The high-tech industry is the pioneer in the age of digital transformations. It is demanding innovation across sub-industries ranging from electronics to agriculture, to utilities, to media and communication tools. Today’s shift in innovation will continue into the later part of this decade with the adoption and evolution of the cloud, 5G networks, artificial intelligence and machine learning all combined into one platform.
The force that the digital revolution is bringing with it will enable companies to continuously innovate, transform their product, and change the way they conduct business. The high-tech industry is empowering customer and business needs with better experiences, results, and delivery times and is in turn creating a solutions-based approach to achieving a better end-user experience.
The customers of today are not buying technology products, rather they are buying technology solutions. As the landscape continuously evolves, companies are tasked with building a business model around their customer and simultaneously adapting to their changing needs. This means, creating connected experiences that harness data and turn insight into action across businesses in real time. Some of the most prominent trends to get ahead of as the tech landscape continues to evolve in 2023 are:
- Taking Cloud and SaaS to the next level by ensuring all the data is available in real-time under one single pane of glass for better decision-making
- Developing data-driven decision-making predictive models for Revenue Intelligence and increased sales and productivity
- Expanding data warehousing capabilities to gain access to new data and best utilize historical data efficiently
- Leading the initiatives to create a sustainable business model to lessen environmental impacts and,
- Prioritizing real-time data
The single pane of glass methodology needs to be a pillar of focus in 2023. By having your data available in one area, fragmented and siloed data is eliminated along with the lack of visibility across departments. Additionally, with the ability to use AI for predictive analytics, manual errors will be alleviated. Combining all of your company’s data in one platform can paint a clear picture for internal and external usage and allows the data to be used differently while providing measurable results. According to the State of The Connected Consumer report, 85% of tech customers expect consistent interactions across departments but over 60% of customers feel like they are connecting with separate departments rather than one united company. By addressing these issues and combining all data under one view, you can service customers quickly, provide more targeted and personalized marketing campaigns, and identify trends to promote efficiency.
Predictive analytics and Revenue Intelligence started making a splash in 2019 when they collectively earned $3.47 billion in revenue. This is increasing substantially with the amount of available data doubling every fiscal year. By making this a pillar of focus within your company, many pain points can be remediated, including:
- Limited insight into a customer’s propensity to buy
- Limited insight into how to earn net new revenue
- Limited insight into what budgeting numbers are and
- Limited insight into achievable sales quotas
According to IBM, predictive analytics initiatives show a median ROI of 145%, compared to non-predictive business intelligence initiatives’ median ROI of 89%. Another IBM survey revealed, “Users of predictive analytics… have achieved a 1% improvement in operating profit margins over the last year, and a year over year increase in customer retention of 6%.
Building a sustainable business model has become increasingly important over the last few years. According to the World Economic Forum, 90% of executives believe sustainability is important, but only about 60% follow sustainability strategies. One of the greatest innovations rolled out is Salesforce Net-Zero Cloud. “Net-zero offers the abatement of climate risk for shareholders without abrupt disruption to near-term returns, and reputational benefits for companies that serve customers or businesses that are climate-conscious.” – World Economic Forum. By investing in a technology that tracks your net-zero emissions, your appeal to customers and stakeholders increases and provides a return on investment outside of assisting in the regeneration of our planet.
The fourth trend we see in the high-tech industry is a focus on prioritizing real-time data. To envision this simply; lack of real-time data causes working pains such as not being able to make decisions at the speed of your business, lack of business agility and optimization, slow lead time in detecting operational issues, and inability to personalize the customer marketing experience. By harnessing the power of real-time data through products such as Salesforce Genie, you can more accurately and efficiently predict customer behavior, solve the technical problems associated with typical data batch processing, scale faster, proactively maximize customer satisfaction, and improve and automate business processes.
The final key trend the high-tech industry is expected to see in 2023 is, changes in data warehousing as access expands to new data. By 2025 80% of the world’s data will be unstructured; preventing data scientists from analyzing unstructured data alongside semi-structured data & structured data. Unstructured data silos prevent organizations from uncovering business and competitive trends. Combining data in one warehouse, regardless of the type of data is the best way to get more value from it. By adopting a data warehouse such as Snowflake, you can have a unified system for managing all data types (unstructured, structured, and semi-structured.)
By implementing a secure data warehouse with your data and analytics tools and platforms, your tech company is enabled to effectively process analytical workloads, embed data layering, and allows for a data-sharing architecture. Data warehousing improves the speed and efficiency for accessing different data sets and makes it easier for corporate decision-makers to derive insights.
Interested to see how SpringML can help your high-tech company improve its data strategy with the help of Salesforce? Reach out to [email protected]