Five significant business trends for the coming year will advance the scope and velocity of transformation. According to Bernard Marr, an internationally acclaimed author, business IT specialist, and futurist, the turmoil that businesses have endured in recent years does not look to be abating in 2023.
The negative consequences of Russia’s invasion of Ukraine are becoming more severe at a time when businesses are already struggling to overcome the economic challenges posed by the COVID-19 outbreak. However, as a result of negative consequences such as market volatility, supply chain disruption, remote workplace accessibility, and worker shortages, digital technologies are accelerating solutions and response times. 1
All indications point to an intriguing year of major shifts in business and technical operations. Continue reading to find out what’s in store for you as five major business trends begin to impact your daily life.
5 major business trends to keep an eye on in 2023
When viewed individually, the following business trends demonstrate distinct modifications in specific organizational, team, employee, and societal working patterns. However, you’ll soon see that these commercial tendencies interact in a variety of ways. These five business trends for 2023 display an incredible synergy, or force, that is far bigger than the sum of its parts. 1, 2
- Transformational Digital Transformation
Because of advancements in digital technologies, the rate of shift in organizations and around the world is quickening. More human-machine collaboration, powerful analytics, lightning-fast networking, and immersive or augmented experiences for all forms of business and entertainment will be ubiquitous by 2023. The following technologies help to facilitate these transformations:
- Advanced synthetic intelligence “Internet of Things” (IoT) ML (machine learning) protocols
- Blockchain data security in the cloud
- 5G networks
- Technology that is worn
As organizations embrace digitization and respond to new realities, the scope of change increasingly extends far beyond the duty of the chief information officer and the Information Technology (IT) Department.
From C-suite executives to front-line staff, everyone in the company must adapt to the new digital workplace. Changes are occurring in business models, operational procedures, decision-making processes, organizational agility, organizational culture, investor and customer relations, and corporate ideologies. 1, 3,
- Managing Supply Chain Chaos
Everything from product development to market distribution is becoming more visible as a result of new digital technology. Risks, inefficiencies, and waste are now visible, quantified, and avoidable. Data-driven analytics improve decision-making across the board for company operations, but limiting supply-chain disruption is one of the primary business trends driving organizations to use AI-based solutions. 1
Real-time supply chain mapping, for example, aids in the identification of supply and logistical bottlenecks. Advanced analytics and insights also help with contingency planning, and automating contract management systems reduces supply-chain disruption significantly. These solutions assist all of us by minimizing the effects of inflation on company costs and, ultimately, market product pricing. 1, 5
- Encouraging environmental, social, and governance (ESG) improvements and long-term sustainability
Climate change, according to forecasters, will far outweigh the effects of the pandemic. Analysts agree that growing environmental anxiety is reflected in consumer spending. Sustainability is being pushed by everyone, from business executives and investors to employees and customers. Corporate social responsibility (CSR) and environmental, social, and governance (ESG) improvements are becoming increasingly crucial to businesses. 1, 4, 6
In 2023, business trends forecast enhanced organizational ESG transparency, reporting, and accountability, which will effortlessly intersect with cutting-edge IoT-based operational technology (OT) for cost-effective solutions. The use of IoT-based OT will soar, including monitoring, analyzing, enforcing, and even monetarily rewarding ESG goals. 1, 7, 8
Changing the Client Experience
As businesses prepare for the much-anticipated metaverse, one of the most exciting business trends of 2023 is the merging of “experience,” or Customer (CX), User (UX), Employee (EX), and Multi-device Experience (MX), into Total Experience (TX). The metaverse’s proponents envision a reality-altering future with boundless interaction in shared 3D immersive settings, presenting it as a mind-blowing augmentation of the internet experience.
Despite tremendous rivalry among huge tech companies to adopt metaverse-1, the levels of involvement envisioned in the science fiction film Ready Player One are unlikely to be realized very soon. Nonetheless, early initiatives at metaverse have an impact on industry trends and company architecture. Tech-savvy business executives are capitalizing on the synergy created by TX by merging our collective experiences as users, consumers, employees, firms, investors, organizations, groups, and society. A huge increase in the number of chief experience officers (CXOs) in the C-suite in 2023 will guarantee that TX continues to be a cornerstone business strategy.
- Getting the Workforce Ready for the Future
As we’ve seen, digital transformation is driving the above-mentioned corporate trends. Similarly, when businesses use digital technology in 2023, it will become increasingly necessary to future-proof employees’ skills. Companies must identify and address staff skill shortages through upskilling and reskilling programs as they rely more and more on AI-based equipment and technology. Furthermore, enterprises must cover roles left empty by epidemic-related lockdowns, layoffs, and resignations, while current employees demand new abilities to undertake tech-based activities.
In 2023, more organizations will invest in future-proofing strategies, appropriate training, necessary resources, flexible work schedules, and progressive work cultures. In addition, a greater emphasis will be given on essential human traits and abilities such as compassion, leadership, creativity, and interpersonal communication.
The availability of game-changing approaches to working and conducting business, advances in employee satisfaction, overall operational performance, and organizational sustainability are among the more prominent business trends for 2023.