Business
2023 Tech and Industry Predictions from Teradata Experts
By: Teradata experts
From advances in AI/ML tied to digital twins & simulations to the expansion of satellite/cellular partnerships to expand coverage to remote or under-served areas, our tech & industry experts weigh in on what they think are the game-changing predictions for 2023.
Technology & Business
Dan Spurling, SVP, Product Engineering
Trusted Social Connectedness: While Twitter is imploding, and social media is generally seen as a negative, I believe that humans still crave connectedness in this space – especially when it is intentionally curated to ensure dependence – but that we will require both 1) greater transparency into who is stating the information that we consume, while 2) ensuring some form of security and privacy only with those whom we select (obvious potential conflict)
Digital Twins: I believe there will be advances in the ML/AI evolution tied to digital twins or simulations; moving beyond just sensors that predict machine failure or buying propensities, and moving into predictions of economic markets, food production, population health, etc.
Data Reduction: There is an exponentially increasing amount of data, but I believe we will see rise of solutions that deduce the meaningful bits of data from the overall mass of data collected, or even reduce the footprint of data using new technologies beyond current classic data storage techniques
Personal Security: (Unfortunately) Driven by greater government destabilisation and associated erosion of trust in government, I believe we will see increasing tech advances in the areas of personnel security and security monitoring
Risk Aversion: I predict that there will be reduced willingness to take large risks or make investments into risky ideas, thereby increasing the success of entrenched incumbents and decreasing the broad proliferation of new tech adoption across the large enterprises, resulting in reduced startup growth and flat to growing revenue for large software or service providers.
Michael Hay, VP, Product Management
Consolidation, Concurrency and Currency: With the looming recession, there is a natural tendency to figure out how to do more with less. How to focus on profit overgrowth. As a result, customers will shrink their footprints and seek to do the same or more work. This speaks to deploying Data and Analytics systems that can incrementally scale, but return a benefit significantly larger than a nominal incremental investment. Another way to look at this is platforms that have the virtues of being cheaper to perform queries, experiment, and avoid the data copy tax will win.
More, not less, Cloud providers:
Two global patterns, increased protectionism and a strong shift towards profitability to weather the looming recession, point to the genesis of more, not less, cloud providers. These new providers can be one of:
• General providers focused on meeting country or region-specific protectionist policies and avoiding laws and regulations with global reach, like the USA Cloud Act.
• Cloud provider plays that emphasise a special focus on unique industry requirements. For example, Energy or Healthcare companies could shift their business towards providing cloud and analytics services with acute emphasis on their respective industries and regulatory regimes.
• SaaS companies who have reached sufficient scale and must become profitable to survive.
These providers will be looking for software and services that enable them to be successful as cloud providers, and companies who are capable of supplying them, will win.
Retail
Mike Skypala, Industry Lead, EMEA
Hybrid is here to stay: People are now using both online and offline formats to shop, with in-store experiences seen as a chance to touch, feel and see the products. Many retailers are following IKEA’s lead by showing consumers what a full “at-home room” could look like in their retail spaces, making it a more visually led interaction. This blended approach to shopping is likely to stick around, which adds a certain element of complexity for retailers looking to track and interact with customers on their purchase journey and understanding the profitability of each, with analytics helping to comprehend these shifts and changes in behaviour.
Cost conscious shopping will intensify in 2023: As the cost-of-living crisis continues, there will be a sustained focus on value and cost-effective shopping as we head into a New Year. With the launch of an “Essentials” range in almost every supermarket speaking to this ongoing focus, consumer spending on non-essential goods, including fashion, homeware and beauty is likely to also continue to fall. As a result, retailers should ensure a steady flow of canned foods and cupboard essentials as these remain the priority items for many.
Sustainability remains a priority: Though sustainability has been at the forefront of consumer minds for years now, we’ve yet to see it truly become a systemic part of a retailer’s business and baked into every decision made; instead, it is often a siloed group of ad-hoc initiatives. By collecting and examining data on a range of sustainability-related issues — from energy use and carbon emissions to mobile consumption habits — companies can generate insights that would drive their sustainability initiatives and inform their long-term strategy moving forward. It’s likely that some form of legislative policy will come in either within this coming year or the next, meaning retailers will have to reach a certain level of sustainable practice in order to keep trading.
