3 Ways Emerging Technology Is Key To Company Growth In 2023

There have been new data trends that show technology, profitability and savings are at the top of the list for business leaders to focus on these days. Decision makers also see that enterprise technology is indispensable to their business goals – but not all technology is alike. Forbes council member Monish Darda, cofounder & CTO at Icertis, shares an article describing several ways why emerging technology is the key to growing your company in 2023.

Increase Efficiency And Reduce Costs Through Automation. “Cutting costs and driving efficiency are top of mind for business leaders as companies look to do more with fewer resources. Because cost saving is a direct function of efficiency, companies should look to invest in and implement emerging technologies that will automate business processes and create value quickly in order to drive revenue. We’ve seen how robotics and automation can tackle tedious tasks, reducing labor costs and the time employees spend performing mundane work. In 2023, we will see generative AI play a larger role in increasing productivity across enterprises, and we may even see companies leverage generative AI for scenario planning and forecasting future events.”

Strengthen Customer Relationships. “With consumer behavior and expectations continuing to shift, how can suppliers ensure that customers recognize their value? Existing technologies like customer relationship management (CRM) solutions paired with new machine learning capabilities will enhance the customer experience at every touchpoint. Many top companies have already implemented AI to bolster customer engagement and retention, creating more unique experiences that meet customers’ individual needs.”

Better Data Management For Faster Decision Making. “When implemented across the enterprise, emerging technologies can provide tools and systems that allow companies to analyze large amounts of data faster and more effectively. Solutions like AI-powered supply chain management or contract lifecycle management (CLM), for example, are foundational technologies that enable companies to structure and organize data across the enterprise in order to surface unique insights and make critical decisions in real time. This type of technology leverages data to create cost savings and demonstrate compliance, enabling businesses to reduce risk in addition to supporting revenue. As enterprises look to thrive rather than just survive in the year ahead, business leaders should seek out solutions that integrate data and help turn it into an advantage to drive strategic outcomes.”

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