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5 Predictions for Business Technology in 2023

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Nik Froehlich


The rate at which our technology is progressing is astounding, with no signs of slowing. While it’s easy to get bogged down by news of the “next big thing,” don’t get complacent. Technology continues to advance and drive business innovation.

DevOps Will Dominate Development Discussions

The need for greater data security, infrastructure scalability, and remote and regional enterprise access will continue to drive the adoption of cloud services. Migration to the cloud saves money and makes it easier to embrace the newest technologies. The notion of locally hosting business applications and computing resources is obsolete. More and more organizations rely on cloud services to run their technology.

This dependency will only grow with additional cloud-based tools, such as artificial intelligence (AI) (more on that later) and machine learning (ML). Cloud is no longer an option but rather a matter of staying relevant and competitive.

While cloud technology is extremely powerful, it is also highly complex. It requires engineers with specific skill sets and specialized tools to use effectively. DevOps engineers fill in this critical gap.

DevOps is a shift in the traditional development mindset, integrating the work and processes of development and operations teams.

From the developers’ side, this leads to CI/CD (continuous integration and continuous delivery) replacing the standard development processes.

For the business’ side, this means; faster delivery, higher security, and greater scalability.

Expect to See Virtual Reality Driving Immersive Tech in the Workplace

While both virtual and augmented reality are exciting, VR will outshine AR in the workplace, at least for now. Virtual reality has led the tide with affordable devices like the Meta Quest 2. Innovative companies have already begun experimenting with ways to apply this technology, laying the foundation for future applications.

Training and demonstrations are some of the more popular applications. Studies on the effectiveness of VR for retention highlight its power and value. Expect VR usage to continue to grow through 2023 and VR training simulations to become more commonplace.

Augmented reality will lag behind VR in terms of business adoption, mostly due to hardware limitations. Current hardware, like the Hololens, is cost prohibitive for mass adoption. Until a lightweight and affordable headset comes to market, AR will be limited to phone use. Most AR applications will continue to revolve around brand experiences, retail, and entertainment.

Software Code Maintenance will Become More Critical as Code Ages

Just as technology evolves, so do technology platforms. Programming and scripting languages fall out of favor. For example, PHP is a versatile and open-source language, but Python is eclipsing PHP as a better programming language. Aging software will have to be updated or completely rewritten. Framework upgrades also will need to be upgraded and tested more frequently.

Any reliable software product will need more updates to stay relevant and to keep the underlying infrastructure supportable and maintainable.

The most talented developers tend to embrace the latest and most powerful software frameworks. As a result, finding developers proficient in aging programming languages will become more challenging. Maintaining aging applications and frameworks will be more difficult and expensive.

Artificial Intelligence is Here (For Better Or Worse)

As seen with the recent explosion of ChatGTP and Lensa, artificial intelligence is progressing rapidly. These learning models will continue to evolve exponentially, bringing both solutions and new challenges.

AI can improve developer efficiency by automating the addition of comments into code, allowing the developer to focus on the code itself rather than descriptions. Some testing can also be automated, as AI can recognize errors far faster than the human eye. These efficiencies in coding will give developers the flexibility to focus on more strategic or complex issues.

On the flip side, there’s little to no regulation on AI – from how it’s trained to how it’s used. From copyright to plagiarism to misinformation, the potential problems pile up. Industries across the spectrum will feel the disruption in ways we can only begin to guess. The true impacts of AI will roll out over the next several decades.

Customer Experience will Play a More Significant Role in Driving New Applications

Many new software applications must shift to focus on the customer experience. Today’s consumers have come to expect frictionless online transactions, and the Amazon e-commerce model has become the benchmark. Consumers can find what they want, order it, and expect next-day delivery.

Customers expect better service and greater transparency. The only way to meet those expectations is with technology. To remain competitive, businesses must provide better self-service and transparency. Some of this can be achieved through customer-facing interfaces and applications, while others may require tighter integration to automate back-end business processes and workflows.

Smart organizations are already bracing for 2023 by mapping out digital transformation strategies, including cloud migration, application upgrades, and new software development projects. These companies are seeking out the best available resources, engaging enterprise application experts on a per-project basis to create new solutions to improve customer experience and optimize operations.

Staying ahead of the competition and staying relevant will require new approaches to technology in the coming year. Finding the right resources and engaging the best software team available will provide a company foundation for business success in 2023 and beyond.

Featured Image: Provided by the Author; Sean Pollock; Unsplash; Thank you!

Nik Froehlich

Nik Froehlich is the CEO and Founder of Saritasa. His passion for technology and the incredible enhancements it brings to our everyday lives inspired him to start Saritasa back in 2005. He recognized that many businesses are often afraid to adopt new technologies and sought to bridge the gap between technology innovation and businesses.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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