By Rajan Navani
Imagine getting a million users in just 5 days of launch. I doubt many services can boast of this remarkable feat but that’s exactly what OpenAI’s ChatGPT managed to do. Launched on the 30th of November 2022, ChatGPT is modeled on generative AI (Artificial Intelligence) which has taken Silicon Valley by storm, and rightly so. The artificial intelligence chatbot can write code that is surprisingly accurate, draft an article or even a poem on a theme of your choice, have human-like conversations, on matters ranging from philosophy to science, and on a given day, might also offer the perfect suggestion for your first vacation of 2023.
While ChatGPT has given 2022 a remarkable swan song, the year has been marked with multiple other highlights, the most notable one being the many developments within Web3.0 – metaverse, augmented realities, the potential 5G leverage, decentralization, NFTs (non-fungible tokens) and much more. So where do we go from here? And what should we hope and expect 2023 to bring in? Let us dive in.
- Unlocking endless possibilities with advanced artificial intelligence
Advanced Artificial Intelligence will make the machines do things remarkably close to how a human would do things. With components like computing, pattern recognition, and machine learning, AAI is aimed at creating end-to-end automation of processes without any manual intervention. This will help replace human labor with machines, labor that might be too dangerous or unpleasant to perform. AAI is also enhancing avatar technology. People can thus be able to create a digital twin of themselves and attend virtual meetings on an extremely packed day. Advanced and adaptive AI enable systems to adjust their learning practices and behaviors so they can adapt to changing real-world circumstances while in production. As per Gartner’s latest report, by 2026, enterprises that have adopted AI engineering practices to build and manage adaptive AI systems will outperform their peers in operationalizing AI models by at least 25%.
- The next stage of the Metaverse
A recent analysis by Deloitte suggests that the potential 2035 economic impact of the metaverse in India is USD79-148 billion per year or 1.3 to 2.4% of the overall GDP. It also highlights enablers for this in India – high social acceptance, strong digital skills, and more robust security and privacy laws. 2023 will, therefore, see the next stage of the Metaverse with 5G slowly hitting the Indian market and acting as a catalyst for this growth.
People will also explore on a larger scale the potential of using Metaverse for brand building as it enhances customer engagement leading to high brand recall and strengthening the business-customer relationship. This immersive virtual world is also going to develop in multi-folds with futuristic gadgets like headsets, and gloves allowing you to experience and feel the metaverse realistically. These gadgets will also take the gaming experience to a different level
offering you the opportunity to come into contact with the virtual environment that has been created using AR (Augmented Reality) components and characters.
Additionally, organizations are discovering multiple use cases of this emerging tech to smoothen the hybrid working model. New immersive forms of team collaboration, the emergence of new digital, AI-enabled co-workers, the acceleration of learning and skills acquisition through virtualization and gamified technologies, and the eventual rise of a metaverse economy with entirely new businesses and job roles are at least four significant ways that the metaverse appears to reshape the world of work.
- Using data as critical currency
Data is going to prove to be a critical element of studying business operations to find the fastest and most efficient way to conduct operations and process. Observing data minted in a highly orchestrated and integrated approach across all business functions will help avoid delays and enable businesses in proactive planning and decision making. More businesses are now noticing the benefits of data science and management; 2023 is going to see the processes being fast tracked. The same Gartner report says by 2026, 70% of organizations that successfully applied data observability will be able to minimize the delays in decision making, enabling competitive advantage for target business or IT processes.
Minting and analysing data have also resulted in rise of virtual simulations. Teams in Formula 1 presently gather data from sensors during races, as well as information about the temperature of the racetrack and the weather, to monitor how the vehicles change as the race progresses. Then, they run scenarios to make design modifications instantly using digital twins of the engines and other automotive parts to which the data from the sensors is streamed. Based on the findings of their testing, the teams then 3D print car parts. Crazy, right?
- Adopting industry cloud platforms
As most businesses endeavour to grow their digital presence and as the importance of data as a currency grows, use of industry cloud platforms would emerge as one of the key differentiators of business success. These platforms combine traditional cloud services with tailored, solutions based on the industry and organization in question to tackle historically hard-to-solve challenges. They give participants in the market a more flexible approach to manage workloads and speed up change in response to unique business, data, regulatory, or other needs.
A great example of this is what the city of Hangzhou in China did. One of the most populated cities, Hangzhou was #5 in the list of being the most congested in China. In 2016, the civic authorities partnered with Alibaba’s ‘City Brain’ platform to study traffic data across Hangzhou, to then device and implement systems and processes to manage congestion and streamline everyday city operations. City Brain combined digitized infrastructure, a central data platform and massive applications and by 2018, Hangzhou had dropped to #57, successfully emerging out of the top 50!
- Taking the sustainable route
With increased digitization and as global warming poses stronger concerns with each passing year, sustainability will emerge as a priority for organizations and services across the board. While tech companies will become more conscious about where the parts to make their gadgets come from, large organizations will all look towards taking the sustainable route. 2023 will see organizations moving towards more sustainable supply chains, accelerated by growing consumer demands. Other than that, sustainable technology will also pave its way to the mainstream in the upcoming year. The concept of sustainable technology describes solutions that increase the energy and material efficiency of IT services and help customers become more sustainable through apps, software, and marketplaces.
2023 certainly is going to be an eventful year for the technology space and we cannot wait to see where the future takes us. After all, ‘metaverse’ emerging as Oxford’s #2 word for 2022 only shows the widespread popularity of emerging tech and how it’s no longer the bastion of a chosen few.
The author is the CEO and Founder, JetSynthesys.