Featuring:
Innovation in Business is proud to introduce a new and exciting programme to its established roster: the Technology CEO of the Year Awards 2024! This programme celebrates and recognises the most influential and innovative CEOs in the technology sector, who have shown outstanding leadership, vision, and strategy in leading their businesses to success. The technology sector in 2024 is facing rapid and disruptive changes, driven by factors such as artificial intelligence, blockchain, biotechnology, quantum computing and cybersecurity. These changes create new opportunities and challenges for CEOs, who display remarkable skills to adapt and innovate to stay ahead of the competition. The technology industry is undergoing a rapid and profound transformation in 2023, driven by the emergence of new technologies and the changing needs and expectations of customers. Global CEOs of technology companies have accelerated their digital transformation by months and even years, leveraging the likes of artificial intelligence and cloud computing to create more intelligent products and services. The future of the CEO role is becoming more technology-focused outside the tech industry, as companies look for leaders who can harness technology to drive innovation and growth. Sofi Parry Senior Editor www.innovationinbusiness.com Welcome to Technology CEO of the Year Awards 2024 AI Global Media, Ltd. (AI) takes reasonable measures to ensure the quality of the information on this web site. However, AI will not assume any legal liability or responsibility for the accuracy, correctness or completeness of any information that is available through this web site. If errors are brought to our attention, we will try to correct them. The information available through the website and our partner publications is for your general information and use and is not intended to address any particular finance or investment requirements. In particular, the information does not constitute any form of advice or recommendation by us or any of our partner publications and is not intended to be relied upon by users in making or refraining from making any investment or financial decisions. Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility. Editors Sofi Parry, Senior Editor | Rebecca Scotland, Editor |Izzy Mifsud, Writer | Emily Godbold, Writer | Matthew Wright, Writer | Joshua Beardsmore, Writer Designers Ali Mohammed, Junior Graphic Designer | Lauren Baldwin, Graphic Designer
Contents 4. Ezysim: Cost-Effective Telecoms Solutions CEO of the Year 2024 - Australia 5. Sweeft Analytics: Most Innovative Data Analytics CEO 2024 6. 70% of UK workers prefer the human touch to AI when looking for a job 7. AI at Work: It’s Here and It’s Working, Whether You Know It or Not 8. Almost Half of Businesses Have Now Implemented Machine Learning, But What is Next for the Technology? 9. Fadata Partners With DICEUS, Adding Chatbot Solution to Ecosystem 10. Tech-Driven Beauty: Notino Leads the Wave in Beauty Ecommerce 11. Top 4 Cloud Trends That Will Affect Your Business in 2024 12. Two thirds of payroll professionals predict AI growth, but is the sector ready?
Innovation in Business- Technology CEO of the Year Awards 2024 | 4 Based in Australia, EzySim empowers customers to choose the best mobile plan and coverage to suit their individual needs. With its simplified solutions, the telecommunications company offers affordable and innovative mobile services, providing customers with an effortless connection. At the heart of EzySim’s vision is founder Chuthan Kanagasundaram, an experienced professional in the telecommunications industry. Under his seasoned leadership, EzySim is committed to delivering reliable mobile solutions to shape the future of mobile connectivity. For his strategic direction, Chuthan Kanagasundaram has received a Technology CEO of the Year award. Cost-Effective Telecoms Solutions CEO of the Year 2024 - Australia EzySim is dedicated to ushering in a new era of prepaid mobile innovation. Its packages are designed to be easily understood, convenient to use, and tailored to customers’ unique needs. Prepaid plans are also known as pay-as-you-go plans and are cheaper than the postpaid alternative, even with unlimited data. EzySim’s plans are flexible and transparent, allowing customers to tailor their plans and switch providers in real-time without hidden fees or commitments. Prepaid plans are more accessible than others and do not require a good credit score or financing. Driven by the founder’s expertise, EzySim provides customers with mobile solutions that they can trust. With over 22 years’ experience in the telecommunications industry, Chuthan Kanagasundaram has devoted his time to designing and leading ambitious initiatives including the globally renowned Australian brand, MVNO. Through EzySim, he leverages