Cutting-edge tech use cases to solve critical business problems

With incoming economic headwinds, 2023 might be a year of global rebalance after several years of post-pandemic growth. In my last article, I outlined three ways in which tech can play a key role in helping leaders build resilience into their businesses. Indeed, those organisations at the forefront of innovation and technology investments have an opportunity to win market share and gain a competitive advantage. In this second predictions article, I look at some of these cutting-edge uses of emerging tech to help companies solve critical business problems, scale on demand, improve resiliency and leverage insights for real-time customer planning.

Edge computing

With the ever-growing volume and complexity of business data – and the increasing emphasis on speed from discerning consumers – organisations are having to step up their processing and operational pace to remain competitive. In 2023, edge computing has the potential to go mainstream as companies look to maximise rapid data collection and improve digital experiences at a distance. Edge computing is a decentralised form of computation that takes place at or near users or data sources, allowing organisations to “think globally but act locally.”

We already have a multitude of IoT devices that locally process data while talking to the cloud, like smart watches, smart speakers and point of sales (POS) systems. In 2023 and beyond, edge use cases will penetrate almost every vertical: from autonomous vehicles in the logistics industry, to in-hospital patient monitoring in healthcare. Edge also allows the retail industry to bring online data and algorithms into brick-and mortar stores to improve customer experiences. Businesses may also benefit internally, with edge computing ensuring a seamless transition from the traditional workplace setting to the hybrid future of work.

Going ‘big’ with AI

AI will continue to be high on the list of agenda items for most businesses in 2023, helping us better navigate uncertain supply and demand, adjust to disruptions in operations, and adapt to sharp changes in consumer priorities. Automation is particularly important in an unstable financial climate, offering the ability to automate tasks, free up resources, and allowing employees to focus on high-value work. However, most organisations are yet to scale the true potential of AI, and we find small to mid-sized companies have typically trailed in investment and are earlier in their journey to achieving returns. Next year, I expect to see this change with widespread AI adoption at scale.

In the inaugural edition of our AI Journal, my colleague Ryan Martin discussed the concept of vertical AI and how it offers businesses the chance to go ‘big’ with their programs. Vertical AI takes a holistic view of related use cases, addressing a business problem top-to-bottom. This vantage point moves beyond solving small problems using broad data science tools, instead combining or stacking multiple use cases and technologies to achieve a greater value proposition. In this way, businesses can break down the silos between front and back office, or lines of defense in risk management, to comprehensively manage the relationship while providing hyper-personalisation, improved service, and better compliance.

Cybersecurity in the metaverse

In 2023, I predict more organisations will invest in digital solutions that improve the employee and customer experience – most notably with the metaverse. The metaverse – while becoming increasingly widespread in the gaming and social media space – is still in its early days in the business world. However, this is set to change in the next decade, as it allows businesses to collect customer data, enrich customer experiences, and enable a virtual product marketplace. For example, we will see plant owners creating digital twins of factories to test how new systems interact, and R&D departments simulating new recipes in the consumer goods industry. Soon, VR will engage not only our vision and hearing, but all our senses: consider how haptics (applying forces, vibrations, or motions to the user) is reshaping the automotive industry.

However, as the metaverse becomes more popular, cybersecurity and privacy risks will also greatly increase. With the collection of biometric data through eye movement sensors, touch controllers and external sensors, there is a significant risk of the transference of virtual identifies to real identities. Consequently, business liabilities in the metaverse will also continue to grow; we are already advising our clients on risk mitigation in this area, including privacy and compliance, financial fraud, misrepresentation and copyright infringement, and physical threats.

When implemented with precision and efficiency, new technologies can be powerful accelerators to help companies rebuild for resiliency in 2023. I hope to see more organisations capitalise on the opportunities that arise next few years to weather the financial storms and reinvent their business for long-term success.