As we start a new year, there is an increased need to understand how fundamental innovation in technology is to the growth of organisations. To help your organisation stay ahead of the game and maintain a competitive edge, Stefanini has scoped out some of the innovation trends set to shake up 2023 and why you should consider implementing them in your business.
1 – Green and Regenerative Technologies
It is no secret to anyone that Environmental, Social, and Governance (ESG) policies and investments are a relevant area for all institutions to develop and explore if they wish to grow and position themselves in the market as innovators. ESG principles are essential when it comes to creating investment strategies. Focusing on sustainability, one popular trend is the arrival of greentech solutions. However, when it comes to creating or seeking new technologies it is necessary to have a systemic vision so that these solutions are self-sustaining, otherwise you exchange one problem for another. It is not feasible to build or use a technology to solve certain current demands if it will bring problems in the future. And this is where regenerative technologies come in, as they help us achieve this structured vision.
Today it is very important that each product and/or service is designed from the beginning with sustainability in mind with a 360º approach. Similarly, any technology that is brough in under an ESG initiative must be deployed with the idea to recover what has already been lost. know how complex this is, but I believe that jointly work with various market organisations can achieve this goal. After all, by connecting with other entities within the ecosystem, the initiatives can be improved, better connected, work together, and have a greater positive impact for all.
2 – Algorithmic Business
The use of consumer data is a subject that has been on the agenda for some time and isn’t so much a trend in the usual understanding. However, I see Algorithmic Business as a great strategy for the future. Essentially, “algorithmic businesses” are the use of complex mathematical algorithms to assist in the decision-making of companies. Their use is essential to achieve improved business decision making or even influence the automation of processes for competitive differentiation.
Using Algorithmic Business increases opportunities to accelerate and scale a business and enables better analysis and understanding of consumers. With better, data-led insights, business can more accurately know the ideal consumer profile and create personalised products and/or services, looking at the needs of each customer. This trend will make it easier to reach certain niche audiences with greater customisation, but without having greater technological effort. This is because it is a strategy that generates real-time data that can be acted upon immediately. Companies will need to find new ways to obtain this intelligence from the consumer in a non-invasive way.
3 – Immersive Experiences
Immersive experiences are those that aim to create original and differentiated spaces for the audience that can be experienced through a wider variety of senses. This new approach generates a closer connection with the consumer the brand, product or service offering. The metaverse, is one of the most innovative and developed example of immersive experience.
Different markets have been exploring the opportunities presented by immersive experiences. Among these initiatives, the creation of digital assets such as NFTs that give consumers new ways to connect with the brand. Significant effort is also being poured into creating purely digital experiences, such as events or metaverse advertising, in the attempt to reach, niche, digitally focused audiences.
4 – Hyperpersonalisation of Integrated Services
The use of data in search of real-time customisation to understand the profile of consumers within the micro journeys. To meet every detail of the journey down to the smallest detail, and the micro journeys, will require hyperpersonalisation. Eventually, it will be necessary to integrate and share data with other organisations for a unique view of the business ecosystem to better serve your customers.
It is also worth mentioning that technology and its innovations have great potential to accelerate and scale businesses. But to do so, companies need to have a good understanding of their internal processes, the needs of their audience and the market context in which they are operating. It takes constant internal observation balances against external evaluations, with open co-creation processes, and connecting with other market players. It is essential to have this sensitivity to capitalise on any emerging trends and multi-technological advances and to always question and prepare for their impact on the future.