The scope and velocity of change are being advanced by five major business themes for the coming year. The turmoil businesses have faced in recent years does not appear to be abating in 2023, according to Bernard Marr, an internationally renowned author, business tech expert, and futurist.
The negative effects of Russia’s invasion of Ukraine are intensifying quickly at a time when businesses are already battling to overcome the COVID-19 pandemic’s economic hurdles. However as a result of negative effects including market instability, supply chain disruption, remote workplace accessibility, and workforce shortages, digital technologies are speeding up solutions and response times. 1
All signs point to a fascinating year of profound changes in business and technological processes. See what’s in store for you as five significant business trends start to affect your daily life by reading on.
Five key business trends to watch in 2023
The following business trends illustrate various shifts in particular organizational, team, employee, and societal working practices when taken separately. You’ll soon realize, though, that these commercial tendencies also interact in a variety of ways. These five business trends for 2023 together exhibit an amazing synergy, or force, that is much greater than the individual pieces. 1, 2
- Digital transformation that transforms
The speed of transition across businesses and the world is accelerating because of developments in digital technologies. More human-machine communication, advanced analytics, lightning-fast networking, and immersive or augmented experiences for all types of business and entertainment are among the innovations that will become commonplace in 2023. These transformations are supported by the following technologies:
- ML (machine learning) protocols that are advanced
- synthetic intelligence
- “Internet of Things” (IoT)
- Data security with blockchain
- Using the cloud
- A 5G network
- Wearable technology
The breadth of change now goes well beyond the responsibility of the chief information officer and the Information Technology (IT) Department as organizations embrace digitization and adjust to new realities.
Everyone in the firm, from C-suite executives to frontline employees, must adapt to the new digital workplace. Business models, operational procedures, decision-making processes, organizational agility, organizational culture, investor and consumer relations, and corporate philosophies are all changing. 1, 3, 4
- Controlling Supply Chain Chaos
The visibility of everything from product development to market distribution is improving thanks to new digital technology. Risks, waste, and inefficiencies are now observable, quantifiable, and avoidable. Data-driven analytics improve decision-making across the board for company operations, but one of the main business trends driving firms to adopt AI-based solutions is controlling supply-chain disruption. 1
Real-time supply chain mapping, for instance, aids in locating supply and logistical bottlenecks. Advanced analytics and insights also make it easier to plan for contingencies, and automating contract management systems greatly lowers supply-chain disruption. By reducing the effects of inflation on corporate costs and, ultimately, market product pricing, these solutions benefit all of us. 1, 5
- Promoting environmental, social, and governance (ESG) improvements and sustainability
Forecasters believe that the effects of climate change will considerably outweigh those of the pandemic. Business analysts concur that increased eco-anxiety is reflected in consumer expenditure. Improvements in sustainability are being urged on by everyone from corporate executives and investors to employees and customers. Corporate social responsibility (CSR) and improvements to the environment, society, and governance (ESG) are becoming more and more important to organisations. 1, 4, 6
Business trends predict that in 2023 there will be increased organisational ESG transparency, reporting, and accountability, which will seamlessly converge with cutting-edge IoT-based operational technology (OT) for affordable solutions. The use of IoT-based OT, which includes monitoring, evaluating, enforcing, and even financially rewarding ESG goals, will skyrocket. 1, 7, 8
- Metamorphosing the Client Experience
The fusion of “experience,” or Customer (CX), User (UX), Employee (EX), and Multi-device Experience (MX), into Total Experience (TX), as firms get ready for the much-anticipated metaverse, is one of the most fascinating business trends of 2023. Proponents of the metaverse predict a reality-altering future with limitless interaction in communal 3D immersive settings, describing it as a mind-blowing augmentation of the internet experience.
The levels of interactivity envisioned in the science fiction movie Ready Player One are not likely to be reached anytime soon, despite the fierce competition among big tech companies to implement metaverse-1. Nonetheless, early metaverse attempts are influencing industry trends and business structures. Business executives who are tech-savvy are taking use of the synergy that TX creates by fusing our collective experiences as users, consumers, employees, firms, investors, organizations, groups, and society. A significant increase in the number of chief experience officers (CXOs) in the C-suite in 2023 will ensure that TX becomes a cornerstone business strategy moving forward.
- Making the Workforce Future-Ready
As we’ve seen, the business trends mentioned above are being driven by digital transformation. Likewise, when firms implement digital technology in 2023, it will become increasingly important to future-proof workers’ abilities. Companies must identify and fill skills shortages in the workforce through upskilling and reskilling programmes as they depend more and more on AI-based equipment and technology. In addition, firms must fill positions left vacant by lockdowns, layoffs, and resignations connected to the epidemic, while existing employees require new skills to do tech-based activities.
More companies will make investments in future-proofing strategies, training that is suitable, resources that are required, flexible work schedules, and progressive work cultures in 2023. Also, there will be a bigger emphasis placed on the indispensible human traits and abilities, such as compassion, leadership, creativity, and interpersonal communication.
Among the more notable business trends for 2023 are the provision of game-changing approaches to working and conducting business, increases in employee satisfaction, general operational success, and organizational sustainability.