his technological proficiency and deep understanding of human connection to bring people together. In addition to his professional expertise, Chuthan’s authenticity and perseverance has fostered a supportive company culture for his employees. As CEO, Chuthan’s duties are multifaceted involving business operations, organisational development, financial analysis, accounts management, sales and marketing, budgeting, product development, vendor management, and much more. Chuthan is highly skilled in the areas of process improvement and infrastructure development, enabling him to devise and implement innovative solutions to improve operational efficiency and overall customer satisfaction. Through EzySim, Chuthan strives to drive digital transformation and innovation within the industry. In the dynamic landscape of telecommunications, EzySim offers a range of budget-friendly options to help customers make the most of their mobile plans. With extensive 5G/4G network coverage, the company ensures that devices stay connected at all times for an enhanced mobile experience. Its curated bundles combine talk, text, and data with a suite of additional services available to meet customers’ unique requirements. EzySim employs experienced professionals who are dedicated to answering customers’ queries quickly and efficiently. The hard-working team crafts outstanding services to deliver a seamless customer experience. With an emphasis on collaboration, EzySim is passionate about supporting its employees and nurturing an engaging workplace culture. Attracting, retaining, and motivating its valued employees is essential for the company to continue delivering its flexible and reliable solutions. EzySim’s journey is driven by convenience, innovation, and transparency, core values that have shaped the company and continue to inform its decision-making processes. Steered by Chuthan Kanagasundaram’s influential leadership, EzySim aims to redefine the evolving landscape of prepaid SIMs with simplified and engaging mobile experiences. The pioneering company is committed to delivering tailored mobile solutions to address customers’ telecommunication needs. Its prepaid plans are designed to be affordable, convenient, and easy to use to streamline the customer experience. Through Chuthan’s in-depth industry knowledge and commitment to technological innovation, EzySim has achieved sustainable success and will continue to evolve its cutting-edge solutions to shape the future of the telecommunications industry. For his expert leadership, we have bestowed on Chuthan Kanagasundaram our award for Cost-Effective Telecoms Solutions CEO of the Year 2024 – Australia. Contact: Chuthan Kanagasundaram Company: Ezysim Web Address: https://ezysim.com.au/ Dec23241
Innovation in Business- Technology CEO of the Year Awards 2024 | 5 Most Innovative Data Analytics CEO 2024 Based in Paris, Sweeft Analytics is a mobile computing software company dedicated to providing cuttingedge analytics that align with the world’s most important environmental goals, reducing energy-intensive data transfers and computations. At the helm of this innovative business stands Co-Founder and CEO Pierre-Louis Usselmann, an experienced data and analytics expert who has recently been recognised in the Technology CEO of the Year Awards 2024. After graduating from the Université de Rouen with a master’s degree in computer science and mathematics, Pierre-Louis Usselmann embarked on a successful career that would span the next two decades. For more than 11 years, he worked at a large life science company, where he played a pivotal role in driving data and analytics innovation. Throughout his career, Pierre-Louis developed a strong commitment to sustainability, especially in the realm of digital technology and analytics. Aiming to address the increasing need for environmentally responsible business practices, he was ultimately inspired to establish Sweeft in 2022. Drawing on his background in analytics and commitment to sustainability, he built the company with the goal of providing innovative solutions in digital analytics while adhering to eco-friendly and sustainable practices. Today, Sweeft is revolutionising the digital analytics landscape by minimising the industry’s digital carbon footprint through mobile analytics solutions, leveraging the inherently lower energy use of mobile devices in comparison with traditional data centres. It employs a technique called “Mobile Selective Cloud”, the goal of which is to reduce the environmental impact of cloud operations, maximise the efficiency and effectiveness of existing analytics solutions, and enhance the user experience. Sweeft’s mobile analytics product, Oneboard, is designed to process data efficiently, thereby reducing the need for extensive computational resources and decreasing the consequential