Tech trends can have a huge impact on how your business performs, how you reach your customers, or influence the company’s projects. They can also introduce new methods and practices that could give you a potential lead over the competition in your industry.
There are different types of investments you can make for your business. But to stay ahead of your competition you need to explore trends in technology and try to integrate them into your business processes and get better results. Here are the top technology market trends businesses should consider:
Generative Artificial Intelligence (AI)
According to Gartner, generative AI is one of the most powerful AI techniques. Generative artificial intelligence involves machine learning methods that learn about content or objects from their data, and use it to generate new, original, realistic artifacts.
This type of AI can be used for a range of activities, including creating software code, facilitating drug development, and targeted marketing. However, it’s also important to note that it can also be misused for scams, fraud, forged identities, and others.
Data fabric is a flexible, resilient integration of data across different platforms and business users. Data fabric is aimed to simplify an organization’s data integration infrastructure. Moreover, it helps to create a scalable architecture that reduces the technical debt in most data and analytics teams, which appears due to the rising challenges for data integration.
This integration is extremely valuable due to its ability to actively improve data usage with its inbuilt analytics. It cuts data management efforts by up to 70% and provides efficiency. Also, according to the Forrester study, businesses can get a 459% increase in returns on investment (ROI) by using a unified data fabric architecture.
Decision Intelligence (DI)
Decision-making can serve as a key to competitive advantage, however, this process is very demanding. Decision intelligence is used to improve the process of making decisions by better understanding and engineering how decisions are made as well as how outcomes are evaluated, managed and improved by feedback. For structured decision-making, this discipline is extremely important.
The business world is constantly changing, meaning a huge demand for adaptability, which directs organizations toward technology architecture. This architecture must support fast, safe, and efficient application change for achieving better results.
Composable application architecture allows such adaptability. It also provides a higher speed of new feature implementation, which is crucial in times of continuous changes. Using composable principles helps organizations operate in accelerated change and build up more resilience and growth.
Privacy-Enhancing Computation (PEC)
Privacy incidents should be avoided at all costs, due to international data protection legislation that gets more sophisticated and the possibility of losing customer trust. Privacy-enhancing techniques protect personal and sensitive information at a data, software, or hardware level. Currently, these techniques are used in many verticals, including public cloud infrastructures.
Total Experience (TX)
Total Experience is a business strategy, the combination of the customer experience (CX), employee experience (EX), user experience (UX), and multi-experience (MX). The main purpose of TX is to increase customer and employee confidence, satisfaction, and loyalty.
Also, research shows that by 2024, organizations that provide a TX will surpass their competitors by 25% in satisfaction metrics for both customer and employee experience. It’s clear that organizations that have achieved adaptive TX business outcomes will have higher revenue and profit.
Using the latest technology trends is important as it helps your business improve the customer experience. If you integrate the technologies mentioned above into your organization you will stay relevant, see better performance and returns on investments.