The year 2022 served as a catalyst for technological advancements in businesses across all industries. The saying “Data is the new oil” was widely witnessed as industries adapted to the changes around them and embraced emerging technologies. The adoption of real-time technologies, artificial intelligence (AI), machine learning (ML), internet of things (IoT), and cloud-based technologies was widely observed across a variety of industries such as financial services, telecommunications, healthcare, manufacturing, e-commerce and many more.
The coming year provides opportunity and room for these developments to further entrench themselves in the commercial world. With faster connectivity and better networking systems, hear from some industry experts on what disruptive changes they predict to see in the coming year.
Spokesperson: Aveekshith Bushan, Vice President – Asia Pacific & Japan at Aerospike
Headline: Mitigating Risk with Real-time Data in 2023
“The year 2023 will bring a fundamental shift in how businesses prioritize profitability. Companies will shift from measuring success by quarter-to-quarter growth to better controlling the operational cost of a project. Modern real-time databases must reduce the cost of ownership while providing predictable performance at any scale.
A few of the sectors that I see changing or adapting to meet these new demands are:
- Financial Services Industries — Modernizing data infrastructure will increase the integrity and compliance of every financial transaction. However, financial businesses will look at ways to reduce costs within the real-time decisioning process. In doing so, they must maintain the hyper-personalized digital experience customers expect.
- Telecom – With the 5G rollout, real-time data platforms will become the driving force behind adopting AI and ML technologies in telecom. This will create new services that require high-speed connectivity. Each new service will be scrutinized from an operational perspective to ensure margin control while expanding.
- Online Gaming – Online gaming will continue its growth trajectory during the global economic downturn. The idea is that it is less expensive to stay home and play than dine out. However, online gaming companies will be tasked with controlling costs while meeting the demand for always-on, consistent performance with low latency at any scale and an affordable cost.
- Sustainability – Gartner projects that the ambitious greenhouse gas (GHG) emissions and sustainability targets will challenge businesses in 2023 and beyond. To further reduce costs and meet these targets, enterprises will seek modern real-time databases that reduce the number of servers required to process transactions while reducing their carbon footprint. Further, insights into reducing CO2 emissions and costs by increasing software efficiency can be found
Navigating the changing economic tides of 2023 will challenge businesses to find more efficiencies in digital transactions. Those that focus on deriving more value from each transaction rather than relying on quarterly growth metrics will have brighter and greener 2023.”
Spokesperson: Libby Duane Adams, Co-founder, and Chief Advocacy Officer at Alteryx
Headline: Data-driven companies will modernize the reskilling of employees
“Data analytics are now a key investment for companies. It is imperative for every organization and every leader to match that investment by allocating resources into modernizing the reskilling of employees. Employees skilled in data literacy and analytics are the most important asset to every business looking to make strategic decisions with data.
In 2023, we will see an acceleration of modern analytics learning opportunities, such as Datathons, internal data analytics user groups, extend to knowledge workers within lines of business. Leaders are also enabling employees with ‘time on the job’, such as 10 percent of their work week, to invest in the development of new skills or something they are passionate about.
By infusing fun, hands-on experiences, and encouraging collaboration between technical data experts and knowledge workers, organizations and leaders will start to see their workforce investments pay in dividends.”
Spokesperson: Anjan Kalyani, Country Head and Area Vice President, Anaplan India
Headline: Cloud Technology In Manufacturing And Supply Chain Management Will Minimize Disruptions
“The way the rest of the world views India’s capabilities in the global supply chain has radically changed during the past ten years. India is presenting itself as a desirable location for multinational enterprises and a significant player in the global supply chain market. As markets make efforts to tackle the key challenges faced in the sector such as supply disruptions, the impending recession, rising costs for material, labor, and capacity, climatic and geo-political issues, and cybersecurity threats, I see the following trends taking centre stage as India becomes a global leader in manufacturing and supply chain.
- End-to-end manufacturing cloud solutions will be a major trend in 2023, with cloud technology at the forefront, as new capabilities that enable the securely connecting of people, assets, workflow, and business processes will enable businesses to be more resilient
- Industry 4.0’s increased use of automation technology will accelerate the adoption of AI/ML, IoT, and Digital Twin in factories, particularly for predictive maintenance
- Interconnectivity for efficient distributed supply chains as manufacturers transition from B2B to B2C. This would do away with the inconveniences caused by middlemen
- A major priority of supply chain leaders will be utilizing sustainable approaches in production and procurement. The focus will be on more government action to encourage industries to pay close attention to greenhouse gas emissions
The supply chain developments listed above will be greatly influenced and led by technology as 2023 draws closer. Companies must strategize and develop new technical approaches to enable complete supply chain management, execution, predictive analysis, and data analysis if they want to remain competitive.”
