As 2022 draws to a close, companies must forge a path in a market characterized by unprecedented challenges and unbridled opportunities brought about by technology.
The Covid-19 pandemic has changed the landscape of the technological market, accelerating demand for digital innovation and challenging even the most advanced manufacturing facilities.
The Top 5 Technology Challenges In 2023
2023 brings a unique set of challenges to companies. Addressing these five key tech challenges will distinguish the companies that survive – and thrive – from those that fall by the wayside.
1. Supply Chain Challenges
The Covid-19 pandemic continues to challenge global supply chains with bottlenecks, delays, and disruptions; manufacturers and tech companies worldwide face a constant struggle to source necessary parts and supplies.
One of the most severe challenges is the unprecedented shortage of semiconductors (chips) and the resulting production delays across a swath of industries.
Early in the pandemic, chip manufacturers responded to changes in demand (specifically reduced demand from automotive manufacturers and increased demand for consumer electronics) and transitioned their production facilities to reflect these shifts.
As demand for automotive chips has resurged, semiconductor manufacturers have struggled to meet demand due to capacity issues as well as supply chain shortages and restrictions.
Solutions are in progress, but implementation will be slow: Texas Instruments, Samsung, Intel, and TSMC are constructing new semiconductor fabrication plants in the U.S. that will begin production in 2024/2025.
2. Increased Security Threat
Cyber-attacks are on the rise, and as more businesses become digital, they inherently accumulate more data — which in turn becomes attractive to cyber criminals looking to steal data or hold data for ransom.
In addition to those risks, the emergence of quantum computing could render existing security systems obsolete.
Quantum computing speeds up prime number factorization, thus making attacks against cryptography much more efficient.
Any organization holding sensitive digital data must invest in cybersecurity solutions that address the quantum computing threat, either through risk management plans or utilizing quantum computing to reduce the risk.
3. Accelerated Technological Innovation
The spike in digital transformation during the pandemic shows no signs of slowing down, and this rate of technological innovation presents yet another challenge.
Technologies such as cloud, edge computing, machine learning, metaverse, web3, non-fungible tokens (NFTs), robotics, Internet of Things (…….