environmental impact. To minimise energy consumption, data transfer and storage processes are optimised, which requires smarter data caching strategies. In the populated tech industry, Sweeft sets itself apart through its ability to merge technological advancement with environmental responsibility, setting new standards in the analytics industry. Furthermore, committed to promoting sustainable digital transformation and driving the democratisation of data, the company strives to make its smart solutions accessible to companies of all sizes. Sweeft is also proud to play an active role in educating its clients and the wider community on the importance of sustainability in digital analytics. As CEO of Sweeft, Pierre-Louis brings over 24 years of experience to the company, along with an evolving wealth of knowledge. In the last decade, he has specialised in mobile analytics in line with the increasing significance of mobile technology, which reflects his forwardthinking nature. Leading the team at Sweeft, Pierre-Louis takes a visionary and transformative approach. On this, he shares, “I ensure that every team member understands and shares my vision of sustainable digital transformation. Regular communication, collaboration, and a culture of innovation are key to aligning the team with our goals.” Despite his success thus far, Pierre-Louis admits that the task of establishing Sweeft over the last few years has not always been smooth-sailing. “I’ve faced challenges like aligning cuttingedge technology with environmental goals and looking beyond cloud carbon footprint, which is where most companies stop,” he comments. “However, when considering the entire digital carbon footprint, other challenges have led to opportunities for innovation. This has been crucial in defining our role as pioneers in sustainable analytics.” For his outstanding work, Pierre-Louis has been named Most Innovative Data Analytics CEO, France, as part of the Technology CEO of the Year Awards 2024. On the future, he shares, “In 2024, we aspire to establish our position as leaders in sustainable digital analytics. We plan to continue innovating and expanding our reach, inspiring other companies to embrace environmentally responsible technologies. I aim to build upon this success by continuing to drive technological and environmental innovation in the analytics field.” Contact: Pierre-Louis Usselmann Company: Sweeft Analytics Web Address: www.sweeft.ai Dec23253 Sweeft Analytics Leads the Way in Reducing Digital and Cloud Carbon for Data Analytics with Mobile Selective Cloud
May21135 Innovation in Business- Technology CEO of the Year Awards 2024 | 6 Artificial Intelligence (AI) is here to stay and is already impacting the world of work in more ways than one, yet new data suggests fewerthan-expected workers in the UK prefer to interact with AI over people when looking for a job. A limited number also believe that their role will change as a result of Artificial Intelligence this year. That’s according to the latest Candidate Sentiment Survey from specialist recruitment firm, Robert Half. The data revealed that overall 70% of UK workers prefer the human touch to AI when looking for a job with more than a third (36%) of the UK population choosing to deal only with humans rather than AI. A further 34% stated that they are happy for AI to be part of the process, but still feel that people need to be a fundamental part of their experience. Given their digital exposure it’s perhaps unsurprising to note that fewer 18-34 year olds wanted to deal only with humans (25% versus 40% of those aged 35-54 and 49% of the over 55’s). However, almost half of the younger demographic (43%) want person-to-person interaction to remain a critical component of recruitment. A further 35% of UK workers stated that AI hasn’t yet impacted their role and don’t believe it will this year. Just 9% of employees believe that this technology will reshape their role by reducing administration, while only 3% stated that AI is going to completely change how they work in 2024. Kris Harris, Regional Director, UK Technology Solutions, at Robert Half commented: “AI holds the potential to greatly enable process optimisation and automation, yet in many areas the human subjective reasoning is and will remain fundamental. And it is not surprising that an overwhelming proportion of the UK workforce still views the experience of looking for a job as deeply human. “Finding purpose and fulfilment with meaningful work, whilst feeling connected and empowered is one way to describe the new world of work. Individuals no longer simply perceive their workplace as a means of earning a living, but as an environment of shared values, beliefs and purpose. This makes job-seeking and career-building a subjective and personal experience, which cannot solely rely on AI. “Although emerging generations are certainly more adept at utilising technological developments, they still have a desire to connect with – and learn from – people, and that’s unlikely to ever disappear.” 70% of UK workers prefer the human touch to AI when looking for a job New data suggests even Gen Z overwhelmingly rates the human input as fundamental
