3 Emerging Tech Trends for Big Businesses in 2023

Signs all around indicate that technology continues to rapidly change the way we live and work, with emerging innovations creating disruption and providing organizations with new ways to move business forward.

“Technology can be incredibly impactful when it’s used as a tool to solve a real problem,” explains Dr. Muriel Clauson, industrial-organizational psychologist, a former researcher at Emory University’s Goizueta School of Business and the Carl Vinson Institute of Government, and founder of Anthill, a Machine Learning-enabled HR service center.

Using tech to rise to the top

As customer expectations rise and budgets and timelines tighten, many corporations are relying on emerging technology to create a competitive edge. This could come in the form of improving the customer experience, boosting productivity to get more done in less time, or automating processes to reduce costs and errors.

“The capitalization effect says that, the more companies invest in technology, the more their business also grows – and the more they need additional personnel, too,” explains Dr. Clauson. “We see a differentiation for companies that make technology investments to change the way they approach decision making.”

IoT as the enabler behind emerging tech

Many impactful technologies are built on a foundation of network connectivity and the Internet of Things (IoT). The ability for people and devices to connect to a network to gather, share, and analyze information is the key to improving business.

A study conducted by Microsoft and the Ponemon Institute reveals that 68% of IT practitioners say senior management believes IoT is critical to supporting business innovation and strategic goals.

Instead of millions of standalone devices connected to a network, this new era of IoT connects sensor-enabled smart devices to a network and to each other for communication and automation. These devices range from smartphones and laptops to lighting and refrigeration systems. Today, nearly 14.4+ billion devices connect to the internet across the globe. The number is expected to increase to 27 billion by 2025.

As technology continues to dominate business, which emerging tech trends will matter most to companies in the next year? “Instead of new technologies, I think we’ll see new applications of existing technologies that are in various iterations of implementation,” advises Dr. Clauson. “It’s becoming less about cool technology you have to learn to use and more about fitting technology into the fiber of a worker’s life.”

1. Blockchain tech

Dr. Clauson uses blockchain as an example of an existing technology that will be used in new ways. Blockchain records transactions in a way that makes them nearly impossible to change or alter. Through the IoT, blockchain enables smart devices to send data to private blockchain networks.

“The first obvious use case for blockchain was currency, but there’s a lot more you can do,” she explains. “In this time of economic uncertainty, there’s more focus on stepping outside traditional systems to give people support with finances or the sharing economy.”

A 2021 report from Blockdata indicates that 81 of the world’s top 100 public companies – from Moderna to PepsiCo – use blockchain for applications like traceability, recordkeeping, and supply chain management.

2. Smart warehouse tech

Through the use of IoT, automation, and smart technology ranging from automated guided vehicles to automated picking equipment, warehouses can optimize efficiency, improve well-being, and enhance accuracy.

Machines and equipment connect to the internet and each other through the IoT to share information and notify managers about problems that may impact safety or productivity.

Rakhi Oswal, the founder of e-commerce apparel business Edrio, says his company implemented smart warehouse technology last quarter. “We deployed a warehouse management system and are more than happy with the results. Every movement around the warehouse is traceable, well-planned, and executed. We can easily manage demand planning and have better allocation management, including picking, shipping, and packing. As a result, we can replenish our stocks in time. We also experienced a drop in picking errors. The best part is that this information is available online and makes cross-functional communication seamless.”

3. Wearable tech

Technology that supports efficient interactions and communications by empowering workers to do their jobs better can have a significant impact on performance.

“Over the last few years, we’ve seen lots of true business problems arise as companies deal with supply chain and talent crises,” says Dr. Clauson. “There’s less inclination to do things like invest in virtual reality headsets just for fun and instead find technology that will help warehouse workers make sure shelves are stocked, for example.”

According to her, 80% of the global workforce is deskless – they don’t spend their workdays in an office. For this reason, she says it’s crucial to extend technology to frontline workers, “This will require lots of innovation on the part of companies because all our old ways of delivering software no longer apply.”

For many, this can mean investing in smart devices that are worn by a user to track information on a real-time basis. These devices could be standalone, such as watches or goggles, or sensors integrated into clothing worn during the workday (hard hats, safety vests, boots, etc.).

The IoT connects wearable devices to the internet to capture and share information. In construction, for example, they can track and report on safety risks, resource allocation, and equipment failure to keep projects on time and on budget.

In hospitality, some venues are investing in technology that connects employees with rapid response and support during an emergency. When a worker faces a potentially dangerous situation, they activate the alert device they wear so other hotel staff can instantly pinpoint their location. It can also transmit a signal to first responders via text.

This technology not only protects workers but also serves as a valuable recruitment tool, signaling to job candidates that their safety is a top priority.

Making wise tech decisions

As technology delivers business value in 2023, it's important for leaders to think not only about innovation that will make their own jobs easier but also about the problems their employees face.

Before making technology decisions, talk to your workforce to see what types of problems need to be solved from their point of view. Making strides in efficiency and productivity will help the entire organization stay competitive.