Convenience shopping is set to get more convenient: It’s likely that automatic, “scan as you go” and self-check-out options will continue to increase around the country as consumers continue to demand more convenient, faster and streamlined shopping experiences. There’s an opportunity for retailers to expand on personalisation elements in real time, based on actions as consumers walk round the shop, moving away from static data and towards contextual data. Additionally, the U.S. is leading the way with computer vision and smart trollies in particular, which pick up both what is being put in a shopper’s trolley, as well as what needs replenishing on the shelves.
Dave Spear & David King, Senior Industry Consultants for the Retail, CPG & Hospitality
Industries at Teradata
Revenge of the CEO: Unlimited free returns? 15-minute delivery? Metaverse? Expect intense scrutiny from Finance on the ROI and NPV of such investments, with a tougher hurdle due to rising interest rates. Expect “sure” cost reduction proposals to win over “wishful” growth projects as investors crave cashflow and profitability.
Healthy Dose of Retail: Health retailing continues to blur the line between traditional healthcare providers and general retailers. We’ll see more small and large acquisitions by companies like Amazon, Walmart, Target, CVS and Walgreens, all trying to deliver new health services at affordable prices.
QR Beyond James Bond: QR-codes make a giant leap forward in retail. These square codes will unlock huge amounts of data for consumers to engage with and fuel new innovation in supply chain analytics.
Techies More Approachable: Silicon Valley layoffs and tougher work policies provide a window for traditionally less sexy retail tech teams to attract strong talent on the rebound.
Telco
Nadine Manjaro, Director, Industry Consultant in Telecommunications and IoT
Fixed Wireless Access: In 2023 US operators will deploy more Fixed Wireless Access solutions.
They will focus on streamlining offers to areas where they have excess network capacity to prevent negative impacts to mobile voice and data services. T-Mobile will continue the lead in the US with over 1.5 million FWA customers through September 2022, followed by Verizon with 1 million FWA customers. Both companies have publicly shared FWA subscribers’ projections. Verizon’s plans to reach 4 to 5 million subscribers by 2025 and T-Mobile’s plans to reach 7 or 8 million within a similar period.
Private 5G: There will also be an expansion of Private 5G services in manufacturing and retail enterprises to optimise manufacturing processes and retail experiences. Large enterprises are seeking end-to-end visibility throughout the manufacturing process as well as the supply chain process. Private 5G will enable more consistent coverage and support more advanced capabilities such as machine vision analytics which enables manufacturers to spot defects earlier and take corrective actions before the produce reached finished goods status.
Cellular/Satellite Partnerships: Expansion of cellular/satellite partnerships to extend coverage to remote and underserved areas. SpaceX and T-Mobile are teaming up to deploy cellular systems on low orbit satellites, this will fill in some coverage gaps in remote areas along some less travelled roads, national parks, and deserts.
Telcos in the cloud: Many Telcos will continue migrating their data to the cloud as a means of reducing costs and enabling wider use of data insights for decision making throughout the different departments. They will encounter cost overruns since some of the providers selected demonstrated value with small, limited workloads. As they move to scale the workloads, they will encounter migration issues, cost over-runs and performance limitations.
Security: Security management will continue to be a major concern in terms of who has access to their environment. This will delay the movement of some workloads to the cloud. The next generation data architecture will be multi-cloud, hybrid with on-prem, multi-vendor ecosystem which enables internal enterprise data marketplaces.
ARPU erosion: In the US, mobile data, and voice ARPU will decrease as operators compete to win subscribers in an oversubscribed market. Customers are more cost conscious because of inflationary pressures and will be more likely to switch providers based on free device offers and lower service charges. This will drive operators to lower the cost of mobile services which will erode ARPU.
C-band deployments: Verizon and AT&T will continue to expand C-band deployments to cover a larger segment of the US population and to gain ground on T-Mobile who has the best spectrum assets in the low and mid bands. They will also need C-band to expand Fixed
Wireless Access services with higher data rates than lower band spectrum.