May21135 Innovation in Business- Technology CEO of the Year Awards 2024 | 7 maker it can be. Approximately 3 out of 4 people using AI at work say it: • Makes them more efficient and productive at work; • Makes it possible for them to spend more time on meaningful tasks; and • Increases the quality or accuracy of their work. Moreover, 71% of C-suite leaders say increasing/ advancing their use of AI is either a high or medium priority for their organisation, citing the competitive advantage AI can bring. In fact, 62% of executives say they are at least slightly concerned that their company isn’t moving fast enough with AI. There’s little question in executives’ minds that AI is good for business and for people, but they’re split on who it’s better for: • 51% of the C-suite says employees have benefited the most (e.g., routine work tasks or other elements of their jobs are simplified); and • 49% of the C-suite says companies have benefited the most (e.g., financial returns have increased as a result of AI use). “Many businesses are finally realising what great workplaces have known for a long time now: AI, when used ethically, responsibly, and transparently, has the potential to be everyone’s favourite co-worker,” said Hugo Sarrazin, chief product and technology officer at UKG. “AI is nothing new — we’ve been using AI at UKG since 2015 to help businesses achieve better outcomes. What is new is the transformational potential of generative AI to reshape employee experiences and provide timely, insightful feedback and recommendations with context that empower companies to create a great place to work for all people.” Where Does AI See Itself in Five Years? Executives at companies using AI today estimate that 70% of their total workforce will use AI to automate or augment some of their job tasks by 2028, according to the UKG study. Even executives at companies not using AI today estimate that 20% of their workforce will use AI to automate or augment some of their job tasks within the next five years. AI at Work: It’s Here and It’s Working, Whether You Know It or Not While 63% of employees say AI would increase job satisfaction and engagement, 54% have no idea how their company is using it Don’t call it a takeover, AI’s been here for years. A new global study from HR, payroll, and workforce management software provider UKG reveals that many people use AI daily both at home and at work, and it’s already making millions of jobs easier — employees just don’t know it. This disconnect underscores the need for greater transparency from companies using AI and more insight into the benefits of prioritising AI at work to help build trust with employees, increase productivity, and improve business outcomes. UKG surveyed more than 4,000 employees in 10 countries, including C-suite executives and people managers, about their real and perceived use of AI. According to the study: • 78& of C-suite leaders say their organisation is using AI today. • Executives estimate 56% of their workforce is directly using AI to automate or augment job tasks. • Only 42% of employees globally think they’re using AI-powered devices in their dayto-day work. Outside of work, just 44% of employees globally believe they interact with AI in their personal lives, even though at least 90% say they’ve used at least one of the following: maps and navigation (66%), predictive product/entertainment suggestions, such as in Netflix and Spotify (50%), text editors or autocorrect (47%), virtual home assistants, such as Alexa and Google Assistant (46%), or intelligent chatbots (31%). Employees Want to Embrace — Not Run From — AI Despite prevailing Hollywood depictions of AI systems taking over humans, more and more employees say they’re open to using AI at work — with some critical caveats. The UKG study found that 3 out of 4 employees would be more accepting/excited about AI if their company was more transparent about the direct ways AI could improve their workflow (78%), and how their organisation is using AI (75%). Greater transparency around AI at work paves the way for increased trust among employees and companies, a key component of building a great workplace culture. “AI is here, and it’s already providing some amazing benefits for the workforce — from automating tedious tasks to answering common questions to helping crunch millions of data points in mere seconds. However, 54% of people say they have ‘no idea’ how their company is using AI, and that lack of transparency is a real