Company: Philips Innovation Campus
Spokesperson: Arvind Vaishnav, Vice President, Head of Philips Innovation Campus (PIC) Bengaluru
Headline: Emerging technology and digital disruption to revolutionize the health-tech industry in 2023
“We expect more digital disruption in healthcare, bringing new care models and better services online. The digital architecture of hospitals will in fact change significantly, adopting wireless technologies, interoperability, and a seamless shift of monitoring from hospital to home. This will in turn enable more meaningful innovations, such as continuous monitoring using wearable or implanted medical devices, incorporating smart cameras for vital sign measurements, or linking to contextual information from non-medical consumer devices such as voice interfaces, fitness trackers, smart phones etc. The capabilities in India around healthcare informatics will be crucial as it will underpin the fusion of healthcare, IT, and business administration, seamlessly guiding all aspects of the care continuum. This will further help the healthcare industry realize the quadruple aim of improving patient experience, achieving better health outcomes, reducing the cost of care, and improving staff experience.”
Spokesperson: Prakash Krishnamoorthy, Director, India, Aruba, a Hewlett Packard Enterprise company
Headline: Zero trust and SASE will become more intertwined as hybrid work and IoT device proliferation continues to accelerate
“Organizations must securely, and seamlessly, connect anyone or any connected device (IoT) at edge locations to the cloud, and to applications. A Secure Access Service Edge (SASE) framework is planned to provide safe, efficient, and automated access to cloud applications and workloads through the integration of WAN capabilities. Identity and role-based access control segmentation capabilities isolate users and devices to help meet compliance requirements. SASE and the Zero Trust architectures will therefore be crucial tools for IT leaders in the year 2023 in order to provide comprehensive visibility, control, and enforcement of edge to cloud networking and security policies.”
Spokesperson: Sushil Goyal, Co-Founder & COO, Rahi.
Spokesperson: Khushnud Khan, CEO and Co-Founder, Arzooo
“E-commerce platforms continue to lead the modern retail space. However post pandemic, 2022 witnessed an increasing number of offline shoppers thus debunking the retail apocalypse narrative. The whitegoods industry, despite being a largely untapped market, has clocked a healthy growth this year with consumers moving back to traditional brick and mortar stores.
Positive consumer sentiments and discretionary spending drove the demand for premium electronics during the festive season. We noticed a remarkable uptick in big ticket items like Televisions, Washing Machines and Refrigerators from these markets. Interestingly, smart TVs led the growth in demand for whitegoods in the aspirational tier 2 and 3 cities thus catching up to close the stark urban – rural consumption divide. With the whitegoods market estimated to cross $21 Billion by 2025, technology solutions will further help accelerate demand and sales of these products from tier 2 and beyond markets.
In the upcoming year 2023 , we expect the consumer durables industry to boom at the edge of innovations like the virtual inventory which holds immense potential to empower offline retailers with 10X better product selection. Powering physical electronic stores with a digital inventory will level the playing field for offline retailers and give them a chance to compete with deep-pocketed online sellers. This becomes even more crucial as customers expect the same inventory selection at better prices from offline retailers as offered by e-commerce platforms. This will also brace the need for human connect and help offline shopping pick momentum.
Along the same lines, credit to retailers and last mile deliveries will further build a robust omni-channel experience to handle large whitegoods. Arzooo is offering credit of up to 1 Crore to offline retailers for working capital cushion and also has a vast network of over 35 hubs and warehouses and a fleet of trucks for faster last-mile delivery across the country for its partner stores.”
Company: Sabre Corporation
Spokesperson: Monish Matthias – Senior Director of Software Engineering, Sabre Corporation
“In the year 2023, I feel cost will be a major factor – value for money, combined with creative and incremental innovation, without compromising on stability, is going to be the key. Businesses will need to conserve and preserve cash, while making progress on key offerings without having stability issues or application/security outages. Have a future-ready and stable workforce, including a good pipeline of talent from top tier universities, can be potent combination for success. I would also bet big on Rapid evolution of the Metaverse, IOT will become more accessible and mainstream, 5G rollout in developing nations will accelerate innovation and more startups will play in this space, Electric vehicle manufactures will invest a lot more resources on research and patents, Autonomous & ADAS systems will become more cost efficient and will roll out in lower segments as well and with cost a factor for 2023, several products in cloud cost optimization and management will take center stage”.