Top 5 Future Trends in Business That Companies Need to Be Aware Of
The world has changed a great deal over the last few years, with people and companies having to deal not only with a myriad of challenges linked to the COVID-19 pandemic, wars and conflicts but also with fast tech development and the subsequent socio-economic effects of this.
Today, it seems that the pace at which changes occur is unlikely to slow down, challenging experts to attempt to best predict the trends that businesses should consider.
Here are the five trends that, according to Bernard Marr – strategic business and technology advisor – are expected to have a significant effect on businesses and the way people work and in the near future.
1. Quicker adoption of digital technology
Various transformative technologies such as artificial intelligence (AI), the Internet of things (IoT represents objects equipped with sensors and software that allow them to link to other objects over the Internet to share data), virtual and augmented reality, blockchain, 5G and others will continue to advance and innovate in 2023 and beyond.
In addition, the distinctions between these technologies will become less clear. As a result, the world will take a step forward in building ‘intelligent organizations’ in which systems and processes cooperate and carry out tedious activities more effectively.
2. The problem with finding and preserving talent
Today’s businesses are under pressure in terms of attracting new talent and retaining in-house experts. They have to offer more appealing jobs, a welcoming work environment and provide a positive business culture. As employees re-evaluate the effects of work and what they want to achieve in their lives, there have been massive shifts of bright individuals over the past years – a process dubbed the Great Resignation.
The fast digital revolution also results in workplace automation, along with more active collaboration between humans and machines that will require retraining and upgrading employees and hiring new personnel with the necessary abilities.
Thus, in order to compete, companies must, on the one hand, close the current enormous skills gap in various tech fields like data science and AI and, on the other hand, train employees to work with machines using creativity, critical analysis, interpersonal interactions, and various ‘humane’ traits like compassion and empathy.
3. A new level of customer engagement
In 2023 and beyond, clients will value experiences more than anything else. However, this does not automatically mean that the quality and pricing of products/services will be pushed to one side. In the past, technology’s function has been to simplify procedures and make life easier for customers. The game will change, and the buzzwords of the future will be immersion and interactivity.
For example in the Metaverse, people will be able to communicate with businesses and each other using immersive techs such as VR and 3D surroundings. Furthermore, online stores will enable customers to explore and ‘try on’ various virtual outfits and accessories. We could utilize augmented reality (AR) to visualize how garments would fit on our own bodies, or we could embrace virtual changing rooms to customize our avatars, as already demonstrated by brands like Hugo Boss.
4. Stability of the supply chain and inflation
The majority of the world’s economies are expected to experience persistent inflation and low economic development in 2023 as a result of the pandemic and the war in Ukraine. Thus, businesses must incorporate protection mechanisms into their supply chains to handle shortages and increased logistical expenses.
Companies must visualize their supply chains and determine the risks linked with both supply and inflation.
Companies can look at such risk-reduction strategies as finding substitute providers and increasing their independence. For instance, after recognizing the risk of reliance on Chinese manufacturing, a country still hampered by a zero-COVID policy and the consequent shutdowns, some businesses decided to in-source some of their manufacturing.
5. Considering climate change’s impact
An increasing number of people are becoming aware that disasters caused by climate change represent a much greater challenge than anything humans have seen in the past few decades and will far exceed the difficulties posed by the COVID outbreak.
With this in mind, investors and customers will favor those companies that exhibit the best environmental and social qualifications. This is mainly because conscious consumers who take into consideration such issues as ecological effects and sustainability when choosing the right company are driving trends in consumer behavior.
For example, the ecological consequences of cloud service providers and the effects of data centers should be considered.
In the near future, businesses will have to adapt to new circumstances and resolve several important issues that have arisen due partly to the pandemic, wars and conflicts, and inflation. In 2023, it will be important to adopt digital technologies such as artificial intelligence and 5G at a much faster pace.
Furthermore, companies today are experiencing issues linked with finding and retaining talent and it seems as though this issue will only worsen over time which leads to the importance of finding ways to motivate employees to stay.
Last but not least, companies should be aware that an increasing number of conscious consumers who are sensitive to the effects of climate change and who are among those who drive trends in consumer behavior, will most likely give priority to companies with a higher level of sustainability.
If you’re looking for unique insights that will help you to keep up with the current trends and give you an edge, RightAngle Global is here to help. In a world where information is essential, RightAngle Global recruits experts for each individual project and makes sure that each expert is relevant and capable of responding to the given questions.