With 2022 reaching its end, what new trends in technology are going to shock us in 2023?
A couple of years ago, the pandemic drove an urgent acceleration in digital transformation initiatives. It pushed companies (of all sizes) to invest in advanced technologies to survive in the new normal. However, those investments were not just a few blips on the radar. The ensuing economic uncertainty, combined with changing customer needs, has led enterprises to double down on their efforts — with a renewed focus on operational efficiency, productivity and resilience.
There’s no doubt that Industry 4.0 has enabled manufacturers to increase operational visibility, reduce costs, expedite production times, and deliver exceptional customer support. However, now it’s time to turn our attention away from Industry 4.0 and toward Industry 5.0. Where the fourth industrial revolution focused on using technology to optimize the means of production, the fifth is all about connecting man and machine — that is, the collaboration between humans and smart systems. Is Industry 5.0 on the immediate horizon, or it’s already here?
At its core, the 5.0 movement aims to build more intuitive bridges between human and machine interactions across plant activities. This presents ambitious changes to the industrial world, placing the wellbeing of the worker at the center of the production process and uses new technologies to provide prosperity beyond jobs and growth while respecting the production limits of the planet. The core transformations of Industry 5.0 go beyond technology, it complements the Industry 4.0 approach by specifically putting research and innovation in the service of the transition to a sustainable, human-centric and resilient European industry.
Data-driven automation will be hot. A faster adoption of intelligent automation in small and medium-sized businesses.
Most automation tackles static processes, but data insights are changing that. One-third of enterprises will prioritize data-driven automation, with data events driving next-gen business process transformation. This recognition is sending ripples through process automation markets.
While organizations are focusing on being data-driven, most of the data assets needed to generate actionable intelligence remain siloed and locked across systems. In 2023, companies will address this problem with a modern, composable approach to integration. This will pave the way to creating a data fabric that connects data across platforms and between business users.
By embedding real-time analytics into this data fabric, organizations will be able to automate decision-making, dynamically improve data usage and cut data management efforts by 70%.
Firms will increasingly automate data-driven decision intelligence to reduce the huge cost of wasted opportunities
According to IDC, enterprise intelligence can help improve financial, employee, customer, and offering outcomes, driving digital resilience, agility, and innovation in the process. In fact, 60% of organizations that scored highest on its enterprise intelligence index scale experienced major improvements in decision making. That’s compared to just 1% of those with poor enterprise intelligence.
Automation also has a role to play in saving energy costs. For example, automation software can help contextualise and process extensive data, helping manufacturers determine which parts of their operations are the most energy-dependent or reliant. This helps manufacturers automatically scale operations up or down depending on areas of need.
Predictive analytics also plays a part. There are tools that can predict which machines need (or will need) maintenance – and in the long term this prevents equipment from draining energy. The need is to make factories smarter, more sustainable and safer.
Automating business processes in a sustainable way.
Sustainability will be a point of focus and will drive ongoing IT investments. Organizations will increasingly realize that data-driven insights and improved integration across supply chains help deliver business value through more efficient and sustainable ways of working, which support the global effort to reduce carbon emissions.
Companies will look to drive sustainability in their operations by using a composable enterprise strategy to unlock and integrate data and applications, and applying automation and analytics to derive insights.
Currently, some 90% of technology leaders recognise sustainability as a key IT objective in their organization and expect budgets for it to increase by 10-20% over the next three years.
Automating in a sustainable way can help advance efficiency and advancement in the future.
Until recently, the tech world has been single-mindedly fixated on boosting the power of new technologies. But as tech becomes increasingly integrated into every facet of our lives, we’re seeing new investments in energy efficient tech and tech that promotes sustainable practices.
Emissions management software and AI, traceability and analytics for energy efficiency are all allowing both developers to build sustainability-focused tech, and allowing business leaders to explore new markets and opportunities for sustainable growth.
Make Industry 5.0 Innovation a Reality! Smart Manufacturing solutions start with the unique circumstance of your factory, connecting your legacy systems to tomorrow’s transformation efforts. Visit our software solutions page to learn more and speak with a KIM expert today!