Over the last few years, we’ve seen how Covid accelerated digitalisation and business appetite for innovation increased. In 2022, companies regained their footing, saw profits return, and decided it was time to enter a new era of transformation. As we emerge from 2023, our reliance on technology kicks up another gear, and thankfully, major advancements are also surfacing.
1. Artificial Intelligence tools becomes available to the masses
Imagine being on a Microsoft Teams meeting and asking Bing to answer questions that pop up during your discussion. In a matter of seconds – far quicker than any human – rather than a list of links Bing will pull together an answer neatly written in a paragraph, sharing it on your screen for everyone to read, all thanks to Artificial Intelligence (AI).
AI has been on the horizon for quite some time, eagerly anticipated for the enhancements it can bring to everyday life. It’s a powerful tool which can scour the Internet, digest thousands and thousands of sources and make decisions on its own. It can also perform tasks which normally require human intelligence, like writing code or an article.
With International Data Corporation (IDC) expecting the worldwide spending in the AI market to reach US$500 billion in 2023, this year we’ll finally start to see some practical applications of AI surface, especially as Microsoft is reportedly eyeing a huge investment in OpenAI (the startup behind viral chatbot ChatGPT). Should the investment go ahead, we’ll likely see AI features roll out into Microsoft Office and Bing products.
2. Personalisation reaches a new level of sophistication
Ever since monogramed luggage came back into fashion years ago, it’s been clear that personalisation is here to stay. But these days we have a powerful tool which can take it to the next level: data.
Think of your personalised experience on Netflix. The menu is curated to serve recommendations of movies and TV shows based on programs you’ve previously enjoyed. Netflix also looks at what’s been popular overall to inform what type of shows and movies they produce or purchase down the track.
With leaps in AI, deep learning and technology which collects, analyses and shares data-driven insights, personalisation is about to reach a whole new level. With economic uncertainty looming in the background, providing a hyper-personalised experience must be a priority for customer retention.
3. The metaverse will plateau
If you still haven’t got your head around the metaverse, don’t worry. While the metaverse exploded and dominated the conversation in 2022, this year it’ll take a backseat. As consumers were promised revolutionary change, many were scratching their heads and left confused at how exactly NFTs were making a significant impact. Fear not, its full potential is yet to be unleashed, but it’ll be a while yet.
4. A mixed reality emerges
We’ve learned that consumers have two identities: a physical one and a digital. They live in two worlds and take on different personalities in each realm, with different goods in each. Towards the end of 2023, we’ll start seeing an entirely new, mixed reality emerge, marrying the two.
Forget the fully immersive virtual reality, headsets or contact lenses catching digital overlays on the train – physically this isn’t a sustainable (or comfortable) experience for a prolonged time.
Instead, mixed reality will emerge as digital enhancing the physical world for the day-to-day. What this looks like exactly remains to be seen, but it will be brought on by a new wave of products and powerful software.
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