Digitalisation has been a buzzword for a long time, and one thing is certain, it is here to stay. Over the recent years, the trend has been about ways businesses can start digitalising their business processes. As we enter 2023, there are now new trends to capitalise - such as businesses aiming to utilise more advanced technology (e.g. applied AI) to make business processes more efficient and save costs.
Read on to find out more about the top digitalisation trends in 2023.
Internet of Things (IoT)
For the uninitiated, the Internet of things (IoT) is an ecosystem of connected computers and sensors with the ability to collect, transfer and act on data over a network without much human interaction where they would be analysed either in the cloud or locally.
You may be wondering, what benefit does this technology bring to my business? Well, IoT helps businesses work smarter by providing insights via data processing, allowing them to automate business processes, eliminate tedious efforts, become more efficient and improve service delivery.
Business Application of Internet of Things (IoT)
There are many business applications of IoT. Everyone that ordered a package online has probably done this before. We would be continuously checking on the status of our delivery.
In the supply chain industry, IoT coupled with sensors help in real-time tracking and it also helps in re-routing inventory based on weather conditions.
IoT is also capable of tracking lost shipments as well as helps in ensuring accurate and on-time deliveries. With the increased awareness of sustainable supply chains, IoT helps to track and quantify the resources consumed as well as the emission generated by the company activities and its supply chain ecosystem.
In the retail industry, IoT-equipped devices help retailers to get information about the inventory that is going low as well as monitor shelf life of perishable items by using sensors.
Applied Artificial Intelligence (AI)
Applied artificial intelligence (AI) is when artificial intelligence (AI) is used in real life application by enabling computers and robots to execute real tasks. Often artificial intelligence (AI) works with and enhances machine learning to provide higher levels of accuracy and adaptation over time.
Applied Artificial Intelligence (AI) increases profitability by identifying and helping solve complex business problems through machine learning and its adaptive capabilities. Not only that, with its ability to learn and the ability to leverage large pools of data, applied artificial intelligence (AI) is able to enhance and improve decision-making while reducing errors.
Business Application of Applied AI
You might be thinking that applied AI might seem like something from a sci-fi movie. On the contrary, in marketing, applied AI and machine learning are now used concurrently to help with search engine optimisation (SEO). They are used to gain a better understanding of the intent behind search term usage with the substance of searches.
Low code, no code development
Low code, no code development is a software development approach which bypasses complicated programming languages to build applications and processes by employing visual interfaces with basic logic and drag-and-drop capabilities.
With this new way of software development, you are able to cut down your time to market by 50-90%. There are prebuilt elements in low code, no code development. This saves the time of developers as they don't have to build it from scratch which allows them to use their time wisely on more complex problems.
Business Application of low code, no code development
Imagine this situation, you are an entrepreneur and would like to start up your own website and mobile app to help expand your business. However, you do not have programming expertise which makes it practically impossible to develop your own website and app. With low code, no code development, you would be able to develop and start your website and app in a short period of time without engaging further manpower.
Robotic Process Automation (RPA)
The robotic process automation (RPA) uses software robots to learn, mimic and execute logic-based business processes to automate digital tasks.
With robotic process automation, employee productivity would improve. Why? This is because RPA is able to accelerate workflow and enable more work to get done by executing processes independently. Besides increasing employee productivity, RPA has very high scalability as it can modify its workflow capacity according to business needs.
Business Application of Robotic Process Automation (RPA)
Invoice processing and creation are often very tedious processes with manual data entry and recording. However with RPA, you are able to automate the invoice generation process and invoice processing. This takes out the highly tedious process, making everything more efficient.
Cybersecurity and Privacy
With the heavy digitalisation going around the world, it is predicted that cyberattacks will cost the world $10.5 trillion annually by 2025. This highlights the importance of having a robust cybersecurity and privacy infrastructure in place. It is crucial for cybersecurity and privacy to improve alongside the digitalisation of business processes.
Having a strong, robust cybersecurity and privacy infrastructure will bring many benefits for the company. A great way to continuously have the most up-to-date cybersecurity and privacy measures is by auditing periodically. Auditing these processes can also help you in finding any potential blindside in your cybersecurity and privacy measures.
The key benefit is that it protects your consumer data which will improve your consumer trust. In this scenario, prevention is surely better than cure. It is far better to build a strong cybersecurity infrastructure than fixing issues caused by cyber attacks such as malware and viruses.
Wallex can help you digitalise your payments. Find out more: https://www.wallex.asia/
For more tips and trends, download the EBook "Thriving Through 2023: A Handbook For Business Owners" bellow.
Tips for success to navigate the ever changing economic landscape