problem,” said Dan Schawbel, managing partner at the firm Workplace Intelligence, which partnered with UKG for the study. “Organisations must be more upfront about how they’re using AI in the workplace, if they want a competitive advantage and want to earn, and keep, the trust of their employees.” As for those employees willing to embrace AI at work, they say it would increase their: • Engagement/job satisfaction (63%); • Willingness to go above and beyond (55%); • Overall happiness (54%); • Desire to stay with their company long term (49%); and • Trust in their company/leadership (48%). [Read more about the benefits of employees using AI in the workplace, in this blog post: “Why Your People Are Key to An Effective AI Strategy.”] Executives Recognise Advantages of AI at Work Companies and employees already embracing AI in the workplace recognise the difference
Innovation in Business- Technology CEO of the Year Awards 2024 | 8 Almost Half of Businesses Have Now Implemented Machine Learning, But What is Next for the Technology? By 2026, Gartner predicts that over 80% of enterprises will have used GenAI APIs and models and/or deployed GenAI-enabled applications in production environments, up from less than 5% early 2023. Recent STX Next research found that at present, almost half of businesses have now implemented machine learning into business processes in some way, with the most common application being image detection/segmentation, followed by recommendation systems and optical character or text recognition. Despite the growth in popularity of artificial intelligence (AI) and ML across a number of industries, there is still a huge amount of unrealised potential, with many businesses playing catch-up and still planning how ML solutions can best facilitate processes. Further progression could be limited without investment in specialised technical teams to drive development and integration. Room for growth: At present, STX Next data suggests that 50% of CTOs still do not have a single member of staff employed in an AI, ML or data science role at present, underlining the scale of the progress that still needs to be made. To add to this, just a quarter of companies have a separate AI/ data division and 38% have between just one and five team members in a dedicated AI/ML or data science role. Clearly, while many leaders acknowledge AI’s potential, there is still a need for more investment in specialised resources to support its development. Implementing machine learning in one form or another will soon be crucial in keeping pace with changes in the industry and meeting customer expectations. As with the roll-out of any new technology, its success relies on investment in time, headcount and finances. This will no doubt become more prominent over the next year and beyond as organisations look for more ways to economically and By Bartek Roszak, Head of AI at STX Next. The popularity of machine learning (ML) has skyrocketed in recent years, driven largely by its ability to process data at much faster speeds than humans and produce invaluable insights to unlock business value. efficiently scale their business and tackle new challenges. In many cases, leaders will need to assess the extent to which off-the-shelf ML solutions can support their businesses, and work out how much they need to invest in R&D to deliver the required level of expertise. AI ≠ ChatGPT: AI’s popularity and constant presence in headlines this year has been driven largely by the success of large language models like ChatGPT. However, AI has many use cases beyond models like these and can support many business functions that organisational leaders may not yet be aware of. In 2024, we’ll no doubt see an increase in uptake of AI and ML in other business processes. While large language models serve a valuable purpose, they are just one part of AI and ML’s arsenal. The most common applications of AI at the moment are largely unsurprising, as AI’s ability to tackle repetitive processes and recognise patterns within images and text is clear and evident. What is surprising is that these are still only adopted by a quarter of businesses. AI can and will revolutionise many industries, but there is still work to be done in educating the market on its capabilities. Striking the balance: AI and ML’s popularity shows no sign of slowing. CTOs looking to stay ahead of the curve should embrace its potential, remaining careful to balance the needs of the business with the unique needs of clients and customers. There is also the need to balance the implementation of AI with support for existing employees. In many cases, AI can enable people to exceed in their roles and create new efficiencies, rather than replacing them altogether. Businesses that are able to leverage its potential by enhancing their skillsets will reap the rewards in 2024.
