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The Top 5 Best Business Trends in 2023 Everyone Must Know Now and Prepare For
5 Top Ways We Can Sustain Work and Business in 2023
Where We Are Now
Businesses have faced tremendous challenges and undergone incredible changes over the past few years, especially in 2022, but 2023 is far from over. Businesses grapple with the aftermath of a global pandemic, climatic change, Russia’s invasion of Ukraine, economic challenges amidst uncertainties, and accelerating technological progress.
Here are the top 5 best trends that will likely have the biggest impact on how work and business environments in 2023 will look like.
What We Want to Achieve in 2023
1. Inflation and Supply Chain Security
Inflation and supply chain security is top of our list of the five best work and business trends in 2023 everyone must prepare for. Inflation and other disruptions in 2022 have continued to challenge supply chains and analysis shows there is an even stronger correlation now between supply chain disruptions and inflation than before the pandemic. The economic outlook for most of the world doesn’t look great in 2023.
The Situation and Effects
We’ve all experienced global shortages and soaring prices. Now, beyond the massive human toll of the Russian invasion of Ukraine, we can potentially see and expect even more supply instability, price inflation, logistics disruptions, and labour stresses in 2023.
Take Europe, for example, European economies have seen inflation rapidly rise from the recent historical norm of around 2% to between 7.4% (in Eurozone) and 19.1% in Estonia, according to data from Accenture.
Inflation and other disruptions in the inflation-disruption cycle have resulted in increased costs of food, energy, and other consumer goods; shortages of materials and services and high cost in trying to go ‘green’ and reduce dependence on energy from fossil fuels.
What to do to cushion effects
Business leaders need to assess their contractual exposure due to the impact of inflation on their companies’ income, expenditure, and profitability.
Businesses must, in 2023, identify alternative lower-cost suppliers as a key short-term fix to deal with inflation and in long term can respond to higher inflation by increasing supply chain resilience. Resilient supply chains provide businesses with three critical capabilities – visibility (getting quick information to take a quick decision); prediction (simulation of supply chain’s performance across various inflation and volatility scenarios) and flexibility (developing alternative logistical networks and creating alternative designs for your products to help you adapt more quickly)
The Bottom Line
To combat this and stay afloat, businesses and organizations need to improve their supply chain resilience as much as possible by reducing exposure to volatile market pricing of commodities, including building protective measures protective measure as to deal with shortages and rising logistical costs.
2. Focus on Sustainability
Another tip on how we can sustain work and business in 2023 is by focusing on sustainability and leveraging on strength and comparative advantage. According to IMD, sustainability is a business approach to creating long-term value by taking into consideration how a given organization operates in ecological, social, and economic environments. Sustainability is built on the assumption that developing such strategies fosters company longevity.
A business organization in 2023 can make strong commitments to sustainability, in large part, through transparency and addressing material issues. In order to address sustainability appropriately companies need to bridge two critical gaps: “The knowing – doing gap” – incorporating it into the business strategy “The compliance – competitive advantage gap” which must be complied with holistically.
The Bottom Line
In 2023, businesses should start by measuring the impact any business is having on society and the environment and then move to increase transparency, reporting, and accountability – taking solid action plan on reducing any negative impacts on businesses Companies need to make sure that their environmental, social, and governance (ESG) processes are moved to the center of their strategy.
3. Providing suitable work environment
The Situation, Effects, and What to do
There have been recent huge resignations and job-quitting in 2021 and 2022 as workers reassessed the impact of job in fulfilling their job satisfaction and personal goals putting so much pressure on the employers of labour to seek better ways in providing attractive careers opportunities and to make the work environment more suitable for their employees.
The flexibility of hybrid work, and an enticing work environment and company culture is no longer negligible in business and workplace settings today as they drive a mass exodus of workers from their job if sidelined.
The Bottom Line
In 2023, offering people fulfilling work, ongoing opportunities to grow and learn, flexibility, and diverse, value-oriented workplaces will all be essential. So, everyone in the work and business circus must know a healthy and sustainable environment must not be forgone in 2023 if we must win a war on the global economic decline.
4. Fast-tracked Digital Transformation
Fourth on our list of the top 5 best work and business trends in 2023 everyone must know now and prepare for is accelerated digital transformation. We expect to witness in greater acceleration and dimension more transformational digital technologies – innovations and developments in transformative technologies such as artificial intelligence (AI), and the internet of things (IoT) – The Internet of things (IoT) describes physical objects (or groups of such objects) with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks, virtual and augmented reality (VR/AR), cloud computing, blockchain, and super-fast network protocols like 5G, even as they get clouded up with other modern 21st Century business and workplace characteristics, including new solutions for augmented working, creative workload management, hybrid and remote working and automation of manual and digital work skills.
Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. This reimagining of business in the digital age is digital transformation.
It is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It’s also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure, according to Enterprisers Project
2022 may have its flaws in this regard, but with accelerated digital transformation in 2023, more workplace automation will augment pretty well with job strategy setup. Humans will increasingly share their work with intelligent machines and smart robots, and that has huge implications for the skills and talent companies require in the future.
What to do
Reskilling and up-skilling huge sways of people in our businesses as well as recruiting new people that have the skills needed for the future. Business organizations must deal with the vast skills gap that exists in areas such as data science, AI, and other technology areas, ensuring they are creating the data and tech-savvy workforce needed to succeed in the future.
In 2023, firms and companies, no matter how small they may be, must re-train staff with skills and must uniquely grow the human skills, with smart machines, that currently can’t be automated, including creative skills, critical thinking, interpersonal communication, leadership, and applying “humane” qualities like caring and compassion.
5. Exciting customer experience
Lastly, we can strive to achieve and consolidate an exciting customer service experience if we could drive positive compelling changes in our work and business environment in 2023. As a continued trend of 2022, every business needs an immersive and interactive customer base and patronage for future progress.
In the digital era, customers are highly knowledgeable and rely on customer experience examples to associate with a brand. When it comes to choosing products or services, they want the complete value of investing in them. Hence, customers always choose businesses that provide the best quality parallel to their budget.
Great customer experience goes a long way in giving people a good perception of your business. If there is a 5% growth in customer retention, the company profits will rise by 25% to 95%.
The 4 key factors that influence customer service experience: 1. Consistent support – Customers receive the best multichannel attention. 2. Response time – Delivering instant responses to customers sets a great customer experience example for other businesses to learn. 3. Service etiquette – Train your support team to be courteous and disciplined in terms of using positive language, practicing active listening, being empathetic, and making customers feel that you value them so as to deliver a unique customer experience, and 4. Provide Self-service options – When you develop comprehensive support content in the form of tutorials, product videos, and FAQ pages to help customers to get the solution without reaching out to the support team.
The Bottom Line
Recommendation engines that help us choose what to buy or online customer service portals that deal with problems and after-sales support in 2023 will play a key role in 2023 as the gameplay continue to evolve at every stage.
Business and Industry leaders should ensure that it is made a foundational element of business strategy. As well as customer experience, businesses increasingly need to think about employee experience as competition for the most talented and skilled workers grows more intense.
The role of technology in modern-day work and business environments must shift traditionally to streamlining processes and removing the hassle from the life of the consumer.
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