8 Tech Trends to be Ready For (Yeo & Yeo)
TechnologyJanuary 16, 2023 - Yeo & Yeo
This is a thought leadership article from PrimeGlobal member firm Yeo & Yeo exploring the eight biggest trends in emerging technology most likely to impact businesses in the coming decade.
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The pace of change in tech has always been blistering. But according to many experts, we will experience more technological progress in the next ten years than in the previous 100.
Of course, when you’re running a business, this can be an overwhelming prospect.
- Will you keep up?
- Will you choose the right tech for your company to flourish?
- Will it be damaging if you don’t adopt the right tech at the right time?
- Or could this be the opportunity of a lifetime?
The real challenge is knowing which changes will be most beneficial for your business. This article provides the lowdown on eight technologies that are garnering the most interest from investors and tech thinkers right now. These are the emerging technologies that you’re most likely to experience in your business at some stage – and they look set to change the landscape of the workplace over the coming decade.
1. Process automation
Over the next couple of years, around half of all existing work activities could be automated. That’s because next-level process automation is set to become the norm.
Digital connections are speeding up. We currently have 5G mobile connection (there’s already talk of 6G) and the IoT (Internet of Things). These have huge potential to unlock greater economic activity. By 2025, 4.3 billion new devices, from cars to computers, will connect using mobile technology, and mobile will continue to dominate the way we work and communicate. 5G and IoT are set to be some of the most-watched tech trends in the coming years.
3. Cloud and Edge technology
Not only is cloud computing a good way to increase the speed and agility of your business, but it reduces your hardware costs and also helps to improve your cybersecurity defenses, protecting you from malware, data theft, and other breaches. By 2025, 75% of enterprise-generated data will be processed by edge or cloud computing.
4. Next-gen computing and biometrics
By 2025, 75% of companies plan to ditch traditional passwords, which means tools like facial recognition, retinal scanning, and signature identification will all become more commonplace. We’re already seeing these new, more advanced ways of logging into accounts with the advent of Passkeys, which are slowly taking the reins from traditional passwords.
We’re still very much in the early days of AI tech. It will become more advanced and be used to develop easier methods of training, and pattern recognition, which will help to automate many of our business functions further. By 2024, AI-generated speech will be behind 50% of our computer interactions. Many businesses are still trying to work out how to incorporate AI most efficiently to improve their bottom line.
6. The future of programming
We’ll see programming written by AI-driven applications, making software creation faster and more powerful. It also means that existing software and coding processes can become standardized and automated across businesses. Overall, it’s expected that there will be a 30 times reduction in the time it takes to create software and analytics.
7. Zero trust architecture
Last year there were 4,145 publicly disclosed data breaches that exposed more than 22 billion records. And it’s only looking to get worse. Realistically, we’re looking at a 5% increase, despite the advances in cybersecurity. Zero-trust architectures will become the standard approach to cybersecurity, especially for businesses. Not only can zero trust protect your business from more cybercrime, but it can also be a more cost-efficient form of security.
8. Clean tech
As the world moves towards reduced emissions and a lower environmental impact, so do technology and the businesses that use it. Renewable energy, cleaner transport, and greater energy efficiency are all on the future agenda. That means the implementation costs will be lower, and use will become more widespread.
It will be increasingly important for your business to stay environmentally aware as it will become a big deciding factor for prospects when choosing the companies they want to do business with. It will also be a big selling point when it comes time for you to grow your team. We’re already seeing candidates choosing companies that are more socially and environmentally conscious.
And there we have it—the 8 top tech trends for the coming decade.
It may be daunting – but it’s also really exciting. How many of these are already on your business agenda? And how much work do you think you’ll need to do to keep your business up to date?
Yeo & Yeo recommend that you start by thinking about your current tech and the ways it’s helping to make your business processes easier and faster. Then think about how you could use your tech to help your team become more productive (and happier and more engaged in what you do).
Yeo & Yeo
Yeo & Yeo is a top 200 full-service assurance, tax and advisory firm with a reputation for personal service, commitment to clients and community support. Founded in 1923, Yeo & Yeo has grown to include more than 200 trusted professionals who have been successfully advising Michigan businesses. Through our four companies – Yeo & Yeo CPAs & Business Consultants, Yeo & Yeo Computer Consulting, Yeo & Yeo Medical Billing & Consulting and Yeo & Yeo Wealth Management – we have created a strong network of professionals with the expertise to solve complex problems in each industry we serve.Learn more