Innovation in Business- Technology CEO of the Year Awards 2024 | 9 Fadata, a leading global provider of insurance software solutions, is pleased to announce that DICEUS has become an official partner of the Fadata Ecosystem. The DICEUS AI-powered chatbot, Vitaminise, will deliver Fadata clients excellent customer experience through customized conversational flows and convenient features. -Thanks to a low-code approach to development, Vitaminise Chatbot is a plug-and-play solution that can be implemented and integrated with the existing technology landscape in a few days. It can be adjusted and customized according to the carriers’ business lines, branding, and user journey maps. Conversational flows are structured and sequenced according to the pre-defined scenarios. To assemble a perfect chatbot script, DICEUS CX/UX specialists closely collaborate with a carrier, considering the company’s tone of voice, CTAs, business goals, and user expectations. The chatbot can be integrated with ChatGPT, WhatsApp, Telegram, Viber, Instagram, Facebook, payments platforms, and open data portals. The AI-powered chatbot solution from DICEUS seamlessly integrates with Fadata’s core system, INSIS. DICEUS and Fadata have built a selection of product packages to suit varying needs. It means clients can select the level of package required according to subscribers, as well as their preferred chatbot flow structure. With the help of the bot, carriers’ clients can buy a policy online, file a claim, find information about the required insurance products and services, and read FAQs. Carriers, in turn, can quickly acquire new customers, launch marketing campaigns for millions of users, and increase revenue by promoting new products and services via the bot. The chatbot developed by DICEUS provokes interest among existing and potential clients, encouraging engagement with the insurance company. Illia Pinchuk, CEO, DICEUS, comments: “We have partnered with Fadata on many software development projects and are excited to become an official Ecosystem partner with Vitiminise Chatbot. Since DICEUS is focused on, and experienced in tailor-made chatbots for the insurance market, the team is thrilled to join this partnership and help carriers attract more customers by providing convenient features and proactive flows. DICEUS will collaborate with Fadata in integrating Vitaminise Chatbot with the core INSIS processes to deliver the most efficient solutions to Fadata’s customers.” Neyko Bratoev, Head of Fadata Ecosystem, comments: “Fadata and DICEUS have an excellent established relationship, therefore DICEUS’ knowledge of INSIS makes them a perfect partner for Ecosystem. Vitaminise boasts out-of-the-box specialised insurance flows, which will enable our clients to enjoy a speedier deployment of relevant chatbot functionality, enhancing their digitalisation with the future of customer communications.” As Fadata continues to announce new innovative, specialist partners, Ecosystem is building into a comprehensive pre-made enterprise solution for insurers. Each new agreement cements the Fadata ideal to provide out-of-the-box software solutions, enabling insurers to deploy new technology capabilities from different trusted companies that share the same forward-thinking ethos. With Ecosystem, insurers are empowered to stay current, react to changing market demands, and innovate into the future as they look to deliver customercentric developments. For more information, explore Fadata Ecosystem. Fadata Partners With DICEUS, Adding Chatbot Solution to Ecosystem
May21135 Innovation in Business- Technology CEO of the Year Awards 2024 | 10 In 2023 Notino exceeded a turnover of 1 billion euro. The company recorded a 32% increase compared to the last fiscal, despite the general downward trend in e-commerce. Last fiscal year, the company shipped more than 20 million packages, an average of more than 56,000 packages per day, and a total of more than 109 million products. “Our successes are a demonstration that e-commerce in the Czech Republic is at the highest level in the whole of Europe. Our standards and the level of service expected by the Czech customer are taking us further, and if we can maintain this quality across Europe, we are convinced that we can still achieve a lot,” comments Zbyněk Kocián, Notino‘s CEO, on another year. “We were the first in the personal care industry to take advantage of the European Union’s common market and have created a unique centralised model of cooperation with partners such as LVMH, L’Oréal Group, Estée Lauder Companies, COTY and Shiseido. This allows us to bring together the biggest brands from across the cosmetics industry at our Brno headquarters to co-create new services for customers across Europe. We also have a very high net promoter score, which reflects the satisfaction with our products and services. More than 80 % of them would recommend our services further, which far exceeds the ratings of other European e-shops.” he