The pandemic continues to turbo charge the need for enterprises to become more agile, flexible, and sustainable. Digitization will be the norm as organizations look to add new business models to increase consumer volume. Focus will be on leveraging solutions to streamline processes, modernize legacy systems and better protect assets.
Here is the breakdown of the top 5 Tech Trends in 2022 for enterprises to capitalize on:
1. Fintech and Digital Banking
Banks are accelerating the adoption of digital technologies to keep pace in a highly competitive industry. There is a need to reduce friction and build the ability to offer digital solutions to tap business models and higher volumes. Digital lending and financing are in a rush to modernize to meet regulations and changing customer needs. To attract SME’s and younger customers, fintech companies want faster processing times, quick settlements, and higher productivity – to meet this demand, they are investing in automation solutions.
The pandemic accelerated the adoption of digital payments – across industries service providers are enabling contactless payments and easy payment options to cater to millennials. Central banks are also rolling out central bank digital currencies (CBDC) as a transparent and secure digital currency for the future.
2. Digital Manufacturing and IoT
In this era of hyper-personalization, factories are rapidly transforming their businesses and infrastructure to roll out small loT sizes, customizations, higher precisions, and higher quality. There is increased focus on IoT solutions – as they will facilitate quicker customizations of processes, easier monitoring of key metrics, process improvement discovery, and the ability to make data-driven decisions. Traceability will be another key driver for IoT adoption and data platforms by manufacturers. Enterprises will have to trace each component of the final product from the source of raw materials to the final product, this will help them drive important decisions during product recalls, warranty services, product refinement, reengineering. Traceability will also enable them to meet stringent regulatory compliance. These next-gen traceability solutions will rely on real-time data, data mining, data platforms, machine learning, and BI.
Xoriant’s X·CELERATE IoT solution helps transform massive amounts of data from industrial operations into actionable insights.
3. Decoding the Data Ocean
Petabytes of data are generated every second. This data could be structured or unstructured, be from different sources, and in different formats. A large amount of it is in the dark and is untapped. Even as enterprises build solutions that make decisions based on data, they have overlooked a critical source of all this data – human interaction.
Human interaction is complex and unstructured and current digital systems can only capture explicit and structured information. As organizations recognize the need to tap the missing data, they are investing in mining this data from a variety of previously dark data sources including speech. Machine Learning, Advanced Artificial Intelligence, NLP, NLU, Computer Vision, Speech, and modern data management platforms (dmp) are being leveraged to parse this data and derive value.
Xoriant’s SmartCapture, intuitively helps enterprises digitize their paper-based business processes. Read more about how it enabled a diagnostics firm to transform their documenting system.
4. Supply Chain Modernization
Supply chains will be modernized and transformed into smarter versions that have end-to-end visibility over production, procurement, inventory, and final delivery. Enterprises will build early warning systems that will help them track disruptions and their impact across the globe. ML, AI, NLP, Data Mining, and BI&A will be the key enablers in this effort.
5. Cybersecurity Continues to be Center Stage
The cybersecurity landscape has evolved rapidly to react to remote working challenges and the rise of fluid architectures. As formal perimeters disappear and flexible environments become the norm, enterprises are looking at AI-based tools to detect and prevent attacks. AI and biometric authentication will see wider adoption over password-based authentication. Businesses have begun using blockchain to secure and manage digital transactions. Find out how a zero trust approach can protect enterprises from cyberattacks.
Keep up with the trends, find solutions for your business challenges with Xoriant experts.