While technology trends often come and go—some have a lasting impact on every industry. A recent DataScienceCentral article highlighted ten technologies with the most staying power for 2023. The top five technologies have become ingrained in modern tech stacks and work hand-in-hand with newer technologies to deliver even more value to businesses. They are artificial intelligence (AI), edge computing, data democratization, augmented analytics, and data fabric.
Artificial Intelligence (AI)
AI is here to stay. According to Deloitte, 94 percent of business leaders surveyed say AI is critical to their business success. As AI matures, more organizations are deploying AI-based solutions across the enterprise—reducing costs, innovating products, and generating revenue. AI is no longer a wish-list item and is quickly becoming a must-have as competitors unleash the value of AI for their businesses.
Healthcare is a specific industry that is realizing its life-saving outcomes. AI-based solutions can aid the process of clinical decision-making, improve diagnosis accuracy, and reduce medical errors. The National University Health System (NUHS) in Singapore is no stranger to innovation and uses AI tools to augment the work of doctors by applying better diagnostic and disease models to improve patient safety and reduce complications.
Machine sensors, 5G networks, and other edge devices have allowed businesses to create complex networks of intelligence using data from their machines. As the Internet of Things (IoT) and IoT devices continue to improve, edge computing is in a prime position for further growth and innovation. IoT devices with edge computing capabilities will provide businesses with even more data and an enhanced ability to act on that information in real time. High adoption rates and further edge computing improvements show that this trend has transitioned into a standard across many industries.
Siemens Mobility is an example of a leader who is harnessing the power of IoT to modernize the railway industry. Siemens uses every piece of data it can—most of which is collected via sensors at the edge—then cleans and prepares it for analysis. If there is a different degradation pattern in one of its trains, the system can immediately alarm the train operator while it is in transit and schedule maintenance without affecting travel activity—keeping trains available 100 percent of the time.
More and more citizen data scientists need access to business data to analyze decisions and predict future performance. IT departments have to choose whether to handle each of these requests or create self-service portals where users can access data. With the implementation of low-code and no-code self-service applications, data democratization has rapidly increased, enabling citizen data scientists to use data for better decision making, while also freeing up IT resources.
Koch Industries, an enterprise of enterprises, used TIBCO solutions to drive collaboration across its disparate businesses, sharing best data practices with every team. The platform allows the enterprise to share templated functions so each company within Koch can tailor and independently implement master data management (MDM) solutions—democratizing development.
With augmented analytics (also called hyperconverged analytics), business users and executives can better understand their business data, find answers to relevant questions, and quickly uncover insights. For more advanced users, augmented analytics allows users to conduct complex analyses more easily by automating and simplifying complex processes. Augmented analytics frees up user time, making it a standard for many analytics teams.
Bayer Crop Sciences uses advanced analytics to monitor crops, understand plant traits, and react proactively to changing global conditions. With TIBCO Spotfire, 14,000 Bayer users are empowered with agroscience analytics.
With the exponential growth of data and the increase in data-driven decision making, more organizations have come to rely on a data fabric. The advantages of a data fabric include its ease of use, adaptability, data hub compatibility, and integration compatibility—meaning your data fabric can scale and change as your business needs change. This scalability has made the data fabric a standard across a variety of industries—it’s essentially a modern data architecture.
Panera Bread built the Panera Data Pantry to unify its systems with a master set of data, update systems, and automate a variety of processes. Built on TIBCO EBX, the platform makes it easy for the team to standardize menus, pricing, and taxes on third-party delivery services. Now the team can easily coordinate rotating menus and ingredient ordering for individual restaurants, as well as provide real-time updates on menu items that are out of stock, store closings, and more.
Is It Time to Update Your Tech?
Is your business keeping up with the latest trends? Don’t fall behind as new innovations in 2023 take hold and become industry standards. The TIBCO platform can help you unlock your data’s potential in extraordinary ways, using data science capabilities, master data management, API-led integration, and much more.