Two trends to follow to future proof your business in 2023
As the world navigates a new way of living post-covid, there are many challenges that businesses are going to be facing. With the current conflicts still ongoing in Ukraine, supply chain issues, covid lockdowns as well as an energy crisis - what are businesses doing to adapt in 2023? According to a new report by the Capgemini Research Institute, businesses are taking caution with their investments for the year ahead, let’s take a look at what these investments may entail…
Investment in technology is a key focus
Whilst businesses are hesitant to spend too much in case they don’t receive a return on investment, it’s no secret that supply chain challenges have dominated the past couple of years. Therefore, a top priority this year will be for businesses to develop their supply chain to be more secure and less risky. Three of the top risks for business growth include supply chain issues, raw material price increases and the energy crisis. However, disruption in the supply chain is perceived by 89% of organizations as the top risk for business growth over the next 18 months - yahoo.com
Executives are planning to invest in their supply chains, specifically the technologies, to combat the risks. Another factor of investment will be to diversify their supply chains: “Priority actions to achieve supply chain diversification will include onshoring or near-shoring to boost production bases closer to demand, regionalizing supplier bases, and diversifying the manufacturing base (i.e., reducing reliance on a single geographic region)” - yahoo.com
Whilst technology investment always seems like an expensive choice, for longevity of a business it’s a key sector for growth. Adapting to modern processes will keep businesses in line with future developments as well as staying ahead of any competition who fails to stay up-to-date. Not only this, but utilizing technology can further develop a business with automation, thus saving costs and time to input elsewhere.
Business transformation is the highest priority of 2023
Staying put in the same way of working, is no longer an option. Whilst businesses may have been coasting the past couple of years post-covid, 2023 is a time for change. The report found that 39% of businesses plan to increase investment in technology, leveraging it primarily to help reduce costs and to make faster decisions as well as leveraging cloud, data and analytics.
Sustainability is a word embedded in business plans across the board, or we hope so. With a drastic increase in clean technology and manufacturing, from wind turbine energy to electric vehicles - we should all be looking to become more eco-friendly from their end-to-end processes.
Lastly, when it comes to the workforce, businesses are planning to invest in more hybrid and remote working policies. Hybrid and remote working has most definitely become the norm post-covid; most businesses have continued to stay in this way of working. However, when it comes to the workforce, most employees or potential employees are expecting more flexibility when it comes to applying for roles. Due to this, it’s creating a much more competitive recruitment space. “65% of executives plan to invest and implement hybrid-working options for employees, and 61% for permanent remote-work options for roles that require less supervision and teamwork.” - yahoo.com
What do you think of 2023’s predictions in business? Let us know by joining in on the conversation on our socials!