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Six new technological developments are reshaping South African business.

Reference: Published by Staff Writer (BusinessTech), 23 July 2023

Deloitte, a financial services company, predicts that technology will continue to reshape businesses around the world.

The company investigated the effects of cutting-edge technology, cyber and trust, and core modernization in its most recent Tech Trends 2023 research.

In the upcoming 18 to 24 months, work and life will undergo significant transformation, according to Deloitte.

The business listed the tendencies they anticipate will manifest:

Internet immersion for businesses

Technologists have begun to pivot toward interfaces that allow users to participate in all-encompassing immersive virtual reality as they realize that screens can no longer get smaller.

According to Deloitte, virtual reality will probably transition from a purely gaming platform to a business tool within the next few years.

Virtual reality has already begun to make its way into offices thanks to businesses like Meta and Apple.

Introducing AI

Deloitte stated that a small number of companies may experience true competitive gains from developing stronger algorithms as AI technologies become more standardized and commoditized.

The strength with which AI is integrated into a company’s processes will set it apart from its rivals. The most important factor in this case is trust, which has advanced more slowly than machine learning technology.

According to Deloitte, the corporate sector needs to rethink what it means to trust robots, particularly as they increasingly move closer to serving as decision-making tools.

Multi-cloud administration made easier

According to the financial services organization, some businesses are starting to use an abstraction and automation layer that resides digitally in the cloud.

For organizations feeling overrun by too many tools and business data dispersed across the cloud, metacloud technologies would provide a single point of control.

Flexibility

Employers now need to be forward-looking as technology advances, making hiring for today’s challenges an outmoded practice.

Upskilling is anticipated to be used to choose and create future workers, particularly in tech industries.

Decentralisation

According to Deloitte, “Blockchain-powered ecosystems are becoming essential for both the creation of digital trust and the development and monetization of digital assets.”

Organizations are expected to adopt decentralized systems and business models increasingly frequently, placing their faith not in a single entity but rather in a group of users.

Modernization of mainframes

Deloitte stated that legacy systems will be modernized rather than replaced despite the predicted fast digitization and myriad changes.

Businesses are using mainframes – and their priceless data – to drive digital transformation by using tried-and-true methods for modernizing outdated systems.