added. Notino was also ranked among the top ten online retailers in 2023 according to the prestigious annual ranking of the TOP 500 European cross-border shops, compiled for the fifth time by the Belgian platform Cross-Border Commerce Europe. Specifically, it ranked 9th. A great contribution to this award comes from the excellent customer service, personalisation and innovations offered by Notino. “Notino as a big beauty player generates and collects a lot of data about the customer behaviour. This means we have good customer insights. We don’t develop all of our tools in-house, we work with large technology partners in the global market and share these customer insights with them to improve customer experience with the tools. We want our customers to find the best beauty technologies all in one place, here in Notino,” states Zuzana Melníková, Product Owner at Notino.” Tech-Driven Beauty: Notino Leads the Wave in Beauty Ecommerce For almost 20 years Notino disrupts the boundaries between the world of beauty and online shopping. This e-commerce company centralized in Brno became the first e-shop to sell perfumes online in 2004 and it created a platform for selling goods that until then no one could imagine buying online. Starting on a greenfield created the opportunity for innovative thinking and Notino’s primary goal has become to find new ways and technologies that can improve and simplify the customer journey as much as possible. Nov22652
May21135 Innovation in Business- Technology CEO of the Year Awards 2024 | 11 The attention towards cloud security and how it can be improved to avoid evolving cyber-attacks bringing damages to business and information will help to develop it even more. This could come in the form of training that includes how to identify and avoid potential threats or the inclusion of awareness messaging. Automation Technologies The development of technology to help simplify and streamline processes that usually require a lot of manual input. This automation can also be applied to cloud software, as implementing it to your servers can mean that the infrastructure can be adjusted automatically without developers or engineers having to use precious manhours to do it manually. This can help act the quality of life for the systems in several areas. Automation improves security by removing the human error of multiple engineers and IT technicians from the process of checking important systems that could be exposed to people with malicious intent. Updates and backups are also made significantly more efficient once they’re set up, as they can carry out both functions without the need for human interaction. The best thing about technology is that it’s constantly changing and evolving, which makes it even more crucial to keep an eye on how these trends continue to develop. There are always more ways for cloud software to add new and exciting features and keeping updated can help you get ahead of the curve on trends. Top 4 Cloud Trends That Will Affect Your Business in 2024 Over recent years, Cloud computing has boomed in popularity, receiving a global spend of $55.9 billion within the first quarter of 2022, and then by Q3 2023, it had reached $73.5 billion, a 16% rise year on year according to research by Canalys. As well as that, Statista had also conducted a survey that investigated the increase use of cloud services and discovered that storing and creating files and office documents was the main reason for implementing cloud technology to their business. Businesses that utilise cloud services to their full potential can gain a helpful push towards a more digital direction. But like all technology, it will continue to evolve and provide new ways of making your processes more efficient. In this article, IT managed service provider, TSG delve at four emerging trends in cloud computing that continue to evolve and can bring a more positive influence towards your business. Hybrid and multi-cloud structures With cloud, its not a one size fits all. Different systems have unique requirements that differ from another, and each of them will carry their own unique quirks, strengths and weaknesses. While some systems may excel for certain tasks, they may lack features for others. This then promotes the usage of multiple cloud systems. Best way to think of it, is to imagine building your own cloud ecosystem and singling out the best tools for each job. Making this possible is the functionality of hybrid and multi-cloud structures. Multi-cloud means using different public services from several providers to cover what you need. In the UK 89% of companies are utilising multi-cloud structures. Utilising this approach may prove difficult to manage however It means you can take the best parts of the top cloud solutions on the market and create a solution that matches exactly what you need. This gives you more options for customisation and can help avoid being locked in to just one vendor. Then considering hybrid, 80% of UK