Author Latentbridge.com
2023-01-03 | 6 Minutes
Businesses that survived and succeeded during the pandemic doubled down on their technology investments to build resilience. Many of those firms gained a strong competitive edge over their peers by delivering a better employee and customer experience and increasing profitability. In the face of economic uncertainty, rising inflation, and supply chain concerns in 2023, they will need to rely even more on digitalization.
Latent Bridge believes 4 intelligent automation (IA) trends below will play a major role in helping businesses stay successful in 2023.
Enterprises that take a holistic, ecosystem-based approach to automation will have a stronger business impact with their transformation initiatives. While businesses may enjoy quick wins with a single technology, for a more sustained benefit, they must move away from technology silos and transition into an end-to-end platform. Businesses need to bring together their diverse silos of technology like RPA, AI, IDP, chatbots, and others onto a single, unified platform, allowing for synergies to provide an opportunity for digital differentiation.
Most businesses turned to technology for answers during the pandemic and must continue to capitalise on it in the face of recession and economic uncertainty. A major driving force behind these investments will be businesses’ desire to pivot more towards building business resilience in an uncertain economic environment to achieve business goals.[1] While businesses will continue to invest in technology, they will want to see quicker and higher returns on their strategic investments.
The dynamic nature of customers’ needs will play a key role in motivating enterprises to embrace composability. Enterprises that are composable, make strategic and effective use of reusable components to overcome disruptions and respond to market changes rapidly; as a result, they will substantially outdo their competition in implementing new product features.[2] Businesses will have to take advantage of microservices and APIs to make this composable shift and transition from traditional and legacy methods to composable enterprises.
To scale an automation program, it is essential to democratise it and provide non-technical and business users the opportunity to automate business processes and repetitive tasks. In 2023, as the pace of digitalisation accelerates and automation moves beyond the confines of IT functions, businesses will likely see more than 2x faster results from democratising their digital initiatives.[3] Bringing automation in the hands of functional owners, CIOs will drive stronger governance of digital initiatives, allowing more champions within their organization.
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