Consumers win: Consumers will benefit with lower prices and better service. Those who are in remote areas with limited access to broadband will have more options with FWA and satellite to cellular partnerships such as the announced partnership with T-Mobile and SpaceX Starlink satellites. As more devices with both satellite and cellular capabilities proliferate, users can access service from anywhere on earth or even at sea. In addition, businesses will be able to track shipments across the entire route without coverage gaps. Initial coverage with start with test and multi-media but will later expand to voice and data coverage.
Healthcare
John Matthews, Managing Director Healthcare & Life Sciences
Shifts to digital: We will continue to see more shifts to digital settings across industries, but in particular for healthcare as virtual visits and digital consults have made a huge difference in a supply constrained regulated environment. Who wants to actually drive to the doctor when one can video chat just as effectively for many needs?
The politics of healthcare: The politics of healthcare remains so we’ll continue to see big fights over government spending in Medicare and Medicaid, as well as increasing debate over drug pricing. This fight, the lobbying dollars, the election season megaphones will simply not go away as entrenched interests, change agents, and economic realities contend in the public square.
FinTech
Simon Axon, Industry Consulting Director, EMEA
ESG will continue to define banking in 2023: Governments and world leaders are under increasing pressure to implement stronger regulation and legislation that will demonstrate real change and commitment. Ultimately, governments see financial services as a vehicle to implement net zero policies, as well as to accelerate the path to net zero. We will see the cost of money becoming much higher for carbon damaging activity in the coming year, with more favourable rates provided to those implementing sustainable activities. To do so, banks will need granular information on a host of factors that determine the level of environmental impacts over time and risk across all sectors and all kinds of assets and investments.
Disruption as the “New Normal”: The repeated disruptions felt as a result of COVID-19, Brexit, war and political turmoil have, unsurprisingly, had a detrimental impact on the financial industry – as we’re seeing now with the ongoing rise of inflation and the increased cost of living. While ad-hoc crises are nothing new, these back-to-back and sometimes simultaneous crises is not something the industry has ever had to contend with. In 2023, the banking industry will need to further adapt as the definition of who is categorised as a ‘vulnerable’ customer changes. Banks will need smarter analytics in order to identify these vulnerable customers, with new factors calculating these scores, centred around reliability of income, as opposed to income vs. expenditure. The data needed to understand your customer base, therefore, will need to be more nuanced than it previously was.
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Business
How 5G and AI shaping the future of eHealth
Global Director for AI/ML Solutions, Mona Nia Tecnotree
The digital transformation of the healthcare industry continues to gain momentum. This shift can be attributed to the rapid advancement of widely applied technologies such as 5G networks, cloud computing, artificial intelligence (AI), and big data.
Moreover, integrating 5G networks with cloud-based healthcare platforms and AI is driving the emergence of intelligent eHealth technology, projected to reach $208 billion by 2030, according to recent reports. Recent research by Grand View Research emphasises that the synergy between 5G and AI is pivotal in transforming healthcare by enabling faster data exchange, reducing latency, and improving the reliability of health solutions. This collaboration aims to revolutionise the healthcare sector by facilitating hyper-personalisation, optimised care, enhanced sales and services, and streamlined operations. Leading venture firms actively invest in healthcare start-ups using AI, fostering a rapidly growing ecosystem of innovative advancements.
As AI and 5G continue to make waves through all industries, healthcare needs to adapt to changes quickly. However, with operational, security, and data privacy concerns, healthcare organisations remain wary. As such, they must analyse their current and future needs to understand how AI and 5G technologies can help fulfil them and establish a comprehensive plan to guarantee its efficient and secure implementation in their practices.
Recent research by the International Data Corporation (IDC) emphasises that the synergy between 5G and AI could potentially reduce operational costs by up to 20% and improve patient outcomes by enabling more accurate diagnostics and personalised treatments.
5G Integration in eHealth
5G technology stands at the forefront of healthcare reform with its superior data speed and dramatically reduced latency. Tailored to concurrently accommodate multiple connected devices such as sensors, wearables and medical equipment, 5G is truly indispensable in healthcare, allowing IoT devices to seamlessly transmit accurate data for healthcare providers.
It empowers healthcare professionals to handle large, high-definition files like clinical visuals, videos, and real-time patient insights. 5G’s capability for network slicing—dedicating specific network segments for certain uses—simplifies the management of such files. In addition, it optimises the performance of each application, thereby removing the strain on medical staff.
