The technology industry continues to innovate to drive advances throughout the economy, but it’s also preparing for what’s next on the horizon.
A couple of key developments this year have unsettled the technology industry:
- A parade of layoffs at technology companies, ranging from startups to the most recognized enterprises
- The slowing pace of investments in enterprise and consumer technology
- The swift and sudden collapse of a large financial institution with a major presence in the tech space as well as subsequent bank liquidations of other tech funding sources
While these events have many technology companies more focused on operational resilience in the near term, they might not be the signs of doom and gloom some observers take them for. Layoffs at many tech businesses, for instance, could be seen as a return to trendline growth rather than a sign of future instability.
Additionally, the innovative solutions generated by the technology industry remain critical for organizations in practically every sector. Whether it’s increased investments in artificial intelligence (AI) within the insurance space, data analytics in healthcare, or internet of things in manufacturing, interest in advanced technologies remains high in most industries.
As the tech sector continues to adjust to significant changes in the months ahead, we expect three areas to be focal points.
Find efficiency with advanced technology.
Probably the biggest impact of advanced technologies like AI for tech companies’ operations is in automation. Most tech companies have a good level of understanding about how the technology side of this works, but our specialists have found many of them don’t always use automation as much as they could within their organizations.
This gap is particularly true as automation has moved beyond management of one or two steps within a process and taken over most or all of entire processes within some organizations. This next-level automation doesn’t simply make things move faster. It also drives improvements in efficiency, error reduction, data analytics, and other critical areas.
Another benefit of AI-driven automation is that, if implemented correctly, it only gets better as you use it. Pairing machine learning with the right inputs can help train your AI system over time to run processes even more optimally.
Tech companies also increasingly use responsible AI frameworks to mitigate known risks and potential issues that might arise. Responsible AI frameworks among tech companies include aspects of strategy, control elements, responsible practices definition, and standards for AI validation and monitoring.