Which IT tools should you invest in this year? Discover the 5 technologies that any company needs in 2023.
Technology and information technology (IT) have become a fundamental part of business operations. However, many companies are still failing to leverage the potential of new technology tools to their fullest potential. We review the 5 IT technologies and trends needed for any business in 2023.
Are companies taking advantage of technology to its full potential?
In today's world, being aware of technology trends has become a must for any CEO, whether running a large company or an SME. Technology has long stopped only being important for companies in the IT sector. Today, it must be part of the resources and business routines of any organization.
Particularly relevant is the information technology or IT sector, which enables companies to unlock the value hidden in data. In fact, right now, most technologies used by companies are linked to data processing and/or some of the operations needed to manage data and transform business information into insights. Already in 2018, Forbes magazine declared that "Today, all companies are data companies. Whether they know it or not."
Ultimately, the business decision-making process is already data-driven (data-driven decisions) and more and more business leaders are saying that, today, the quality of a business' decisions depends on the quality of its data.
On the other hand, one of the most recent studies on digitalization confirms that 66% of the world's companies have already embarked on a digital transformation process. The research, carried out by the telecommunications company CenturyLink, analyzed more than 1,400 companies, of which 66% stated that they had already started the process towards digital transformation and, of these, 42% expected to have completed it in a period of between 3 and 5 years. In other words, it is estimated that in the next 5 years, half of the world's companies will already be fully digitized. It is therefore indisputable that those companies that have not yet embarked on this path have already been left behind.
On a general level, more and more companies are investing in IT and are realizing that, in a digital and technological world, doing the opposite is not very profitable. However, companies are not devoted to investing for the sake of investing and continue to bet on those technologies that have a tangible application and that assure them productive results in the short and long term, as well as a profitable return on investment.
In which technologies should companies invest in 2023?
The 5 technologies and IT trends that every company needs in 2023
1. Data integration
Data integration technologies are the foundation of data exploitation and the beginning of the process that involves the transformation of raw data into valuable information and insights.
Data integration is a strategy that focuses on bringing together different sets of information from different areas of a company, usually in a data warehouse. This is the best way to obtain relevant and effective information that allows to make decisions and obtain the best results.
For data integration to be possible, system integration and interoperability are fundamental requirements.
Without a doubt, all companies should now invest in data integration processes and integration tools (databases, ETL processes, etc.).
If our data is not integrated and cannot be shared, it is virtually impossible to leverage its value.
2. Business intelligence & analytics
Business intelligence (BI) has become the fundamental pillar on which business is built. In an increasingly competitive environment, making decisions based on high quality data is essential to ensure the company's growth and stand out from its competitors.
In this sense, business intelligence gives organizations the ability to transform information into useful knowledge for their business. Specifically, it is about converting data into productive intelligence that helps a corporation to make better decisions based on data, generate business opportunities or optimize its processes. To obtain business intelligence it is necessary to use complex processes related to information technology (IT).
Today, you can't talk about BI without talking about data analytics. Data analysis has become the foundation of business intelligence.
In terms of specific tools, according to Gartner, Power BI is the leading BI and analytics tool in the market in 2022. At Bismart, as a preferred Microsoft Power BI partner, we have a large team of Power BI experts who have developed a practical guide with the 21 best practices for creating reports in Power BI.
3. Data visualization
Data visualization is a critical part of business intelligence and data analysis.
Data visualization consists of transforming data into intelligible information: reports, dashboards and visuals that allow users unaccustomed to reading data to understand the information and be able to draw conclusions for business decision making.
It could be said that data visualization is the last step in a long process that allows analysts and data scientists to transform data into information and information into insights. Images and the visual universe of a narrative created from data play a fundamental role in a company's ability to democratize and communicate information.
4. Artificial Intelligence
The technological development of business in recent times has been driven, in part, by the progressive penetration of artificial intelligence (AI) in companies.
AI is gradually becoming one of the main sources of technological investment in the business world. From machine learning algorithms to predictive analytics and automation, artificial intelligence is already one of the key technologies for innovation in the corporate sector.
Artificial intelligence can significantly improve the efficiency of business processes and operations, as well as streamline process times and automate tasks. However, it entails considerable investment. In this regard, before undertaking any AI-related project, it is necessary to conduct adequate testing to ensure that the solution or software can be integrated with all the company's systems and be useful for all departments.
5. Cloud services
Finally, cloud services are positioning themselves as another major technology investment for 2023.
More and more organizations are moving their infrastructure to the cloud and investing in cloud services due to the numerous advantages of the environment. Particularly noteworthy are the greater scalability, speed and flexibility of cloud environments.
Final considerations
The IT technologies and trends mentioned in this article form the essential foundation for the technological and informational development of a business. However, for those companies that are further along the path of digitization, there are other specialized tools that offer advanced analytical capabilities.
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