However, the implementation of 5G technology shouldn’t be oversimplified. It’s essential to analyse the potential risks and challenges thoroughly. A principal component to consider is regulatory cybersecurity and data privacy. Given that 5G networks are susceptible to cyber attacks, it falls upon healthcare providers to protect data such as patient information.
Organisations should also consider the financial implications of implementing 5G technology, as it involves a considerable investment in infrastructure and equipment. Therefore, they must balance the potential gains against the costs to ensure the viability of the investment.
Recent discussions at Mobile World Congress 2024 highlighted the critical role of regulatory frameworks in ensuring the secure deployment of 5G in healthcare. Experts advocated for robust cybersecurity measures and collaborative efforts between technology providers and healthcare institutions to mitigate potential risks.
Marrying 5G and AI for Improved eHealth Solutions
Despite the challenges, integrating 5G and AI will pave the way for unprecedented growth within the internal medical ecosystem, enhancing healthcare quality and patient results. For example, deploying data to carry out descriptive-predictive-prescriptive analytics and transmitting the acquired insights using 5G can drastically improve the user experience while helping make informed decisions. Such an approach can assist healthcare organisations in identifying promising healthcare use cases like remote patient monitoring, surgical robotics, and telemedicine.
Moreover, AI-facilitated hyper-personalisation, driven by the profusion of data accessible through 5G networks, can evaluate patient histories, genetic profiles, and lifestyle elements alongside real-time vitals to prescribe tailored advice and treatments. AI can also automate scheduling appointments, streamline supply chain management, and enhance transactions such as claims and prior authorisations. AI-powered chatbots and virtual assistants can deliver real-life support, while patient and customer service applications can provide an enriched experience through increased data accessibility.
AI can also streamline healthcare services by predicting and managing disease outbreaks. Supported by 5G’s capacity for real-time operability, AI systems can instantly analyse patient data, oversee bed availability, and notify medical personnel of potential complications—promoting efficient, effective care delivery.
Finally, AI-empowered fraud detection algorithms operating on 5G networks can analyse copious amounts of data in real time to detect suspicious activities and alert responsible security teams. This can also be applied to security cameras that can detect anomalies in patients’ and visitors’ behaviour and notify appropriate staff members.
A study published in the Journal of Medical Internet Research (JMIR) in 2023 demonstrated that combining AI and 5G in telemedicine significantly improved patient satisfaction and reduced consultation times by 30%.
Shaping an AI Blueprint for 5G eHealth
Integrating AI and 5G technologies can revolutionise disease assessment and surveillance, facilitating more precise diagnostics and tailored treatments. In return, it will drastically improve the standard of care, curbing expenses and boosting efficiency.
Over the next few years, healthcare providers should focus on specific areas where 5G and AI can deliver the most impact. For example, developing telehealth platforms that excel in security, accessibility, and user-friendly interfaces will be paramount. This design aspect is set to thrive, particularly with 5G paving the way for high-definition video consultations, remote patient monitoring, and instant data sharing between patients and healthcare
providers.
The precision and availability of diagnostic applications powered by AI and tele diagnostic services will notably increase in tandem with the widespread adoption of 5G. The strategic emphasis should be on enriching its capabilities, ensuring compatibility with existing systems, and seamlessly integrating the tech into existing healthcare processes.
AI-guided care management systems will also play an integral role in eHealth. There is a need to structure these systems to constantly monitor patient progress, suggest highly personalised treatments, and coordinate care across multiple providers while prioritising patient privacy and data protection.
Finally, when it comes to home health monitoring, emphasis should be placed on creating IoT devices that can integrate seamlessly with AI-driven health platforms and securely transmit data; this will be a critical development within the field.
The synergy between 5G technology and AI will continue revolutionising the healthcare industry, offering more customised, efficient, and cost-friendly solutions. By developing a precise AI blueprint for critical eHealth applications and capitalising on the capabilities of 5G, the benefits will drastically outweigh the challenges.
