February 20, 2023

2023 Tech Trends: Get Excited for New Software | AltSource

Research from Comptia predicts that 500 billion devices will be connected to the Internet by 2030, which is the rough equivalent of 58 devices for every human being on Earth!

Our need for digital connection drives our social and professional lives, and the 2023 technology trends reflect that craving for connectivity.

Some of the biggest industries today, including manufacturing, construction, finance, and ecommerce, are capitalizing on connectivity via software development as a business growth strategy. Likewise, improved connectivity has become a guideline for reaching more customers and creating personalized brand experiences. 

Leaders are also in search of the right software development solutions to help them stay connected despite some of the biggest obstacles our generation has ever faced, such as dramatic supply chain disruptions, sustainability problems, and massive labor shortages.

While each of the four industries mentioned above is focusing on better connectivity through improved software development and data usage, that doesn’t mean they’re all focused on the same 2023 tech trends. As you’ll see below, each industry’s specific focus highlights the values and ever-changing landscape of that industry. 

Manufacturing Software Development and Technology Trends for 2023

Smart Factories & Smart Spaces

Problems from the pandemic drove manufacturers into embracing smart designs that rely heavily on data to predict, plan, and forecast with the utmost certainty. The Industrial Internet of Things (IIoT) leads the way with smart factories and smart spaces, using sensors, RFID tags, and wearable devices that all gather and send information into smart factory databases.

Smart factories further leverage that data with both artificial intelligence (AI) and machine learning (ML) to build predictive analytics as well as data models to better forecast orders, shipping needs, and warehouse storage. The same information is also used for predictive maintenance, a significant trend to help manufacturers stay one step ahead of factory problems. Predictive maintenance is heralded as being able to reduce costs and adjust plans without impacting factory productivity.

Warehouse worker scanning items

Supply Chain Solutions

Manufacturers scrambled at the start of the pandemic, but after several years into this new normal, they have learned key lessons on what works for risk management and mitigation.

Changing to smart factories and leveraging as much data as possible has been essential for improved inventory management and supplier relationship trends. 

As supply chains are not wholly within a manufacturer’s control, leaders are doing whatever they can to increase predictability and consistency. One trend includes experimenting with re-shoring and near-shoring strategies.

Re-shoring involves bringing manufacturing processes back into a company’s home country, thus eliminating part of the shipping and supply chain issues. Similarly, if a company wants to transfer certain processes to another vendor or facility within their region, that’s considered near-shoring, which also helps mitigate supply chain problems.

Construction Software Development and Trending Tech for 2023

Increasing Safety and Virtual Monitoring

According to the National Safety Council (NSC), construction is one of the top four most dangerous industries and is known for experiencing the highest number of workplace deaths. With such frightening statistics, safety is always top of mind for construction leaders.

Bringing in technology to increase construction safety is one of the top trends for 2023.

To provide better training in safer environments, many construction companies are investing in virtual reality (VR) and augmented reality (AR). Whether in completely digital VR environments or using smart devices to view augmented imaging, construction workers can learn about certain hazards on the job while remaining completely safe.

Drones have also become a major part of the construction industry, and the use of these devices will continue to grow in 2023.  Drones can safely monitor workers on site and help them remotely view potentially dangerous locations. They are even being used for inspections to further mitigate risks.

Drone in flight

Cloud Adoption and Data Leveraging

To keep up with industry trends and combat supply chain issues, many construction companies are moving away from manual spreadsheets and embracing cloud-based web software and mobile apps. With all their data available in real-time, leaders can make sure that crews always have the equipment they need and that projects are running smoothly.

With cloud and mobile-based systems collecting so much data, construction companies are also making use of artificial intelligence (AI) and machine learning (ML) to monitor employees, create more efficient workspaces, manage projects, and reduce excess spending.

The Internet of Things (IoT) helps leaders gather more data about crew members via wearable sensors and RFID chips attached to safety gear. Gathering such data proves vital for injury risk assessments and for making changes that contribute to safer job sites.

Financial Industry Tech Trends & Software Development for 2023

Personalized Financial Customer Experiences

Many financial industries were investing in technology long before the pandemic, so it’s no surprise that they were among the best suited for transitioning to the new normal. Being several steps ahead of the rest of the world, most financial services companies are now focused on trends related to optimization.

Offering more personalization in banking and investing has been a major reoccurring trend over the past few years. For 2023, we can expect to see more digital-only banking options as well as companies leveraging digital lending. Both options offer around-the-clock financial services to address the unique and immediate needs of customers.

