10 Business Trends in 2023 You Should Know!
Dear Business Leaders,
I am sure you must be busy in developing strategies to make best of the business opportunities Year 2023 has to offer. I am glad to share with you the key Business trends in 2023 that you might find interesting and useful to define winning strategies.
- Investing in Digital Transformation and AI based Business Analytics
The best side of Covid calamity is increase in awareness and willingness of organisations to make digital transformation and AI based analytics their top business priority. Most organizations have special plans to enhance scope of digitalization to cover key business processes. Focusing on the storytelling and taking a more human approach to data will be a combined focus area for business leaders, IT and HR professionals in 2023.
- Protecting businesses from Inflation and Supply Chain Security
Most Organizations have suffered hugely due to disrupted supply chain during covid crisis. As organizations move into safer zone they are more than ready to protect their organizations from inflation and supply chain volatility by diversifying supply sources, reducing manufacturing downtime, effective inventory and warehousing management and strengthening demand planning and forecasting processes.
- Prioritizing Business Continuity and Sustainability
In 2023 organizations have become more aware about the importance of investing in business continuity and sustainability. Organizations are keen to identify and mitigate risks with well-defined BCPs (Business continuity plans) with a focus on rigorous technology integration and employee training on BCPs to improve sustainability of business.
- Emphasis on Improving Customer Experience
Organizations in 2023 have realized than it is not just enough to improve your business processes on stand-alone basis, but to critically evaluate the customer experience the processes deliver. If you have a fabulous process which produces accurate product and neglects customer experience part of the deal, you have still a lot to lose as a business.
- Managing Challenges of Talent Retention
This is the most chaotic aspect of business in 2023. On one hand, there are organizations who are dismayed with their attrition figures touching over 25% on the other hand there are organizations who are on pink slip spree. Identifying, realigning and retaining talent is the most difficult challenge for both survival and profitability aspects of organizations.
- Building Up Leadership Pipeline for Growth
Massive attrition and volatility of talent management has posed another serious risk to many growth-oriented organizations. Many organizations are struggling with growth plans because they do not have sufficient (in terms of numbers and capability) leadership band width to drive growth. Lack of investment in leadership development during covid years is taking it’s toll on leadership pipeline of organizations. Many organizations are now gearing up to invest in Leadership Development and Career Planning Initiatives for their performers.
- Balancing Hybrid Work Culture
The grim situations of last 3 years have brutally challenged the notions of work, life, career, success. Younger employees are giving more emphasis to a satisfying work experience, work life balance and friendly organizational culture rather than fast track and stressful career growth. People are not yet ready to embrace a 40-hour office work week and hence companies are finding it hard to balance hybrid working hours of diverse teams.
- Welcome to Metaverse Transformations
The exciting world of Metaverse transformation with affordable technologies is yet another feature of 2023. With a special focus on highly functional virtual places Metaverse focuses on developing highly productive and collaborative workplaces. Many world leaders in technology like Google, Meta, Apple and Microsoft are heavily investing in Metaverse technologies that promise to revolutionize the workplaces in coming 5 years.
- Focusing on Personalized Learning and Coaching
As a critical part of Business Continuity and Sustainability, organizations are poised to invest in developing functional, technical and leadership skills matrix that perfectly aligns with both business strategy and employee career goals. More personalized learning and coaching initiatives for high performing talent pool has been quoted to be a pressing priority by most of the top leaders that we discussed.
- Driving Change Management & Organization Restructuring
Year 2023 has brought hopes of revival and growth however a fear of global recession is also a lurking in the minds of business leaders. Almost all the business leaders are focusing on agility and nimbleness of their organizations to quickly adapt to external challenges, reduce threats and make best of opportunities. Developing lean organization structure, balancing specialized v/s multiskilled workforce, developing an inclusive, open-source change management strategy are some of the key aspects organizations are focusing on.
Do feel free to reach us for more such interesting insights. We are CerveauSys Strategic! A reliable business consulting firm committed to add value your strategic planning and organizational goal setting process in the New Financial Year.