There are several data-driven technologies that are primed to take off this year. Based on what we are seeing with our customers, we can expect a surge in the adoption of emerging technologies like generative artificial Intelligence as well as new software architectures that will transform markets, empower consumers, and deliver new personalized customer experiences. Some of these developments will change the way products are built. Others will improve how consumers interact with organizations while fortifying data privacy and regulatory compliance. All of them, however, will make data more readily available, accessible, and useful to those who need data most – businesses and the customers that patronize them.
Generative AI
AI is still foremost among the technology trends of the day. In 2023, AI-based image generation techniques will find applications in new areas like the fashion industry and art. Organizations will start to see high-resolution images generated from a few lines of text, which has the potential to transform visual, creative industries like advertising, as well as spur new ideas for products like clothing, cars, toys, and furniture.
Internet of Behavior (IoB) Informed Products
The IoB is based on analyzing behavioral data in the Internet of Things from a variety of endpoints, including smart devices, wearables, household gadgets, and more. The IoB will propel the personalization of products and services in 2023 and beyond. By collecting data about how individuals behave and interact with applications and devices, highly personalized products and services will emerge at an accelerated pace.
Data-Driven Software Architectures
Traditionally, software architectures have been predicated on logistical concerns such as cost and where data is stored. Emerging software architectures in 2023 will be built around data quality, data pipelines, and traceability, rather than computing, processing, APIs, and responses. This shift is being driven by digital transformation, which requires a data-driven approach to leverage AI and machine learning. However, the success of this method will require processing large amounts of data affordably.
User-Based Data Ownership
Although blockchain isn’t necessarily new, its use will significantly increase in the next 12 months as a viable architecture for facilitating data ownership for consumers. In 2023 blockchain data-sharing system architectures will empower users to gain control over the ownership of their data. Users will start to ‘own’ their data and decide who has access to it. This will impact health care and financial services first, but these new architectures could also have a dramatic effect on advertising and social media.
Unlimited Possibilities with Data-Driven Technologies
There are few limits to the possibilities created by implementing the above data-driven technologies and approaches. Generative AI, for example, has the potential to revolutionize the prototyping process, making it much quicker and easier to determine colors, styles, sizes, and the particulars of products than traditional methods can. The consumer ownership of data that blockchain provides can revamp the way customers interact with organizations, reduce instances of fraud, and increase data privacy and regulatory compliance.
It’s incumbent upon organizations utilizing these approaches to ensure they do so in a way that’s sustainable, fair, and accountable. Those that do will almost surely reap the benefits of ongoing customer patronage, greater efficiency, and better productivity.