The business world is changing every day. The big players are still the same --Amazon, Apple, Google-- but the market is more competitive than ever. New startups, bigger startups, changes in the market, and new technologies continue to introduce new challenges. One particular challenge that many CEOs will be facing in the coming years is how to focus on the right tech areas for their business.
As a CEO, you face many formidable challenges on a day-to-day basis, but one thing you can't afford to overlook is staying current on technology.
Investing in technology can be a huge differentiator for companies that want to stay competitive in the future. Unfortunately, many CEOs don't allocate enough time and resources to technology and fail to invest strategically. In this blog post, we'll take a look at seven tech areas CEOs should focus on in 2023.
1. Sustainable Technologies
Sustainable technologies are any technology that doesn’t contribute to the depletion of natural resources. They allow us to take advantage of the current resources that we have while not depleting them. Most importantly, they provide a long-term benefit to our society. Sustainable technologies can help us to make the world a better place.
Some examples of sustainable technologies include electric vehicles, solar panels, LED lights, and many more. Sustainable technologies focus on renewing, reusing, and reducing.
Sustainable technologies help businesses to use resources more effectively and efficiently. They are also able to propel the growth of your company by reducing the environmental footprint. In the coming years, sustainable technologies will be the key to success.
So what are some ways to incorporate sustainable technologies in your company?
One way is to utilize cloud services, according to an article by Gartner. Using cloud services offers the flexibility of remote work.
Another way to promote sustainable technologies is by pledging to reduce your company’s carbon emissions and aiming to reach carbon neutrality by a certain year. CEOs need to prioritize cloud storage in 2023. Paper-based file storage is becoming high-risk for data privacy. Having digital copies of documents stored behind multi-step verification systems makes it more challenging to incur data breaches.
Yet, there are still companies lagging behind in the move to digital data resources. Paper-based storage puts you at greater risk of losing essential, single-copy files. Not to mention the possible loss of customers you may suffer if a data breach hits the press. Cloud storage adds an extra layer of safety to your business. CEOs who prioritize cloud computing in the new year will be able to put their mind at ease and keep their privacy under lock.
2. Artificial Intelligence (AI) and Robotics
Artificial intelligence and robotics are rapidly changing the shape of the workforce and the economy. They are used in all aspects of the business, including, but not limited to, marketing, engineering, and customer service. These two technologies will exponentially increase productivity, which will lead to more profits.
There are many different types of AI. Some of the most popular are reactive machines and limited memory machines. There are many different types of robotics, but the most popular include robots that are autonomous and can work on a production line.
More and more often, these technologies are applied to different industries, including finance and education.
In order to fully understand the future of these technologies and how they will impact our lives, it is important for CEOs to take a look at the future from a few different angles. This includes looking at artificial intelligence and robotics from the perspective of financial gain, operational efficiency, and customer experience.
3. Blockchain and Cryptocurrency
In the past few years, blockchain and cryptocurrency have emerged as the next major trend of the digital age. In fact, many firms are already exploring the potential for blockchain and cryptocurrency to disrupt the business world.
Blockchain technology has been around for about 10 years, but it is just now becoming a household name. A blockchain is a decentralized computer network that is used to record transactions between two parties. This record can not be changed, and the network is not owned by any one party.
Cryptocurrency refers to virtual or digital currency and uses blockchain technology for transactions. Founder and CEO of Choice Mutual Anthony Martin says, “Cryptocurrency was once an “experiment”, but now it’s a new and booming market sector that is being driven by the innovative usage of blockchain and smart contracts.”
Blockchain has been used in a variety of industries, including finance, banking, and healthcare. What makes blockchain so revolutionary is that it is a decentralized system that is incorruptible. Blockchain is likely to reshape traditional industries, and that makes it a major focus for CEOs in 2023.
Blockchain technology can work for multiple industries, whether it’s finance, transportation, or healthcare. It streamlines processes and has strong security, making it ideal for companies that want to innovate.
4. Telecommunication
According to this article by Atrebo, the global telecommunications market is projected to grow by an annual compound rate of 5.4%. With the rise of the 5G mobile network and the expansion of networks across the globe, it’s clear that telecommunication is a sector to pay attention to.
