Doing Business Beyond Trends
Let’s face it. If there’s anything that we learnt about technology in the last year, it is that in a
match between projections and reality – it’s becoming hard to predict who will emerge as the winner.
World over, the year 2022 saw several headlines covering the technology landscape, many of which were
precedented, while several others that took us by surprise. We saw the rapid emergence of chatter
around the mega trend of cryptocurrency and a different story that unfolded subsequently. The Metaverse
bandwagon took off with a big bang and saw some interesting use cases emerge, but it gradually became
clear that its application to the broader real-world scenarios will mean a longer wait. Developments at
Twitter made it clear that even major successes are not immune to major resets overnight.
Clearly, the ‘from the lab to use’ journey of new age innovations is iterative, and the success of mega
trends is driven by a variety of crucial forces at play – including regulation, tech viability, intent,
people, purpose and more. And this list of forces and stakeholders in the world of technology is
So, what does this mean for businesses?
- CXOs operating in today’s fast evolving environment have seen that trends forecasted yesterday may
show a completely different scenario when implemented in the real world. Those winning in this game are doing so by realising that tech forecasting is becoming as prevalent and critical for success as business forecasting. In order to not get blown under the the chatter on trends old and new, business leaders must continuously adapt their strategies. When it comes to new tech on the horizon and game changing trends at play, businesses must also apply an increased sense of cautious optimism as it relates to making informed decisions about which innovations to pursue, focusing on generating long-term value for all stakeholders, and long-term gains.
- The concept of ‘Arena Thinking’ has become more important than ever before: CXOs must think beyond just the products and services they offer and consider the larger arena within which their business operates. By understanding the ultimate purpose that customers use their products and services for, they can align every lever of their business strategy to proactively meet the real needs of the market and stay ahead of the competition. It’s all about taking a holistic view of the customer needs, ecosystem and the products and services offered. Get it right, and your business will be a game changer in the market.
- Among everything, the power of Artificial Intelligence (AI) is here to stay and further develop as a
business lever. 2023 will be a watershed moment for AI applications in the domain of linguistics and
virtual worlds- Metaverse, image and video processing. Take ChatGPT as an example, and how it’s
transforming the way mainstream audiences are leveraging AI to derive value, drive efficiency while
retaining the personal touch of the natural language. This year will also see AI pushing the boundaries
of immersive experiences and creating new opportunities for industries such as gaming, social
networking and e-commerce. Advancements in image and video processing will play a crucial role for
leveraging visual data, unlocking real-time insights, and enabling applications such as surveillance,
autonomous vehicles and medical imaging.
- Businesses must embrace the next phase of data’s evolution. It’s time to forget the ‘Data is the New
Oil’ analogy and realise that leveraging the data gold mine is more important than discovering it.
Data, today, acts as the feeder system and the backbone for creating intelligent and efficient AI-
driven solutions. As access to data increases, so does the potential for powerful, data-driven insights
that can drive business growth and transform industries. The key to unlocking this potential for
businesses will lie in the quality and diversity of the data, with well-structured and diverse datasets
enabling the development of robust and accurate AI models. Further as customer trust takes centre
stage, we’ll see businesses applying unique first-party data strategies that allow them to build more
direct, personal relationships with their customers based on consent led data accessibility.
- As sustainability, climate change, and upskilling become a focal point globally, businesses must interact with their customers with an intentional focus on purpose and creating value. As the experience economy enters a new phase, it will be important for businesses to embed sustainability not only into their operations and customer interactions but also in the products they create for their consumers. For instance, through effective product design and the use of 3D technologies, businesses today can eliminate redundancies build prototypes and models that are replicable, thereby, reducing their carbon footprint. Moving forward, the product and engagement experiences companies offer will not only need to be timely, relevant, and engaging, but also responsible and respectful of the broader ecosystem.
- Now, more than ever before, businesses need to create amazing content to stand out of the pack.
Effective and efficient content supply chain management is a critical aspect for businesses to prioritise to further strengthen their connect with their consumers. This includes the creation, storage, usage, and understanding user feedback on the content served to them. It will be important to recognize the rapidly changing landscape of content creation and distribution, and the impact that technology is having on the supply chain. (i)Growing importance of data and analytics in understanding audience behaviour and optimizing content distribution; (ii) rise of automation in the content supply chain, enabling more efficient and (iii) and respecting the line on ethical delivery of content that ensure that the rights of the audience are protected and respected are some of the crucial trends that will underscore delightful content engagements between brands and consumers in 2023. This approach is crucial for building long-term customer engagement and loyalty.
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