Likewise, neo-banks remain a popular trend as they offer a complete online banking experience with additional apps and software to entice customers. Many neo-banks specialize by either account type or financial products, allowing these companies to attract distinct segments of the market.

Emerging Financial Technology Maturing in the Industry

The financial industry was among the first to invest heavily in emerging technologies. That initial investment of time and capital has helped these technologies to mature within the financial sector, establishing more practical use cases as compared to the same technologies being used in other industries.

Bitcoins and a tablet with Bitcoin stock numbers

For example, while cryptocurrencies have been on a roller coaster ride during the past few years, experts argue that 2023 will be the year that many of the bigger players in the crypto game find stability. Part of the reason behind this assertion has to do with an increase in decentralized finance (DeFi) and blockchain adoption.

While many industries have been using artificial intelligence (AI) and machine learning-based models for creating insightful analytics dashboards, several financial sectors have been finding other use cases. Concerning the 2023 trends, two key sectors for AI and machine learning include decision-making processes and customer service. 

For example, AI-powered chatbots remain high in emerging tech trends. These virtual assistants provide customers with answers 24/7, reducing wait times and increasing customer satisfaction. Between 2019 and 2023, FinancesOnline.com data showed that 75-90% of all customer questions for the banking and healthcare industries will be (have been) answered by AI chatbots.

Ecommerce Trending Software Development & Technology for 2023

Reimagining Infomercials for the 21st Century

Many of us over 30 remember those classic infomercials that showcased consumer products and offered a bunch of free add-ons if you ordered today. They even sweetened the pot with financing options that included, “4 easy payments of . . . “

Today, that infomercial has transformed into the trend of video shopping and livestream commerce. Customers use various devices to view products, as they did with informercials, but now they can interact live with sellers in chatrooms. 

Two women talking on a podcast or livestream channel

Some retailers are even adding virtual reality (VR) and augmented reality (AR) to the video shopping experience. Customers can enter a VR digital store to get a full-sensory shopping experience. Or, for those who still go into brick-and-mortar stores, they can scan a QR code that pulls up an AR marketing campaign for a unique interactive experience.

Accommodations for Today’s Digital Consumer

Reports from Insider Intelligence speculate that by 2024 nearly 70% of all retail ecommerce sales will occur using mobile phones. Recognizing mobile shopping as a powerful trend, ecommerce retailers are shifting how they provide their services to meet the needs and demands of online-first shoppers.

For instance, payment methods have changed completely. To stay relevant and retain shoppers, retailers are offering multiple payment options, including online banking transactions, digital wallet payments, card payments, vouchers, crypto, and various forms of by-now-pay-later financing.

Social commerce is also expected to pick up steam in 2023 as consumers demand to develop relationships with retailers online. Many retailers are leveraging data, artificial intelligence (AI), and machine learning (ML) models to monitor consumer behavior on social media. Doing so allows them to identify specific segments on each channel so that marketers can create personalized brand experiences and marketing campaigns for each segment.

How Can Custom Software Development Services Help with 2023 Tech Trends?

While it would be wonderful if you could just buy the latest tech trend, turn it on, and be good to go, that’s not the world we live in. Responsibly incorporating any new software into your tech stack requires teamwork, cross-department communication, technology skills, practical experience, and a good amount of patience.

Most companies have developed good teams and have improved their communication skills. Nevertheless, they just don’t have practical experience with implementing new software and other technologies. 

If you’re one of these companies, you’re going to need a technology partner who can assess your business processes, outline the workflows of your existing software, and make sound recommendations on what technology you will need to achieve business goals.

AltSource team members in front of a white board planning a project.

Our team here at AltSource has provided technology roadmaps and software development services in Portland to many companies over the years. Sometimes all we do is consult, but most of the time we provide customers with recommendations and then work with them to plan out what they build or buy. 

Believe it or not, even though we’re a custom software development agency, we don’t recommend building everything custom from the ground up. It’s often too expensive to go that route, and the time-to-market rate is longer than most customers can wait. To serve our customers first, we make recommendations on what software is more advantageous to purchase off-the-shelf, and we point out what custom software development services they may need to achieve their goals.

For example, Staheli West, a designer and manufacturer of hay steamers for commercial growers, wanted a better software solution to manage their product ordering, dealer claims, and warranties. They partnered with AltSource to help them identify their best options for moving forward. As it turned out, an off-the-shelf solution was not a good fit for Staheli West’s highly specific workflows, so the AltSource team recommended a custom software solution. You can find out how we assessed their needs and what solutions we built for them by clicking here.

Have more questions about leveraging 2023 technology trends into your current tech stack? Reach out and let’s start a conversation: sales@altsourcesoftware.com