In 2023, the market is more competitive than ever, and many enterprises are now in a situation where they must combat both their competitors and the global economic recession.
One of the ways to prosper is to keep up with the latest technology trends and implement efficient automation of complex business workflows. Luckily, technological trends today offer many tools and solutions to help enterprises increase revenue, cut costs, and have advanced analytics to guide decision-making.
Enterprise Software Development Trends to Consider
Nowadays, enterprises are adopting new technology solutions more actively than ever. Statista states that the enterprise software market is the fastest-growing segment in the overarching IT industry, with growth frequently above 10 percent.
However, enterprise software is not cheap, so the stakes are high, and CIOs must keep a critical mindset and approach all of these technologies with a thorough analysis. Let’s take a look at some of the trends of 2023.
AI and ChatGPT
AI continues to improve, so it’s worth considering a machine learning model for your enterprise software. Recent AI solutions can automate or improve processes for your employees and customers. Enterprises can also integrate ChatGPT into their applications and products through an API. It needs to be taken into consideration, however, that companies might find it untrustworthy to share sensitive data with ChatGPT. Even though the ChatGPT company claims they can delete data on request, the risk is sometimes not worth it.
Cloud computing is known to facilitate remote work for developers, improve QA processes and cut costs. On top of all, it provides wonderful scalability options.
Many companies also turn to distributed cloud services. Distributed cloud is an architecture where multiple clouds are used by one company or one solution. This approach allows enterprises to cut costs and reduce downtime.
More and more companies are discovering the power of data in 2023, recognizing that intuition and gut instinct aren’t reliable ways to make informed decisions. This is especially true for enterprises where the stakes are high, and mistakes are pricey. On the other hand, a data-driven approach provides enterprises with the tools to verify stakeholders’ decisions.
Implementing a data-driven approach might require changing all the process workflows and improving how the data is collected, cleaned, and analyzed. In the end, a well-organized data analytics approach will allow stakeholders to be more confident about their choices.
Microservices architecture involves breaking down one complex application into smaller parts; these software parts perform independent services and functions and connect with each other with the help of APIs (application programming interfaces). The trend is accelerating with the adoption of cloud architecture. Microservices have multiple benefits, including scalability, flexibility, reduced development time, improved QA, and more.
Adhering to regulations
With more and more countries and international organizations adopting IT compliance laws, adhering to regulations becomes critical. Companies that pay taxes in the EU need to comply with GDPR – General Data Protection Regulation passed in 2018. All the software used for medical purposes in the US has to comply with the Health Insurance Portability and Accountability Act (HIPAA). Any company that accepts, transmits, or stores credit card information has to comply with PCI DSS – The Payment Card Industry Data Security Standard. Other regulations like SOC allow companies to implement trusted data management and security processes.
Since the Covid-19 pandemic started, cybercrime has been growing exponentially. According to Cybersecurity Ventures, the global annual cost of cybercrime will reach $8 trillion USD in 2023. This explains why executives now see cybersecurity as a critical issue.
The biggest threats are ransomware, malware, social engineering, phishing, data theft, and DDoS attacks. Enterprises are now spending on information security more than ever, mainly focusing on the human element as a common threat factor. The risks are exceptionally high in the financial sector and the healthcare industry.
Blockchain goes far beyond cryptocurrency now, and enterprises of different sizes implement it to ensure secure and transparent process tracking. One example is supply chain management with the help of blockchain developers. Distributed technology of blockchain allows real-time visibility and tracking of goods throughout the entire chain, from production to end consumers.
The Internet of Things (IoT) is successfully being used in various industries, including healthcare, automotive, logistics, oil and energy, and more. It might require more investments and hardware (RFID asset tags) implementation to track and monitor physical assets. Note that assets must be valuable enough to drive ROI from an IoT solution. Such assets can be medical devices, machinery, and fleet. IoT tracking can help businesses become more efficient by reducing the searching time and improving inventory management. IoT monitoring provides companies with in-depth data about their processes and activities.
Low-code development is revolutionizing the enterprise software development industry. Developers use visual interfaces and drag-and-drop tools to develop a fully-functional software rather than building a whole thing from scratch. Low-code development is based on using a pre-coded platform with many built-in functions and a nice user interface. One of the most prominent examples of such platforms is Microsoft PowerApps. Microsoft claims that using PowerApps helps to decrease software development costs by 45%.
Software outsourcing companies are professional IT partners that can deliver secure and functional software solutions and provide IT resources or consulting services for your project. As more enterprises adopt cloud computing services, software development outsourcing stays in demand worldwide. There is always a variety of software development providers, local companies overseas, to choose from. When selecting an enterprise software development company, ensure it has relevant expertise and adheres to all the required regulations.
In 2023, enterprises are gradually adopting new technology trends, like cloud computing, advanced AI, and blockchain. They help enterprises to unlock the potential to automate and streamline enterprise operations. An in-depth analysis is advised before implementing any of them.