Outlook 2023: Top Strategic Technology Challenges

 


With the end of 2022 drawing closer, companies are forging the path of identifying unprecedented challenges as well as the unbridled opportunities brought about by technology that awaits them in 2023. The global pandemic altered the course of the technological market, thus accelerating demand for digital innovation and challenging major manufacturing facilities. 

Ambitious objectives such as growing revenues and accelerating digital business demand action are still unclear. And technology is crucial to success. However, for businesses to set their action plan for 2023, it is equally important to be aware of the strategic technology challenges that lie ahead. This list clarifies which challenges will be the most relevant and how businesses can prepare to capture their value to drive strategies.  

Business leaders and technologists can study the potential impact of these technology challenges on their specific operational strategies and framework, such as revenue growth, maximizing value from data, or building their brand. These challenges can pose a risk or opportunity for the organization. It will help them create a technology roadmap in order to drive impact to fulfill their strategic ambitions. 

SGAnalytics_Blog_technology challenges

Top Technology Challenges in 2023 

As we now usher in 2023, businesses are preparing themselves to brace for the unique set of challenges that lies ahead. These key tech challenges will enable industries to distinguish the companies equipped to tackle, survive, and thrive.   

  1. Supply Chain Crisis 

The Covid-19 pandemic altered the course of innovation for businesses and is still posing a huge challenge to global supply chains. The bottlenecks, delays, as well as disruptions created due to the global pandemic have forced manufacturers and tech companies worldwide to face a constant struggle to source the required parts and supplies. One of the most critical challenges that await businesses in 2023 is the unprecedented shortage of semiconductors (chips). This will result in production delays across a swath of enterprises. 

Early in the global pandemic, chip manufacturers were able to barely respond to the changes in demand, specifically the dip in demand from automotive manufacturers along with the rise in demand for consumer electronics. These demand fluctuations transitioned their production facilities and compelled them to reflect on the shifts. 

Now with the demand for automotive chips resurging, semiconductor manufacturers are struggling to meet the market request due to supply chain shortages, restrictions, and capacity issues. While solutions are in progress, implementation is expected to be much slower than anticipated. Top corporations, including Texas Instruments, Samsung, Intel, and TSMC, are now constructing semiconductor fabrication plants in the U.S. to meet the rising demands. However, production is expected to begin in 2024 or 2025. 

SGAnalytics_Blog_Innovation

  1. Advanced Security Threat  

With more and more businesses becoming digital, cyber-attacks are also on the rise. As they are inherently accumulating more data, they are attracting cyber criminals who are on the lookout to steal or hold data for ransom. 

In addition to these cyber threats, the emergence of quantum computing is also rendering the existing security systems obsolete.  

Read more: Tech-Related Ethical Concerns Businesses Should Address in 2022  

Quantum computing assists in speeding up prime number factorization, thereby making cryptography attacks more efficient. Organizations holding sensitive digital data are now investing in cybersecurity solutions to address the quantum computing threat through effective risk management plans. They are utilizing quantum computing to reduce cyber risk.  

A recent survey highlighted that resilience and improving critical IT infrastructure are considered to be the top priorities of IT leaders. Due to this reason, they are now prioritizing cloud deployments as well as investments in security technologies. For smooth movement of information between physical and virtual locations within an organization, they are investing heavily in designing a strong hybrid cloud base that will be supported by multi-cloud technologies.  

Distributed cloud systems, cloud access security brokers, and cloud enterprise resource planning are now emerging as the top cloud deployment phases. By placing resilience at the core of operational strategies, organizations are attracting new opportunities to overcome the existing data and security challenges. 

SGAnalytics_Blog_Sustainable Technology  

  1. Growing Concern over Talent Shortage 

The rise in the pace of technological innovation is creating an urgent requirement for new talent that can help in building as well as maintaining emerging digital technologies. 


Read full article here: https://us.sganalytics.com/blog/top-5-strategic-technology-trends-challenges/


Comments

Post a Comment

Popular posts from this blog

Trusting in Trust Architectures – Raising Privacy Questions and the Way Forward

Image
  A trust architecture includes technologies and methods that aim to protect enterprise data, while speeding up digital transformation initiatives and complying with all data privacy-related laws. The increasing prevalence of connected or the internet of things (IoT) devices and companies’ migration to the cloud is pushing organizations to re-assess and validate the credibility of their devices, as data expands rapidly across applications, application programming interfaces (APIs), and networks. In addition, the growth of applied AI, 5G, and the metaverse is expected to further accelerate this trend. Cyberattacks and data thefts have been on the rise in recent years and are posing new challenges by taking advantage of technologies, such as quantum computing for breaking encryptions. According to IBM’s Cost of a Data Breach Report 2022, the global average total cost of a data incident is USD43.5mn, up 2.6% from USD4.24mn in 2021. The research also revealed that 83% of the organizati...
Read more

Leading Data Science Trends to Watch in 2023

Image
Data has a significant impact on how firms operate globally. Businesses are now able to recognise the most recent industry trends and produce insights that improve performance thanks to data science. This is assisting them in laying a foundation that will help them achieve the desired growth. In order to find customer insights, businesses must use agile innovation in their disruptive business models. Data gathering and analysis play a crucial role in determining the future of enterprises, sectors, and even entire market segments in this era of rapid digital landscape evolution. Data science is a crucial element that will drive them in the future if they are to continue being prosperous and relevant. Industries may expand and endure in this cutthroat environment by integrating data science and its linked components. Businesses concur that analytics, data science, and machine learning have the ability to alter several facets of marketing and sales as a result. The impending data science ...
Read more

The Science of Music: How Big Data Is Transforming the Music Industry?

Image
The music industry is becoming very competitive. There is an ever-mounting pressure to produce the next big hit. While producing quality music is a priority, there is no point in creating music that people won’t like or listen to. Hence, the industry is turning to something more concrete that will help it understand the general listener's changing taste in music and reap greater profits. This is where data science comes in.  With advanced big data analytics tools to monitor music patterns and preferences, the music industry is enabled to predict the next big music trend or hit. This is the reason so many music companies are turning to  data science  to aid them in determining which songs will cater to a larger audience.  Data science and music are emerging as a combination that might baffle a lot of people.   But the question that arises is-  How can music be influenced by data?   The answer is more complicated than usual.  Today, produc...
Read more