2023 Technology Challenges: What to Expect

2023 is just around the corner and it has prepared its own unique set of challenges for companies. We've identified some key technology challenges on the forecast to help provide clarity to companies so they can see through the current economic landscape and prepare for what's ahead.

Supply Chain: Bottlenecks, shortages, and delays will continue to trend in article headlines well into 2023. The main challenge will be the increase in costs, which is likely to continue to rise. This will be caused by the continued growth in demand for goods and services, as well as the need to invest in new technologies and processes to maintain fulfillment. The infrastructure necessary to manage the increasingly complex nature of the global supply chain, as well as the demand to manage and mitigate risk, will continue to take priority.

Cyber Threats: In 2023, the number of cyberattacks is projected to reach an all-time high, with businesses and organizations of all sizes at risk. Cybersecurity experts believe that the vast majority of attacks will be aimed at small and medium-sized businesses, which are often seen as easy targets or low hanging fruit. However, no company or organization is immune from the threat of cybercrime.

As more and more companies go digital, so does their data and without the right security infrastructure, companies are vulnerable. The best way to safeguard your business from a cyberattack is to invest in strong cybersecurity measures. This includes having a robust security system in place, as well as educating your employees about how to protect themselves and your data.

Accelerating Innovation: The pressure for organizations to maintain a competitive edge and to forge a path in today's increasingly technological world is predicted to compound in 2023 as new technologies such as 5G, IoT, cloud computing, and web3 continue to evolve at a record pace. It's difficult for any company to keep up with; however, you don't want to miss the closing window for digital transformation.

Skill Shortage: According to a recent study, the talent shortage is set to worsen in 2023, with as many as 85% of companies struggling to find the skills they need. The study, conducted by the Boston Consulting Group, found that the skills gap is already costing businesses billions of dollars each year.

The problem is only set to get worse as more and more industries adopt new technologies. The study found that the demand for talent in fields like artificial intelligence and robotics is growing faster than the supply. This mismatch is causing a lot of friction for companies who are trying to stay ahead of the curve. The study’s authors say that the only way to solve the talent shortage is to invest in training and education. They recommend that companies focus on developing their own talent internally, rather than relying on the open market to foster their people.

The explosive growth and rapidly changing technology and digital landscape present significant challenges for businesses in the year to come; however, companies who are proactive and have a pulse on future trends and opportunities can stay on the cutting edge among their competition and set themselves apart to grow alongside change.