Written by

Bernard Marr

Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He is a best-selling author of 20 books, writes a regular column for Forbes and advises and coaches many of the world’s best-known organisations. He has over 2 million social media followers, 1 million newsletter subscribers and was ranked by LinkedIn as one of the top 5 business influencers in the world and the No 1 influencer in the UK.

Bernard’s latest book is ‘Business Trends in Practice: The 25+ Trends That Are Redefining Organisations’

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Bernard Marr ist ein weltbekannter Futurist, Influencer und Vordenker in den Bereichen Wirtschaft und Technologie mit einer Leidenschaft für den Einsatz von Technologie zum Wohle der Menschheit. Er ist Bestsellerautor von 20 Büchern, schreibt eine regelmäßige Kolumne für Forbes und berät und coacht viele der weltweit bekanntesten Organisationen. Er hat über 2 Millionen Social-Media-Follower, 1 Million Newsletter-Abonnenten und wurde von LinkedIn als einer der Top-5-Business-Influencer der Welt und von Xing als Top Mind 2021 ausgezeichnet.

Bernards neueste Bücher sind ‘Künstliche Intelligenz im Unternehmen: Innovative Anwendungen in 50 Erfolgreichen Unternehmen’

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The Top 5 Technology Challenges In 2023

17 November 2022

When it comes to technology, rapidly changing conditions pose unprecedented challenges that must not be ignored. Learn the top 5 tech challenges companies need to address to survive and thrive in 2023.

The Top 5 Technology Challenges In 2023 | Bernard Marr

As 2022 draws to a close, companies must forge a path in a market characterized by unprecedented challenges and unbridled opportunities brought about by technology.

The Covid-19 pandemic has changed the landscape of the technological market, accelerating demand for digital innovation and challenging even the most advanced manufacturing facilities.

2023 brings a unique set of challenges to companies. Addressing these five key tech challenges will distinguish the companies that survive - and thrive - from those that fall by the wayside.

1. Supply Chain Challenges

The Covid-19 pandemic continues to challenge global supply chains with bottlenecks, delays, and disruptions; manufacturers and tech companies worldwide face a constant struggle to source necessary parts and supplies.

One of the most severe challenges is the unprecedented shortage of semiconductors (chips) and the resulting production delays across a swath of industries.

Early in the pandemic, chip manufacturers responded to changes in demand (specifically reduced demand from automotive manufacturers and increased demand for consumer electronics) and transitioned their production facilities to reflect these shifts.

As demand for automotive chips has resurged, semiconductor manufacturers have struggled to meet demand due to capacity issues as well as supply chain shortages and restrictions.

Solutions are in progress, but implementation will be slow: Texas Instruments, Samsung, Intel, and TSMC are constructing new semiconductor fabrication plants in the U.S. that will begin production in 2024/2025.

2. Increased Security Threat

Cyber-attacks are on the rise, and as more businesses become digital, they inherently accumulate more data — which in turn becomes attractive to cyber criminals looking to steal data or hold data for ransom.

In addition to those risks, the emergence of quantum computing could render existing security systems obsolete.

Quantum computing speeds up prime number factorization, thus making attacks against cryptography much more efficient.

Any organization holding sensitive digital data must invest in cybersecurity solutions that address the quantum computing threat, either through risk management plans or utilizing quantum computing to reduce the risk.

3. Accelerated Technological Innovation

The spike in digital transformation during the pandemic shows no signs of slowing down, and this rate of technological innovation presents yet another challenge.

Technologies such as cloud, edge computing, machine learning, metaverse, web3, non-fungible tokens (NFTs), robotics, Internet of Things (IoT), 5G, and more are all advancing at an incredible speed that is very hard to keep up with.

If companies want to maintain their competitive edge, they need to stay at the forefront of technological innovation or be left in the "digital dust" of their competition.

4. Talent Shortage

The increased pace of technological innovation has created a need for talent that can build and maintain emerging digital technologies.

In this Gartner survey, IT executives cited lack of talent as the biggest barrier to the adoption of emerging technologies, ahead of implementation, cost, and security risks.

In the face of this qualified talent shortage, companies are adopting new and innovative internal training programs such as coding boot camps and training "universities." This enables them to hire and train prospects and internal workers desiring career growth.

5. Demand For More Sustainable Technology

Sustainability is rapidly transitioning from the exception to the rule: consumer expectation is rising, and sustainability is becoming a must-have in all aspects of business.

In 2023, consumers, business customers, and investors will increasingly demand sustainable technology along with transparency. For example, as more companies re-platform to the cloud, the environmental impact and energy usage can move out of sight. In 2023, any negative environmental impact can no longer be ‘hidden in the cloud.’

Companies need to use clean and sustainable technology at all levels, particularly in areas with high resource usage, such as data centers and blockchains.

The technology industry’s explosive growth and rapidly changing landscape present significant challenges to technological businesses.

Companies that want to survive this new and challenging market must proactively address and prepare for the above challenges, monitor the industry to stay abreast of future challenges and opportunities and continue to think outside the box to stay one step ahead of the competition.

To stay on top of the latest on new and emerging business and tech trends, make sure to subscribe to my newsletter, follow me on Twitter, LinkedIn, and YouTube, and check out my books ‘Tech Trends in Practice’ and ‘Business Trends in Practice, which just won the 2022 Business Book of the Year award.

Business Trends In Practice | Bernard Marr
Business Trends In Practice | Bernard Marr

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