BUSINESS TECH | Technology predictions for 2023

In business, technology, supply chains and more, what will be the most important trends to watch in 2023? SAS, the leader in analytics, asked executives across the company to make predictions for the new year. Here are some of their forecasts and spotlight trends:

Low-code analytics brings AI to the people

“In 2023, the concept of ‘analytics for everyone, everywhere’ will not only be a major trend to watch but also a critical way for businesses to achieve maturity in AI,” said Jared Peterson, senior vice president of Engineering. ”As organizations continue to embrace machine learning, computer vision, IoT analytics and more to gain valuable insights, people of all skill levels will be empowered to participate in the analytics process through low- or no-code options.”

Examining human biases improves AI bias

“It’s widely understood and agreed upon that AI can be biased,” according to Reggie Townsend, director of Data Ethics Practice. “In 2023, the industry will extend our beliefs to accept that biases are in us and around us; they are central to our humanness and influence how we make decisions. Developing AI that predicts and mitigates harmful biases is the first step to securing the necessary trust to move forward without replicating past mistakes.”

Data deprecation is top of mind

“2023 will be the year that marketers respond to data deprecation,” said Jennifer Chase, chief marketing officer. “The imminent demise of third-party cookies in 2024 means brands must rethink their entire customer data strategy, from zero-party data through first- and second- to third-party data. The change presents an amazing opportunity for brands to divest themselves of poor marketing practices that relied on third-party cookies and develop closer, more trusted relationships with customers.”

Financial services will double down on ESG

“Amid ongoing economic turbulence, one might expect financial institutions to pull back on environmental, social and governance (ESG) initiatives. But signs point to most banks staying the course or doubling down,” shared Alex Kwiatkowski, director of Global Financial Services. “ An SAS-sponsored survey of 500 banking executives revealed that more than three-quarters believe financial services must address societal issues. Yet 64% of executives think banking lags behind other sectors in advancing ESG goals.”

Esports and blockchain will converge

“Blockchain and eSports will continue to converge, and there will be blockchain-first-built games in the next 5-10 years,” according to Bryan Harris, chief technology officer. “Esports now relies heavily on analytics, machine learning and AI to provide a professional experience for gamers and fans worldwide. From finding parity in players during matches and analyzing interactions inside each universe to tracking and promoting inventory you can buy – the data to analyze in gaming is endless and will continue to grow.”

Industrial adoption of AI upskills the assembly line

“Organizations will increasingly add computer vision and other AI technologies that operations professionals can use within the industrial IoT environment, not just IT staff and data scientists, said Jason Mann, Vice President of IoT. “Computer vision initiatives will focus on yield improvement, operational efficiency and safety.”

Real-time data storage replaces the data warehouse

“In 2023, we will continue to see organizations move away from traditional data warehousing to storage options that support analyzing and reacting to data in real time,” shared Jay Upchurch, chief information officer. “Organizations will lean into processing data as it becomes available and storing it in a user-friendly format for reporting purposes. Whether a manufacturer monitors streaming IoT data from machinery or a retailer monitors e-commerce traffic, identifying real-time trends will help avoid costly mistakes and capitalize on opportunities when they present themselves.”

Digital twins improve supply chains, reduce climate impacts

“Climate change frequently obstructs supply chains by stifling the movement of commodities, rerouting freight and even stopping employees from traveling to work,” according to Dan Mitchell, Director of Global Retail & CPG Practice. “Supply chain teams will use digital twins and simulation to speed up decision-making so they can respond more rapidly to the reality of the connected supply chain.”

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