Telecommunication is a fast-growing sector of the business world. It allows people to communicate with each other and share information.
As we know, communication is a fundamental part of any successful business. If you want to grow your business, you need to figure out what your business is doing with regard to the usage of telecommunication.
Telecommunication lets people collaborate regardless of location and work in a more efficient manner. It is also one of the most cost-effective ways to advertise your company. Daniel Apke, CEO of Land Investing Online emphasizes: “Speaking about opportunities, it depends on where an enterprise is in its digital transformation. In fact, 5G enables businesses to leverage advanced data-driven technologies like IoT, AI and machine learning. 5G provides a wealth of opportunities for a company's development and growth.”
5. Reactive Digital Marketing
Reactive digital marketing refers to posting real-time reactions to current events. It goes against the traditional marketing strategy called proactive marketing, which involves planning marketing strategies and posts ahead.
Logan Mallory, VP of Motivosity mentions: “With the quick news and trends cycle brought about by the age of social media, getting left behind or out of the conversation is becoming a bigger problem for most companies. In order to get ahead of the curve, it is vital for CEOs to focus on reactive digital marketing.”
Reactive digital marketing is a strategy that relies on insight and intelligence, not the traditional push marketing that we have seen in the past. This approach is focused on creating campaigns that are adjusted to the current trends and opportunities of the digital world. The goal of this type of marketing is to help brands stay relevant and grow.
Reactive marketing is a marketing approach that responds to customer needs and wants in a way that is meaningful and relevant. This type of marketing is important because it helps companies connect with their customers on an emotional level.
When a company responds quickly, it builds trust and strengthens customer relationships. This helps companies better understand customer needs and desires, which allows them to create better products and services. Additionally, reactive marketing helps companies anticipate customer needs and respond quickly to address any issues before they become problems.
Reactive digital marketing is risky, but as long as you have a strong grasp of digital marketing 101, it should pay off in the long run.
6. Cybersecurity
In the past few decades, cybersecurity has become one of the most important aspects of a company’s overall strategy. It keeps the company safe from hackers and other cybercrimes. Cybersecurity is an ever-evolving technological sector, so the company must adapt to those changes regularly as well.
Cybersecurity breaches can have some major consequences for businesses. According to a report by IBM, data breaches cost companies millions of dollars. Interestingly, data breaches result in a much bigger loss for companies in the United States compared to other countries.
In order to minimize their risks and protect their company from cyberattacks, CEOs need to stay up to date on cybersecurity. After all, a CEO's biggest concern should be the safety of their business, and cybersecurity is the glue that holds everything together. According to Demi Yilmaz, Co-Founder of Colonist.io, “Needless to say, cyber security will remain a top priority for CEOs in 2023, as they look to protect their companies from the ever-evolving threat landscape. This approach involves not only keeping up with the latest trends in cyber security but also adopting a proactive approach to identifying and mitigating risks. We’re at a point where the snowballing effect of digital transformation across all industries has created more opportunities for cybercriminals to exploit vulnerabilities in IT.”
In addition to addressing cyber-security, CEOs must also focus on cybersecurity awareness and education. Educating employees regarding cybersecurity threats such as phishing will go a long way in preventing it from happening.
Conclusion
So, what’s in store for CEOs in 2023? Well, with the rise of artificial intelligence, robots are going to become a bigger threat to the job market. As technology continues to advance, many CEOs will need to focus their attention on preparing their employees for this new reality. And, of course, with the rise of technology, CEOs also need to be aware of cybersecurity risks. There are a lot of exciting things to look forward to in 2023, but there are also a lot of threats that CEOs need to be aware of.
What’s clear is that the tech industry is always changing, and it’s always evolving. In order to keep up, CEOs need to pay close attention to emerging tech trends.
Author Bio
Roman Shvydun is a freelance writer. He writes informative articles about business, technology, productivity, workplace culture, etc. During 10+ years of content creation experience, his articles have helped numerous entrepreneurs to scale up their businesses.
