Five tech trends to watch in 2023

Covid-19 has changed our world greatly in the past three years, in terms of how we live, work, learn and play. As someone who keenly follows how businesses use different technologies to tackle these changes head-on, I’m excited to see that 2023 will present as many opportunities as challenges.

?While many economists predict a global recession in 2023 fuelled by sky-high inflation and aggressive central bank tightening, technology presents a silver lining for businesses struggling to cope. In the face of prolonged supply chain disruptions, security threats and other economic and geopolitical uncertainties, technology will continue to be key to solving problems and advancing solutions.

?Based on the conversations I’ve had with customers, partners and industry leaders, here are some key technology trends to note in 2023 as we navigate these forces of change.

?1.????Supply chains will be supercharged by tech

?Supply chain disruptions look set to persist in the foreseeable future. The lingering effects of COVID-19, a looming global recession, and high energy and production costs mean recovery will not be linear. Even if supply chain pressures ease, the frequency of disruptions will remain higher than pre-COVID levels.

?In response, organisations need to consider a new way of operating, where they become more resilient in their sourcing, engineering and manufacturing in a volatile and uncertain environment. In 2023, we can expect to see a transformation in supply chains with the increased use of big data, advanced analytics and automation. These tools will offer organisations more visibility, synchronized planning and execution, and data-driven decision-making for their supply chains, so that they can better mitigate disruptions.

For example, Telstra has been emphasising transparency, visibility, and agility for supply chain services in recent years. Our IoT Connected Fleet service in Australia offers end-to-end visibility of customer fleets and their environment, allowing them to act fast and better manage disruptions.

?2.????Hybrid work will be powered by emerging tech

As hybrid work becomes the norm, Software as a Service (or SaaS) will become more entrenched in the workplace due to the cost-effectiveness, flexibility and convenience it offers. In view of economic uncertainties and a looming global recession, companies will be laser-focused on maximising the ROI of their technology tools, which is where SaaS can demonstrate its value as they advance on their user journey.

Telstra’s recent whitepaper on optimising hybrid work found that 74% of employees in APAC believe that flexible work arrangements will help improve productivity. However, they will need to be equipped with wireless networks and other related services, quality remote working services with high availability, and communication and collaboration tools.

Emerging tech such as virtual reality (VR) and AI will play a key part in redefining the hybrid work experience. For example, more companies will explore the use of VR to take video conferencing up another level, making meetings even more immersive. With its capabilities for automation, collaboration and analytics, AI can streamline HR processes to increase productivity, provide real-time insights into employee performance, as well as strengthen collaboration and compliance.

?3.????The rise of Zero Trust

Zero trust – an approach to cybersecurity that leaves nothing to chance – reflects the paradigm shift in IT security, where the risks of security breaches are magnified in a hyperconnected world. What it means is that everything is regarded as a threat unless proven otherwise.

Zero Trust works on the assumption that security threats originate from both inside and outside the organisation, treating everything as a potential threat until the user, device or app has been authenticated. This addresses the security challenges presented by hybrid work where employees log in from different devices and locations, increasing the surface area for cyberattacks.

Zero Trust has been adopted widely, with half of APAC organisations having implemented a Zero Trust security initiative. Through our technology services and consulting arm Telstra Purple, we’ve supported customers in their cybersecurity journey by helping them migrate applications to a Zero Trust architecture efficiently. Our approach is to embed security in solutions from the outset, instead of introducing it as an afterthought.

?4.????More businesses will embrace the metaverse

There are few people who haven’t heard of the metaverse, given the hype it generated in 2022. While the metaverse has traditionally been closely associated with consumers and crypto, in 2023 the focus looks set to shift to businesses.

A recent PwC survey in the US found that eight in 10 business leaders expect the metaverse to be part of their business activities within the next three years. They’re most likely to explore metaverse use cases such as onboarding and training, followed by workplace interactions and the creation of virtual content for customers.

Organisations will need to align their metaverse initiatives to specific and measurable outcomes, embed ESG targets from the outset, and have a robust risk management system to mitigate the threat of scams, security and privacy breaches. For highly specialised skillsets that the metaverse requires, organisations will have to upskill their staff, find the right technology partner, as well as build a culture that appeals to the emerging and highly sought-after metaverse talent.

?5.????The rise of smart energy and other sustainable technologies

The global energy market continues to face many uncertainties in 2023, with the war in Ukraine exacerbating tight supply and OPEC+ supply cuts contributing to higher volatility. In recent years, more governments have been focusing on energy security, decarbonisation and making energy more affordable to help their population cope with the rising cost of living. Against the volatile global backdrop, these developments could be a catalyst for smart energy innovations in renewable technologies and energy efficiency solutions. ?

Telstra Purple has helped mining and energy companies by offering tailored oil field monitoring, predictive maintenance, AI-powered exploration, and production solutions. This has empowered them with faster decision-making and lowered costs, while increasing operational excellence.

Equally important are advancements in other sustainable technologies. These refer to technology use cases that benefit the environment and curb climate change – such as connecting agricultural equipment through 5G networks to reduce fertiliser, pesticide and water use, capturing information with satellites to issue flood risk warnings, as well as smart metering to prevent water leakage in buildings.

The development of new technologies, growing awareness of climate change and number of companies making sustainability pledges make this space to watch in 2023 and beyond.