companies are utilising this. Hybrid cloud is similar to multi-cloud structures however the key differences is they utilise a private cloud service which is managed onsite as part of the combination. This means investing in and using a publicly available cloud server as well as building an in-house infrastructure and having them work in tandem. Being able to shop around for the systems that fit your specifications is a great way of not selling yourself short on what you need for your specific processes and giving yourself more flexibility. Public cloud software can often come with some data bottlenecks with lots of people using it at once, but the cost savings it can offer are a huge positive. Serverless computing The global serverless computing market share is expected to reach USD 27720.57 million by 2027. When you’re spending money on such a service, you want to know it’s not going to waste. This is especially true if you’re trusting another company with something as important as the servers that host your website. For some companies, they have built applications that require a server to host it, and they may spend a lot of money to make sure its infrastructure is secure. With the rise of serverless computing, this has revolutionised the concept of hosting applications. This method of backend service is cost effective as you only pay for what you use data-wise. The infrastructure of the servers is also handled by the vendor, so developers don’t have to worry about scaling too much and can focus more on development. Cloud security In 2024, the revenue within the cloud security market is set to reach US$2.31bn.. When it comes to cloud technology, cyber security is a huge focus for many. Within 2023, there were 8,214,886,660 breaches. Businesses and even governments with any online presence or connection to the internet are at constant risk of hacking and having information stolen or whole accounts taken over. The UK government has even begun asking for companies currently using cloud databases to assist in building a proactive solution for outages and infiltrations.
Innovation in Business- Technology CEO of the Year Awards 2024 | 12 Two thirds of payroll professionals predict AI growth, but is the sector ready? A survey by the global payroll provider revealed that 64% of payroll professionals predict a rise in AI and advanced technology use within the next year. Meanwhile, 18% foresee a growth in innovative models like earned wage access (EWA), and 16% anticipate a broader strategic focus. While it could be argued that AI in payroll is still in its infancy, organisations globally have already begun applying advanced technologies to boost efficiency and provide an improved employee experience. With many anticipating a growth in the adoption of AI, 2024 could provide a learning curve for the industry. In line with this, CloudPay recommends that firms establish a strong foundation to fully harness the potential of artificial intelligence in payroll before its broader application. Matt Hillier, EVP, Products at CloudPay, commented: “Our survey provides an interesting insight into the direction that the payroll sector is taking. AI, akin to its impact in various industries, is emerging on the horizon. However, it’s evident that we’re at the onset of a transformative era, where AI and similar advanced technologies lay the groundwork for significant changes. It’s highly unlikely that Global payroll experts predict that the extensive adoption of artificial intelligence (AI) will be the leading trend in the industry in 2024. Businesses, however, must be prepared for its incorporation and embrace its arrival, according to CloudPay. AI will reduce the need for human input, if anything it should offer an opportunity for payroll professionals to apply their skills to other, more strategic, tasks. Clearly, Payroll prioritizes accuracy and precision, and current AI platforms have yet to achieve the necessary level of detail required.” “AI is already being applied to reduce friction in data movement, and to provide more accurate predictive insights. However, before we see more widespread adoption, all businesses need to ensure that they have the right foundations in place if they want to maximise the full potential of artificial intelligence in payroll.” “At a broader level, our survey revealed that payroll is looking to the future. Much of the sector has remained fairly static for some years, however we are now seeing real change, driven partly by AI, but also the changing nature of the world of employment, alternative attraction and retention methods and the growth of more innovative payroll models, like EWA. We anticipate this also being a significant area of focus in the short to medium term future as more employers look to align their payment strategies with the ease of use and access seen in other walks of life.”
Subscribe to our newsletter www.innovationinbusiness.com
www.innovationinbusiness.comRkJQdWJsaXNoZXIy MTUyMDQwMA==