As more companies accelerate their efforts toward digital transformation, business leaders find different ways to leverage technology and innovation. Innovative products and services help drive business revenues with the right timing, strategies, and budget. They attract more investors and customers, helping companies thrive by offering something new.
According to the 2022 Statista report, Ireland has the highest score when it comes to ‘sales impacts’ in the European innovation scoreboard, which measures innovation or the impact of tech products and innovative product sales. Hence, innovative tech products prove to be lucrative revenue drivers, not only for Europe but also for other continents worldwide. Innovative solutions pave the way to finding new business opportunities.
Business tech innovations have a wide scope, from product manufacturing, customer service, and logistics, to sales and marketing. They make business processes faster and more seamless with more accurate, positive results. Embracing business tech innovations also brings accompanying challenges, but the benefits still outweigh their potential risks.
But what do we expect as the top business innovations in 2023? Learn from the industry experts as they share their valuable insights about this trending topic below.
Rapid Acceleration of Business Marketing Technology
Garrett Smith, Head of Local SEO, GMB Gorilla, shared his expert insights about the full-blown use of marketing technology in 2023 for business-to-customers (B2C) and business-to-business (B2B) companies.
He explained, “Small business owners, medium enterprises, and corporations for B2C and B2B sectors recognize the important role of marketing technology or MarTech in the past two years. They have meticulously chosen and adopted martech solutions, such as creating digital marketplaces, social media marketing, and embracing search engine optimization or SEO. They are now ready to take their business marketing technology to the highest level.”
Over-the-top or OTT advertising will become more in demand in 2023. OTT advertising involves marketing products and services to the internet-connected audience via stream content. Viewers don’t need a cable subscription to access OTT content because an internet connection allows them to watch it on mobile devices, such as smartphones, tablets, desktops, laptops, and smart televisions.
Kevin Huang, founder and CEO, Ambient Home, highlighted what modern consumers and marketers expect from OTT advertising. He said, “During the COVID-19 pandemic, many people found OTT devices as the perfect tool for entertaining themselves amidst community quarantines and worldwide travel restrictions. The pandemic prompted businesses to create digital store versions, allowing them to promote and sell their offerings through business websites and mobile apps. Marketers discovered OTT advertising as a new way to reach digital audiences, enticing them to make a purchasing decision.”
Unique and High-Tech Products Powered by Robotics
Many researchers and companies explore robotics in creating unique and high-tech products. Robot-based equipment aims to help people become more human, replacing workers doing repetitive and hazardous jobs. Robots can help people accomplish more tasks and spend more time caring for and loving each other.
Robots are programmable machines with movable physical structures, a motor, a sensor system, a computer, and a power supply. They can move in different directions, depending on the program. Moreover, they have electronic sensors to collect information from the environment and perform specific actions based on programmed data. Robots process and learn data via artificial intelligence and machine learning.
According to Nunzio Ross, CEO and Founder of Majesty Coffee, “In 2023, the world will witness more robotics in consumer products, including home appliances, hospital equipment, manufacturing machinery, automobiles, etc. The long wait is over because more companies are now open and ready to invest in innovative tech solutions. Robotics will take business technological innovation to the next level as more companies integrate advanced technologies in manufacturing products and providing services.”
Ross also added, “While integrating robotics is a bold move, many companies will be braver to take this route. Robotics is the answer to most of today’s inconveniences, from performing household chores to office and factory work. Surely, entrepreneurs will take baby steps this new year until they become fully confident about exploring robotics in all business aspects.”
Centralized, More Interactive, and Safer Business Systems
Choosing the right business system has been a trial and error for many companies in the past two years. Banking and finance, manufacturing, healthcare companies, and many other industries were forced to invest in more reliable business systems to centralize workflow, switch to remote or hybrid work settings, and implement proper data management.
Ruth Novales of Fortis Medical Billing Professionals shared her expert insights about adopting centralized, more interactive, and safer business systems in 2023. She explained, “Businesses need centralized systems to allow remote and hybrid teams to communicate, collaborate, and work together towards common and shared goals. This system setup eliminates workload imbalance, communication barriers, and data collection and reporting disparities.”
However, remote work and digitization pose cybersecurity risks. FortiGuard Labs team discovered 10,666 new ransomware variants in the first half of 2022 by nearly a hundred percent compared to the past six months in the second half of 2021.
Ransomware attacks have become more aggressive and sophisticated, with cybercriminals updating old strains and introducing new ones, such as ransomware incidents relating to ransomware-as-a-Service (RaaS). Cyber attackers generate more ransom money with subscription-model services and plug-and-play ransomware.
Preston Powell, the CEO of Webserv, said, “Business systems must be agile, intuitive, secure, and interactive to open more sales and marketing opportunities. Because business systems are used to gather and analyze client data, choosing the best solution involves carefully studying the features and long-term benefits. Take advantage of the tech solution’s free trial period or demonstration to test the waters. Similar to choosing a third-party agency, check the credentials and portfolio of your prospective tech provider.”
In conclusion, the top tech innovations in 2023 will focus more on strengthening the current solutions. While many businesses are open to discoveries, they will likely focus on enhancing their existing tech investments to avoid wasting efforts and money. Companies will be devoting more time to accelerating their marktech efforts, integrating robotics in offerings, and making business systems more centralized, interactive, and safer.