Have You Made These Tech Investments in Business?
Business trends are aplenty and ever-changing, so how do you determine which ones are worth pursuing?
First off, it is important to understand the key factors that shape business trends. These include technological developments; consumer needs and wants; and, market conditions.
To not just survive, but thrive, it is imperative that business leaders are able to adopt and leverage the right trends – especially those that are tech-based – and have the courage and flexibility to implement the necessary changes.
Make the Right Tech Investments
The lightning speed at which tech advancements have been made, in turn transforming large swathes of the global business ecosystem and consumer behaviour, makes investments in technology a must for businesses the world over.
Various tech trends have come and gone in the business world. Those that not only remain, but are further refined, utilise technologies that help employers and employees boost efficiency, productivity, communication, and cost savings, among others.
Here are four tech solutions worth exploring for business success in 2023 and beyond:
1. Superapps
Technological research and consulting firm Gartner expects that by 2027, more than 50% of the global population will be daily active users of multiple superapps.1 But just what constitutes a superapp?
Superapps combine the services and functions of multiple mobile apps into one. They are designed to integrate different features, such as messaging, payment, and service requests, into one user interface. In essence, superapps serve as a one-stop shop for many often-used services, providing a convenient, coherent, and comprehensive user experience.
Grab, Uber, WeChat, and Shopee are some of the popular superapps in the market currently.
2. Metaverse
The Metaverse is defined as a spatial computing platform that provides digital experiences as an alternative to or a replica of the real world, along with key civilisational aspects like social interactions, currency, trade, economy, and property ownership – all founded on a bedrock of blockchain technology.2
A major reason that businesses are vying to establish a presence in the Metaverse and/or similar immersive technology platforms is to better engage Gen Z and millennial audiences. The lines between the physical and virtual worlds are blurred in the Metaverse, allowing audiences to interact with products and services in more engaging and compelling ways – a win for both customers and companies.
3. Cloud Technology
Cloud technology has been integral in the shift to remote and hybrid work arrangements in the last few years. Even though the worst of the COVID-19 pandemic appears to have passed, many organisations continue to allow staff to work from home, with this arrangement favoured by a substantial number of employees: a study by human resources solutions agency Randstad found that 41% of workers in Singapore would rather continue working remotely than receive a bigger bonus.3
Cloud applications and services allow organisations to support remote workforces. For example, real-time communication platforms, such as Slack and Microsoft Teams, are invaluable for enabling real-time communications throughout an entire organisation – and companies would do well to prioritise spending on cloud security and governance tools to securely support their remote workforce.4
4. Quantum Computing
Quantum computing harnesses the laws of quantum mechanics to solve problems that are too complex for classical computers. In classical computing, data must be processed in an exclusive binary state at any point in time with either zero (off/false) or one (on/true). These values are binary digits, or bits. A quantum computer gains much of its processing power through the ability for bits to be in multiple states at one time: it can perform tasks using a combination of ones, zeroes, and ones and zeroes simultaneously.5
A quantum computer performs calculations based on the probability of an object’s state before it is measured – instead of just ones or zeroes – which means it has the potential to process exponentially more data compared to classical computers.6 Among the areas in which quantum computing is applied are cybersecurity, artificial intelligence, machine learning, finance, weather modelling, and the automotive industry.
Stay One Step Ahead in Business
At Singapore Institute of Management, we place great emphasis on ensuring our business management students are equipped with knowledge and skills that are up to date and fit for purpose in the Digital Age.
Our Graduate Diploma in Business Management (E-Learning) helps you develop the skills to confidently leverage digital technologies, allowing you to unlock strategic insights and put in place action plans for long-term business success.
Don’t risk falling behind in today’s highly competitive and tech-forward business landscape. Get a free eligibility check from our Student Advisors today.
References
1 https://www.gartner.com/en/articles/what-is-a-superapp
2 https://www.spiceworks.com/tech/artificial-intelligence/articles/what-is-metaverse/
5 https://www.techtarget.com/whatis/definition/quantum-computing
