There comes the dawn of a new professional year, and with it a raft of IT and tech-based innovations are beginning to emerge. And with the worldwide economic turbulence? We understand what a lot of us might be wondering regarding the upcoming business technology trends and what it means for Bangladesh.
So here, we are going to take a look into what the tech world projects for 2023, its impacts on the start-up market, some practical tips and ideas for business in Bangladesh for the upcoming year.
So, let’s dive in!
Top 5 Trends
A mix of new digital concepts and advancements of existing trends will have a tremendous impact on how we do business, communicate and live in 2023. With a sharp focus on the future possibilities, here is our perspective of the top tech trends in 2023.
Adaptive AI
Adaptive Artificial Intelligence (AI) systems incorporate real-time feedback with what it has learned from its experiences and adjust new data. This means, for instance, Adaptive AI can be used to continually improve the customer experience with each round of interaction between a customer and a brand. And it makes them suitable for operations where rapid changes in the external environment or enterprise goals need an optimized response.
Industry Cloud Platforms
Industry cloud platforms are a notable emerging trend because they create value for companies by offering adaptable and relevant industry solutions. They offer a combination of SaaS, platform as a service (PaaS) and infrastructure as a service (IaaS) providing capabilities to support specific industry business use cases.
Enterprises can use these platforms for digital business initiatives, providing agility, innovation and reduced time to market.
Web3
Blockchain technology will also become more mainstream in 2023 as companies create more decentralized products and services.
And how will it benefit us? Let’s say, right now, we’re storing everything in the cloud — but if we decentralize data storage and encrypt that data using blockchain, our information will not only be safer, but we’ll have innovative ways to access and analyze it.
Besides, Non-fungible tokens (NFTs) will become more usable and practical in the upcoming year. NFTs might be the keys to interacting with many of the digital products and services we buy, they could also represent contracts we make with other parties.
Edge Computing
Edge computing is already in use all around us – from the wearable on your wrist to the computers parsing intersection traffic flow. As the quantity of data organizations dealing with continues to increase, they realized the shortcomings of cloud computing in some situations.
And Edge computing is designed to help solve some of those problems as a way to bypass the latency caused by cloud computing and getting data to a data center for processing. Edge computing will increase as use of the IoT devices increases. By 2023, the global edge computing market is expected to reach $6.72 billion.
Metaverse
Experts predict that the metaverse will add $5 trillion to the global economy by 2030. They also expect a complete metaverse will be device-independent, with an autonomous virtual economy enabled by digital currencies and NFTs, and won’t be owned by a single vendor. By 2027 over 40% of large organizations worldwide will use a combination of Web3, AR cloud and digital twins in metaverse-based projects aimed at increasing revenue.
Business Ideas for Bangladesh
Bangladesh has seen wide improvements in a number of economic indicators in the recent past. And that in turn has inspired a lot of entrepreneurs to pursue their dream business. However, in the highly saturated markets, it’d probably be safe not to venture into another fin-tech, ride-sharing or OTT platform. On the other hand, some prospective sectors to plan your startup might be –
- Augmented Reality technologies – for education, furniture, real estate among other
- Logistics – if you can make the miracle happen with guaranteed deliveries within 24-48 hours, COD at any part of the country – this could probably be a billion-dollar company right there
- Agro-Tech – that perhaps involves regenerative agriculture, technologies such as – Agricultural Drone, app to diagnose plant disease etc.
- A platform to choose human service – such as trained nannies/nurse to care for the kid or elderly person in your family
These are some potential sectors in the country amongst many more never-before-seen products. And no matter what the business is, or which industry it is in – Proficient Information Systems is here to provide you with a best-in-class Web and Software technology support in Bangladesh.
Is Bd Budget Start-up Friendly?
Luckily, yes. The country puts emphasis on its growing start-up ecosystem and how newer start-up initiatives should be supported by the government through special incentives. The National Budget for FY 2022-23 comes with some proposed benefits such as –
- Local startups will be exempted from bindings of all types of reporting except submitting income tax returns.
- Startups will also be allowed to carry forward losses over a period of nine years.
- For startups, the government will also be withdrawing restrictions on expenditure and reducing the rate of turnover tax to 0.1% from 0.6% for the next fiscal year.
Some Practical Tips for Startups: Especially During an Economic Downturn
We all are skeptical about what awaits in 2023 in terms of business and economy. But if you’re someone who’s planning your next start-up or already nurturing one that’s in early-stage, you might find these 4 tips helpful to stay afloat during a recession:
- Maintain a healthy runway.
Raising capital gets a lot harder once a recession hits. So, you need to make sure you have enough to get through to the eventual expansion.
Only spend money to make your product or service better or to drive new sales. Scale back on new initiatives or any “nice to have” expenses.
- Prioritize the customer’s success.
For any business one key external North Star: their customers’ long-term success. You need to strengthen your relationships with your biggest and most important customers – as it’s easier and cheaper to sell more to existing customers than to land new customers.
Besides, be innovative when it comes to customer acquisition strategies. Devise new ways to make outreach efforts more cost-efficient, measuring the effectiveness of every penny spent on sales and marketing, etc.
- Reinvest in the team.
While “right-sizing” approach can help a business extend its runway, every firm’s success ultimately depends on its ability to keep its workforce committed over the long term. That’s why it’s vital for leaders to double down on supporting the teams they have, to foster growth on both an individual and a companywide level – and nurture a company culture of resilience, fortitude and camaraderie.
- And lastly, stay close to your venture investors.
As the economy slows the investors must decide which of their portfolio companies to prioritize and support and reserve capital for subsequent fund-raising. And it’s important for you to communicate often with your venture investors to make sure they see your long-term potential.
Every start-up faces unique challenges, until they become profitable. And to make it through and emerge even stronger, especially during an economic downturn – conserve cash, and pay close attention to your customers, investors, employees, and culture. And you’ll be all set to go ahead and thrive.