Business
Driving business success in today’s data-driven world through data governance
Source: Finance derivative
Andrew Abraham, Global Managing Director, Data Quality, Experian
It’s a well-known fact that we are living through a period of digital transformation, where new technology is revolutionising how we live, learn, and work. However, what this has also led to is a significant increase in data. This data holds immense value, yet many businesses across all sectors struggle to manage it effectively. They often face challenges such as fragmented data silos or lack the expertise and resources to leverage their datasets to the fullest.
As a result, data governance has become an essential topic for executives and industry leaders. In a data-driven world, its importance cannot be overstated. Combine that with governments and regulatory bodies rightly stepping up oversight of the digital world to protect citizens’ private and personal data. This has resulted in businesses also having to comply e with several statutes more accurately and frequently.
We recently conducted some research to gauge businesses’ attitudes toward data governance in today’s economy. The findings are not surprising: 83% of those surveyed acknowledged that data governance should no longer be an afterthought and could give them a strategic advantage. This is especially true for gaining a competitive edge, improving service delivery, and ensuring robust compliance and security measures.
However, the research also showed that businesses face inherent obstacles, including difficulties in integration and scalability and poor data quality, when it comes to managing data effectively and responsibly throughout its lifecycle.
So, what are the three fundamental steps to ensure effective data governance?
Regularly reviewing Data Governance approaches and policies
Understanding your whole data estate, having clarity about who owns the data, and implementing rules to govern its use means being able to assess whether you can operate efficiently and identify where to drive operational improvements. To do that effectively, you need the right data governance framework. Implementing a robust data governance framework will allow businesses to ensure their data is fit for purpose, improves accuracy, and mitigates the detrimental impact of data silos.
The research also found that data governance approaches are typically reviewed annually (46%), with another 47% reviewing it more frequently. Whilst the specific timeframe differs for each business, they should review policies more frequently than annually. Interestingly, 6% of companies surveyed in our research have it under continual review.
Assembling the right team
A strong team is crucial for effective cross-departmental data governance.
The research identified that almost three-quarters of organisations, particularly in the healthcare industry, are managing data governance in-house. Nearly half of the businesses surveyed had already established dedicated data governance teams to oversee daily operations and mitigate potential security risks.
This strategic investment highlights the proactive approach to enhancing data practices to achieve a competitive edge and improve their financial performance. The emphasis on organisational focus highlights the pivotal role of dedicated teams in upholding data integrity and compliance standards.
Choose data governance investments wisely
With AI changing how businesses are run and being seen as a critical differentiator, nearly three-quarters of our research said data governance is the cornerstone to better AI. Why? Effective data governance is essential for optimising AI capabilities, improving data quality, automated access control, metadata management, data security, and integration.
In addition, almost every business surveyed said it will invest in its data governance approaches in the next two years. This includes investing in high-quality technologies and tools and improving data literacy and skills internally.
Regarding automation, the research showed that under half currently use automated tools or technologies for data governance; 48% are exploring options, and 15% said they have no plans.
This shows us a clear appetite for data governance investment, particularly in automated tools and new technologies. These investments also reflect a proactive stance in adapting to technological changes and ensuring robust data management practices that support innovation and sustainable growth.
Looking ahead
Ultimately, the research showed that 86% of businesses recognised the growing importance of data governance over the next five years. This indicates that effective data governance will only increase its importance in navigating digital transformation and regulatory demands.
This means businesses must address challenges like integrating governance into operations, improving data quality, ensuring scalability, and keeping pace with evolving technology to mitigate risks such as compliance failures, security breaches, and data integrity issues.
Embracing automation will also streamline data governance processes, allowing organisations to enhance compliance, strengthen security measures, and boost operational efficiency. By investing strategically in these areas, businesses can gain a competitive advantage, thrive in a data-driven landscape, and effectively manage emerging risks.
Auto
The Benefits of EV Salary Sacrifice: A Guide for Employers and Employees
As the UK government continues to push for greener initiatives, electric cars have become increasingly popular. The main attraction for both employers and employees is the EV salary sacrifice scheme.
By participating in an EV salary sacrifice scheme, both employers and employees can enjoy cost savings and contribute to environmental sustainability along the way! This article will delve into the specifics of how these schemes operate, the financial advantages they offer, and the broader positive impacts on sustainability.
