CIOs must keep an eye on emerging technologies. The following emerging technology innovations could impact businesses in 2023. This decade of IT is significant as innovations are responsive to the turbulent economy. So, to provide a glimpse of how emerging technology will impact businesses in 2023, here is a compilation of leading technologies that hold the potential for enterprises to embark on a journey of innovation and growth. The following technologies are also a recap for leaders to experience the advancements they grabbed in 2022.

Developing the most effective plan of attack is the first step in putting AI ethics into practice, as it is with any ambitious project. The field of artificial intelligence is constantly developing. Most of the country's top ten businesses continue to invest in goods and services that use AI. The responsible use of AI, also known as "ethical AI," is increasingly important for businesses and their customers as this cutting-edge technology gains in popularity and more companies adopt it. Numerous risks are associated with AI for both people and companies. This cutting-edge technology can endanger an individual's safety, security, reputation, liberty, and equality, as well as discriminate against particular racial or ethnic groups.

Without a human-centric approach, OpenAI ChatGPT runs on the data available on the various channels, which can also deliver services without meeting the context requirements. Sometimes, it writes plausible-sounding content but can be trustworthy. The new kid on the block, AI-powered ChatGPT offers numerous exceptional services and is claimed to be useful for coding, content writing, etc., minimizing human intervention. As erudite machinery becomes a trending sensation, companies can also see AI biases, security risks, and less personalized CX. The uncapped accessibility, and unrestricted usage of ChatGPT have increased the cybersecurity risks that can hamper the whole organization. Through ChatGPT, cybercriminals can draft a fraudulent email carrying unsecured links, attachments providing sensitive data, or instructions regarding transferring money into specific accounts from a reputed company or person.

New laws in New York City and California regulating the use of AI and personal data are set to go into effect on January 1, 2023. Despite the delay in enforcement, experts predict that it will still have a significant impact outside of those jurisdictions. By requiring a biased audit before any tool is used and notifying job applicants and employees prior to its use, Local Law 144 will regulate how businesses can use automated employment decision tools. The 2018 California Consumer Privacy Act, as amended by the California Privacy Rights Act, broadens the scope of the data privacy law to include operations between businesses as well as employees, job applicants, and independent contractors. Both laws' implementation dates, April 15, 2023, for the CCPA in California and July 1, 2023, for New York City, have been postponed, and no regulations have yet been released.

Hive, the productivity platform provider, today announced the public release of HiveMind that uses Artificial Intelligence (AI) to automatically create a project plan in a matter of seconds. As Artificial Intelligence models are increasingly being integrated into content and note-taking platforms, Hive is pioneering the usage of the models' capacity for continuous learning and logical decision-making based on in-depth data. Modeled on six years of successful customer projects, HiveMind automatically sets out the steps to accomplish any goal, expediting project planning and execution. It has the ability to create project tasks based on simple suggestions, set next steps from received emails and reply based on the inbound email's content. "Today, superior performance in the marketplace comes from the depth of data you possess, and the ability to apply it quickly," said John Furneaux, Hive co-founder and CEO.

Trending market patterns, growing consumer demands, and establishing a competitive edge against the big businesses in the market has always been a challenge for small businesses (SMBs). With the economy trying to recover from the recent pandemic-driven recession, SMBs are predicted to foresee higher challenges up ahead. According to a recent report by ZDNet, "Small business tech outlook: Here are the challenges and opportunities ahead", inflation increased by 2.47% worldwide and is posing a challenging for SMBs. As a result, small businesses are scrambling to up their game by offering unique customer services, improved customer relations, and increased operational efficiency. Choosing the right software or a technology solution is crucial with many vendors out in the market, offering more or less the same features.

Like any other evolving technology, industry veterans are also exploring opportunities to leverage digital twins in other business aspects to stay competitive in a fast-moving environment. Business leaders are pushing digital twins to accomplish new tasks and are being explored in various industries. Industries like architecture, engineering, procurement and construction, and automotive are leveraging digital twins at a larger scale. Business leaders need to be aware of all the opportunities they can leverage this technology in their operations to streamline their workflows. In the year 2023, industry veterans are expecting to see the use of digital twins across various products and processes.

One of the most promising technologies in the past few years is composite AI. Companies will have an unmatched competitive edge now and in the future if they fully leverage the benefits of composite AI. It would be difficult finding an enterprise that isn't utilizing AI in 2022. In recent years, AI has expanded in popularity and accessibility, solidifying its position as a key component in the technological lexicon. Composite AI is something that is not yet immensely popular but is becoming increasingly important for successful AI deployments.

Artificial intelligence (AI) adoption and its impact on organizations are at a critical juncture. As businesses see its significant benefits, AI is widely adopted every year. According to IBM Global AI Adoption Index 2022, the need to cut costs and automate crucial processes, increasing competitive pressure, and changing customer expectations are the top drivers influencing AI adoption. Without question, AI will significantly change how many industries operate. And for this reason, a lot of leaders are making rapid investments in AI.

Technology leaders can help businesses prepare for major market changes through talent, project, and governance strategies. Customer experience, employee retention, and even revenue success will depend on how CIOs use the variety of AI tools at their disposal. As technology develops, AI will increasingly be used to create various essential components of work. This long-term trend is being supported by IT leaders. The fact is that each team and department performs routine, rule-based tasks on a daily basis, including processing transactions, balancing records, gathering and entering data, and many others. These administrative tasks are tedious and boring.