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The world’s fastest growing tech trends

insightsoftware -
November 27, 2022

insightsoftware is a global provider of reporting, analytics, and performance management solutions, empowering organizations to unlock business data and transform the way finance and data teams operate.

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Change is inevitable. Technology is constantly evolving and improving business for the better. But companies that fail to keep up with the latest business practices and technologies face an uncertain future. That’s why it’s key to stay on top of new tech trends.

Vizlib helps customers around the world supercharge their data analytics. In this article, we highlight some of the key technology trends your business needs to be aware of in 2023.

4 of the fastest growing tech trends

Keeping up with the latest business technology trends is crucial to modern organizations. It allows companies to:

  • Stay competitive: When other businesses move forward but yours is standing still, you’ve actually fallen behind.

  • Remain relevant: If you fall behind, you begin to become irrelevant. People stop talking about you, your coverage in the press drops away, and marketing efforts don’t cut through.

  • Retain customers: Using the latest technology can help improve the experience for your customers – and keep them coming back.

  • Unlock opportunities: If you’re stuck behind the curve in terms of technology, your business is missing out on opportunities to grow.

Here are four of the fastest growing tech trends from 2022 that your business needs to be aware of.

1. Data-driven technologies

Data and analytics (D&A) continues to grow as a key technology trend. Here are the specific data-related trends of 2022.

Data sharing

While data and analytics (D&A) leaders are quick to acknowledge the importance of data sharing to digital transformation, many lack an understanding of how to share reliable data at scale.

Data sharing ensures the right departments get access to the right data. To promote data sharing within your company, you’ll need to collaborate across business and industry lines. This accelerates buy-in and investment from the business.

Also consider adopting ‘data fabric’ design, which helps enable a single architecture for data sharing across all internal and external data sources.

Metadata-driven data fabric

Data fabric is a powerful architecture that simplifies and integrates data across multiple environments.

It standardizes data management practices, listening, learning and acting on data to flag recommended actions for people or systems in your business.

Metadata-driven data fabric builds trust in, and increased use of, data across your organization. And it streamlines various processes, including design, deployment and operations – with Gartner research showing that it reduces data management tasks by 70%.

Context-enriched analysis

Context-enriched analysis is built on existing graph technologies. By holding a user’s context and needs in a graph, it allows for deeper analysis that draws on the relationships between data points just as much as the data points themselves.

Gartner research predicts that context-driven analytics and AI models will replace 60% of existing models built on traditional data by 2025.

You can equip yourself with this useful trending skill with a free or paid course to help you understand how automation works in the world of data. Talk to Vizlib today about how you can start sharing meaningful, contextual data with the right people, across your business.

2. Artificial intelligence (AI) and machine learning (ML)

Businesses are already using AI to optimize their internal and customer-facing operations.

The benefits to an organization include optimized employee management processes, smoother customer journeys, and automatic data synchronization across applications.

Data and analytics leaders recognize the importance of AI, ranking it in the top three investment areas for organizations investing in D&A (along with cloud computing and software).

Adaptive AI systems

By being able to adapt more quickly to changes, Adaptive AI systems enable faster and more flexible business decision-making.

Building and managing your own adaptive AI systems requires investment, as your business will need to embrace AI engineering practices.

Data-centric AI

Without consistent and reliable data, adopting AI in your organization can represent a big risk. Data-centric AI helps mitigate this risk by addressing data bias, diversity and labelling systematically.

3. 5G

Adopting the 5G network standard is one of the most significant tech trends businesses currently have to contend with. Intended to work together with existing 3G and 4G networks, 5G will provide high-bandwidth internet access. Put simply, 5G will have an impact on practically every aspect of modern business.

5G networks also play into other key technologies. They are an essential part of both Internet of Things (IoT) and edge computing. By allowing IoT devices to share huge amounts of data in real-time, 5G will cut business’ reliance on server farms.

4. Edge computing

Edge computing describes a distributed computing framework that brings enterprise applications closer to data sources like IoT devices or local edge servers.

A closer proximity to data at its source helps provide businesses with faster insights, quicker response times and improved bandwidth availability.

In 2019, businesses generated only about 10% of their data through edge computing. But in the next 6 years, this is forecast to reach a staggering 75%.

In order to adopt edge computing, organizations will need to extend their D&A governance capabilities to edge environments – and use active metadata to provide visibility.

Supercharge your data analytics with Vizlib

Businesses that embrace the latest technologies are more efficient and often more successful than those that don’t. And most recognise that digital transformation is now a top priority for any company that hopes to grow and thrive in the future.

Which technology trends are on your organization’s radar? Get in touch to let us know. Or talk to Vizlib today about how data analytics can supercharge your business. Get in touch!