Emerging Technology and its Impact on Business in 2023

Technological innovation has no limits, and that makes it evident by the numerous technologies introduced every year to accelerate setups regardless of the industry they belong to. Here are the top trending technologies of 2023 that have great potential to optimise various operations of any business.

Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML have taken over many business operations and are at the forefront of technological advancements. These technologies can analyse vast data in the shortest span and help businesses in informed decision-making and improve operational efficiency. It tremendously betters customer experience by providing 24/7 customer support. ML algorithms have the capacity to optimise supply chain management along with conducting predictive analytics. These features help ventures identify new opportunities in the market and work on incorporating them into their setup.

AI and ML are the two prime driving forces in the current business models like on-demand services and sharing economy. Moreover, they are transforming traditional industries, including finance, healthcare, and retail, with fast delivery services. By introducing these technologies into a venture, one can see their setup grow in no time.

Edge Computing

This technology is rapidly gaining momentum in the world of business as it positively impacts the scenario. Edge computing involves the processing of data and analysing it closer to the data source instead of sending them to a cloud or central data centre. The process decreases latency associated with enabling prompt processing and analysis of data and data transfer. Thus, minimising the risk of a possibility of data breaches. It assists businesses in gathering and processing data in real-time, allowing them to take decisions faster and in an informed manner. This has immensely impacted manufacturing industries, where downtime can be expensive, and production procedures should be optimised for improved efficiency.

Edge computing is a massive saviour for businesses as it notably reduces their reliance on cloud providers and centralised data centres. These centres are not only costly but also pose the threat of cyber attacks. By locally processing and assessing data, businesses can have great control over their company’s data and minimise data breaches.

Virtual Reality (VR) and Augmented Reality (AR)

VR and AR have been valuable technological resources for over a decade. While VR immerses users into a current atmosphere, AR is more about enhancing an already existing user environment. Both these technologies have a significant impact on business as it extensively assists in employee training. With the assistance of VR, employees can be a part of simulations of various real-life scenarios. This allows them to gain knowledge and practical experience without any risk. This is particularly beneficial in healthcare, aviation, and manufacturing industries where safety can be a critical issue. On the other hand, AR can be a powerful tool for on-job training and instructing in real-time as it reduces training time and makes the process much more organised.

VR and AR are revolutionising the ways in which companies market their services and products. These are providing an immersive experience to the customers that were previously impossible. By implementing these technologies, organizations can witness increased engagement and enhanced sales conversion rates.

Robotic Process Automation (RPA)

RPA is an innovative technology that streamlines rule-based and repetitive tasks by using software robots, popularly called bots. It is known to yield greater efficiency, productivity, and accuracy while minimising expenses. It is significantly beneficial for back-office management. The bots can seamlessly automate tasks like invoice processing, data entry, and report generation, giving scope to employees to indulge in other complex and value-added operations. The bots follow predefined procedures and rules that mostly provide errorless results, unlike humans. This can decrease inconsistency in data processing, which has immense benefits in the finance and healthcare management sectors.

RPA provides a competitive edge to businesses by automating routine tasks and helping to focus on innovative aspects. This assists them in staying ahead of the rest and enhances agility and ability to adapt to changes.

Emerging technologies are the pivotal catalysts of business operations. Technologies like AI, ML, RPA, and VR AR, among many others, keep evolving to improve the overall business experience and customer satisfaction. By leveraging these technologies, one can stay ahead of the crowd and make innovations speak for themselves.

To emerging technology in businesses, IMT Ghaziabad’s Executive Program in Business Management (EPBM) will equip business professionals with the knowledge and skills necessary to harness emerging technologies for business growth and success. By completing this program, participants will be able to effectively leverage these technologies and create a significant impact in their respective organizations. Additionally, the program provides practical management skills and supervision from industry experts, which can be transformational and lead to exponential career growth.