Two years of government restrictions and a shake up of the norm meant we weren’t ready to return to offices and go back to business as usual in 2022. We had a business reset and, with rising costs and inflation making an impact worldwide, businesses were forced to rethink office expenditures and traditional ways of working. Where once managers would have expected long hours and mandated commutes into an office, we saw a shift to hybrid working and supporting a more healthy work-life balance. A focus on resilient and sustainable business practices was also important in 2022, as business owners aimed to future proof themselves
As we look forward into 2023 with these themes still fresh in our minds, what does this year hold for businesses? We sum up the top 10 business trends to watch out for in 2023.
Digital transformation
With hybrid working now in force, businesses are shifting towards digital technologies to support their operations. The goal in digital transformation is to increase efficiency, accuracy, security and of course money (in the long run!).
Remote working
Businesses are now starting to reap the benefits of remote working. Decreased office costs, less travel time and expense for their employees and a better work-life balance. And with the cost of living crisis hitting people’s pockets, businesses are keen to use remote working to ease the pressure on families.
Sustainability
Emissions standards for cars are set to be updated this year, Euro 7 is likely to include regulations on emissions including particulates from brakes and tyres. More stringent regulations will be rolled out in 2025. With emissions regulations for industry, power plants and other manufacturing sources of carbon emissions, it is no wonder that sustainability is high on the 2023 business agenda.
Personalised service
Personalised service is providing a customer experience that is tailored to their wants and needs. To provide a slick personalised service online, businesses will need to collect, analyse and respond to personal data..which brings us onto our next point!
Privacy
We are leaving trails of personal information all over our online world whether we’re online shopping, searching for a new house or sharing on social media. As much as this data feeds into our personal experience, it can also pose a risk to our financial and social security. A focus on protecting privacy will be a high priority for businesses in 2023.
Environmental social governance
According to Gartner “Environmental Social Governance (ESG) refers to a set of corporate performance criteria that assess the robustness of a company’s governance mechanisms and its ability to effectively manage its environmental and social impact.” Business owners and executives considering their wider impact will be vital to long lasting success past 2023.
5G
The fifth generation standard for mobile networks, which was launched in 2019 is set to make a big impact in 2023. CCS reported that 5G connections will reach 1 billion worldwide by mid-2023. This faster network will assist hybrid work models and businesses with teams collecting and analysing data in the field.
Social media gaining more importance
With the increase of AI, social customer service and social commerce, it seems that the social media market is maturing. Businesses are finally able to access meaningful data to optimise their campaigns, and marketing teams have learnt how to maximise advertising spend. The key is selecting the right channel for your industry and your brand.
Increase in freelancing
With a recession in full swing and cuts in permanent staff taking place across many industries, businesses still need work to continue. 2023 will see businesses turn to freelancers to support operations in a more flexible and ad hoc way. Post-pandemic remote working policies have also made it even easier to integrate staff and to get them up to speed quickly and efficiently with digital technologies.
Immersive technologies
Augmented Reality (AR) has so far been used predominantly for leisure, but 2023 will see immersive experiences being used as an effective business tool. Across a wide range of industries including retail, healthcare and even the military, businesses will be using this technology to sell concepts, products and to solve complex challenges.
From sustainability to privacy and everything in between, the key for businesses in 2023 is to implement technologies in a meaningful and intelligent way. The cost of living crisis is pushing businesses to scrutinise their expenditure. Collect, analyse and assess data on your business before jumping onto the latest trend - To learn more about the importance of digital transformation, read our latest blog.
