quadruple data usage efficiency while reducing human-driven data management tasks in half. So, how do you get started? Identify priority areas by using metadata analytics to determine current data usage patterns. Prioritise areas with significant deviations between actual and modelled data.
Cyber security mesh
Digital business assets are distributed across cloud and data centres meaning traditional security approaches leave organisations exposed to data breaches. A cybersecurity mesh architecture provides a compliant approach to security based on a scalable and interoperable service.
It is estimated that by 2024, organisations that adopt a cybersecurity mesh architecture will reduce the financial impact of individual security incidents by an average of 90%.
The current challenge for companies is not the production or sharing of data, but the effective management of data to facilitate an effective, assertive decision-making process. Well-executed data management makes for more reliable problem-solving, new solutions and ideas and effective decision-making.
How to implement: Prioritise composition and interoperability when selecting security solutions. Build a common base framework to compose and integrate security solutions.
Computing that improves productivity
The value of data is not just about collecting the data but using it for analytics and insights, and AI models. Productivity-enhancing computing approaches allow data to be shared across ecosystems, creating value whilst preserving privacy.
This is about encrypting, splitting or pre-processing sensitive data to allow it to be handled without compromising confidentiality. By 2025, 60% of large organisations will use one or more enhanced computing techniques in analytics, business intelligence or cloud computing.
For businesses: Prioritise investments in applicable computing techniques to gain an early competitive advantage.
Cloud-native platforms
Cloud migration focuses on taking legacy workloads and putting them in the cloud. Because they were not designed for the cloud, they require a lot of maintenance and don't take advantage of all the benefits of the cloud.
Cloud-native platforms, on the other hand, use the core elasticity and scalability of cloud computing to offer more speed. They reduce infrastructure dependencies, freeing up time to focus on system functionality.
Over the next few years, cloud-native platforms will serve as the foundation for more than 95% of new digital initiatives. Therefore, the ideal strategy is to minimise basic lift and shift migrations that do not take full advantage of cloud attributes. Invest in cloud-native platforms and adopt modern application architecture principles.
Intelligent tools
In today's business world, rapid changes require decisions to be made with intelligence. Therefore, taking action based on existing intelligence improves organisational decision-making. The integration of data, analytics and AI, enables the creation of intelligence platforms that support, augment and automate decisions.
According to Gartner data, more than a third of large organisations will have analysts practising decision intelligence, including decision modelling. So, start using decision intelligence in areas where business-critical decision-making could be, or where decisions can scale and accelerate with automation.
Hyperautomation
Hyperautomation is a business-driven approach to identify, vet and automate as many IT processes as possible. It requires the orchestrated use of multiple tools and technology platforms, including robotic process automation, low-code platforms and process mining tools.
In the coming years, hyperautomation will make adaptive governance a differentiating factor in corporate performance. So, how to use it? Establish holistic mapping and prioritise collective initiatives, rather than islands of task automation, to ensure synergistic and coordinated outcomes.
Autonomous systems
Autonomous systems are self-managing physical or software systems that learn from their environments. And unlike automated systems, they can dynamically modify their own algorithms without software updates.
This allows for rapid responses to change that traditional, manual management cannot match. Organisations selling autonomous systems or devices will require customers to waive indemnity provisions related to the learned behaviour of their products.
How to implement: Pilot autonomous technologies in cases where early adoption will bring agility and performance benefits when managing complex software or physical systems.
Conclusion
Implementing technological innovations has become essential to stay competitive in the modern business landscape. With the rise of cybersecurity mesh and data fabric, companies can secure their systems and data from external threats while ensuring seamless integration and accessibility of data.
Cloud-native platforms have revolutionised the way businesses operate by providing agility, scalability, and cost-effectiveness. Hyperautomation has enabled companies to automate complex business processes, reducing manual errors and increasing efficiency. Autonomous systems have taken automation to the next level by allowing machines to make decisions independently and perform tasks without human intervention.
However, with the integration of these technologies, there are risks associated with cyber-attacks, data breaches, and system failures. Therefore, companies must implement effective cybersecurity measures and have contingency plans in place.
Overall, the implementation of technology innovations such as cybersecurity mesh, data fabric, cloud-native platforms, hyperautomation, and autonomous systems can bring significant benefits to companies. However, it is important to approach their implementation carefully to ensure their successful integration and long-term sustainability.
Copyright 2022. Featured post by Mahendra Kumawat.