We will provide a comprehensive overview of the mechanics behind EV salary sacrifice schemes and discuss the various ways in which they benefit both employees and employers, ultimately supporting the transition to a greener future in the UK.
What is an EV Salary Sacrifice Scheme?
An EV salary sacrifice scheme is a flexible financial arrangement that permits employees to lease an EV through their employer. The key feature of this scheme is that the leasing cost is deducted directly from the employee’s gross salary before tax and National Insurance contributions are applied. By reducing the taxable income, employees can benefit from substantial savings on both tax and National Insurance payments. This arrangement not only makes EVs more affordable for employees but also aligns with governmental incentives to reduce carbon emissions.
For employers, implementing an EV salary sacrifice scheme can lead to cost efficiencies as well. The reduction in National Insurance contributions on the employee’s reduced gross salary can offset some of the costs associated with administering the scheme. Additionally, such programmes can enhance the overall benefits package offered by the employer, making the company more attractive to prospective and current employees.
Benefits for Employees
1. Tax and National Insurance Savings
By opting for an EV salary sacrifice scheme, employees can benefit from reduced tax and National Insurance contributions. Since the lease payments are made from the gross salary, the taxable income decreases, resulting in substantial savings.
2. Access to Premium EVs
Leading salary sacrifice car schemes often provide access to high-end electric vehicles that might be otherwise unaffordable. Employees can enjoy the latest EV models with advanced features, contributing to a more enjoyable and environmentally friendly driving experience.
3. Lower Running Costs
Electric vehicles typically have lower running costs compared to traditional petrol or diesel cars. With savings on fuel, reduced maintenance costs, and exemptions from certain charges (such as London’s Congestion Charge), employees can enjoy significant long-term financial benefits.
4. Environmental Impact
Driving an electric vehicle reduces the carbon footprint and supports the UK’s goal of achieving net-zero emissions by 2050. Employees can take pride in contributing to a cleaner environment.
Benefits for Employers
1. Attract and Retain Talent
Offering an EV salary sacrifice scheme can enhance an employer’s benefits package, making it more attractive to potential recruits. It also helps in retaining current employees by providing them with valuable and cost-effective benefits.
2. Cost Neutrality
For employers, EV salary sacrifice schemes are often cost-neutral. The savings on National Insurance contributions can offset the administrative costs of running the scheme, making it an economically viable option.
3. Corporate Social Responsibility (CSR)
Implementing an EV salary sacrifice scheme demonstrates a commitment to sustainability and corporate social responsibility. This can improve the company’s public image and align with broader environmental goals.
4. Employee Well-being
Providing employees with a cost-effective means to drive electric vehicles can contribute to their overall well-being. With lower running costs and the convenience of driving a new EV, employees may experience reduced financial stress and increased job satisfaction.
How to Implement an EV Salary Sacrifice Scheme
1. Assess Feasibility
Evaluate whether an EV salary sacrifice scheme is feasible for your organisation. Consider the number of interested employees, potential cost savings, and administrative requirements.
2. Choose a Provider
Select a reputable provider that offers a range of electric vehicles and comprehensive support services. Ensure they can handle the administrative tasks and provide a seamless experience for both the employer and employees.
3. Communicate the Benefits
Educate your employees about the advantages of the scheme. Highlight the financial savings, environmental impact, and access to premium EV models. Provide clear guidance on how they can participate in the programme.
4. Monitor and Review
Regularly review the scheme’s performance to ensure it continues to meet the needs of your employees and the organisation. Gather feedback and make adjustments as necessary to enhance the programme’s effectiveness.
Conclusion
The EV salary sacrifice scheme offers a win-win situation for both employers and employees in the UK. With significant financial savings, access to premium vehicles, and a positive environmental impact, it’s an attractive option for forward-thinking organisations. By implementing such a scheme, employers can demonstrate their commitment to sustainability and employee well-being, while employees can enjoy the benefits of driving an electric vehicle at a reduced cost.
Adopting an EV salary sacrifice scheme is a step towards a greener, more sustainable future for everyone.
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How 5G and AI shaping the future of eHealth
Driving business success in today’s data-driven world through data governance
The Sustainability Carrot Could be More Powerful Than the Stick!
Hybrid cloud adoption: why vendors are making the switch in 2022 and why you should too
