The 5 Biggest Business Trends In 2023 Everyone Must Get Ready For Now
December 28, 2022
By Bernard Marr
Businesses have faced huge challenges and have undergone an incredible amount of change over the past few years, and this won’t slow down in 2023.
Businesses will have to deal with the aftereffects of the global pandemic, Russia’s invasion of Ukraine, economic challenges, as well as an ever-faster development of technologies.
Here are the trends I believe will have the greatest day-to-day impact on the way we work and do business in 2023.
1. Accelerated digital transformation - new solutions for augmented working, hybrid and remote working, business decision-making, and automation of manual, routine, and creative workloads combine these technologies in ways that enable them to enhance each other. This brings us closer than ever to the point where we are able to create “intelligent enterprises” where systems and processes support each other to complete menial and mundane tasks in the most efficient way possible.
To prepare for this, businesses must ensure they embed the right technology throughout their processes and in every area of operations.
2. Inflation and supply chain security - Many industries are still plagued by supply chain issues that emerged during the global shutdowns caused by Covid-19 and have only got worse due to the war in Ukraine.
To combat this and stay afloat, companies need to improve their resilience in any way that they can. This means reducing exposure to volatile market pricing of commodities, as well as building protective measures into supply chains to deal with shortages and rising logistical costs
3. Sustainability - Every business needs a plan with clear goals and timeframes of how to reduce any negative impacts, and then the plan needs to be underpinned by solid action plans. The assessment and plans should also go beyond the company walls and cover the entire supply chain and the ESG (environmental, social, and governance) credentials of suppliers.
4. Immersive customer experience - In 2023, customers crave experience above all else. That doesn't necessarily mean that price point and quality take a back seat, though. Both play a part, to some extent, in the way we experience the process of choosing, purchasing, and enjoying the goods and services we spend our money on.
The role that technology plays here, traditionally, has been to streamline processes and remove hassle from the life of the consumer.
5. The talent challenge - Over the past year, we have seen huge movements of talented people, referred to as the great resignation and quiet quitting, as workers reassessed the impact of work and what they want to get out of their lives. This has put pressure on employers to ensure they are providing attractive careers, the flexibility of hybrid work, and an enticing work environment and company culture. Offering people fulfilling work, ongoing opportunities to grow and learn, flexibility and diverse, value-oriented workplaces will all be essential in 2023.