Business and Technology: Four Trends for Success in 2023

Four trends for success in 2023

There is no shortage of challenges facing the business world today – from inflation to the supply chain, to labor shortages, to supporting remote work. There is also growing uncertainty with changes in the technology landscape. Today, technology plays a primary role in meeting business objectives. Technology is optimized when people, policies, and processes are all in alignment with business objectives.

While technology may be more obviously tied to initiatives like implementing new operating systems, technology also holds an important role in all areas of your business including customer acquisition and retention, sustainability, supply chain, and talent acquisition to only name a few.  

Let’s examine four key business trends for 2023 and how technology plays a role in all of them.

Drive your digital transformation

At this point, every business must understand how transformative technologies like artificial intelligence (AI) and other technologies like the internet of things (IoT), cloud computing, and 5G networks are interconnected. New solutions for remote work, business decision-making, and automation of manual work bring together these technologies in ways that enhance each other. In 2023, systems and processes should support each other to complete tasks in the most efficient way possible.

Some areas to consider for your digital transformation:

• Sales and marketing. The focus now is on personalized data-driven marketing to engage with the right customer, at the right channel, at the right time, and with the right message. Data analytics and automation platforms help do that.
• Streamlined processes. Technology is helping businesses automate processes in all areas of their business – from more efficient industrial manufacturing processes to automated accounts payable processes.
• Supply chain and logistics. AI and predictive analytics use historical data to guide decision-makers and anticipate future events. Businesses can adjust to shipment patterns, predict customer behavior, and provide more efficient delivery methods.

Be leaner and greener

The world is taking notice of climate trends and changes along with the large-scale impact they can have on businesses and consumers. Buying trends are increasingly being driven by conscious consumers who prioritize sustainability when choosing who to buy from or do business with. They want to support businesses with environmental and social credentials. In fact, some 52% of US consumers factor values into their purchase choices. In 2023, companies need to prioritize their environmental, social, and governance (ESG) policies in their strategic planning. It starts with gaining an understanding of how your business impacts society and the environment and then measuring those impacts. That step is followed up with transparency, reporting, plans for change, and accountability. You want to avoid being seen as “greenwashing” or implying your business is more sustainable than it really is.

Some areas to consider for improved sustainability:

• Delivery services. More environmentally friendly delivery methods and improved mapping technology can improve the efficiency of your service routes.
• Reduce, reuse, recycle. Consider how your existing materials and products can be reused and recycled. There may also be ways to reduce your packaging and paper waste.
• Review your supply chain. The suppliers and vendors you partner with should uphold your same standards for environmental stewardship.
• Cloud technology. With cloud technology’s focus on optimization and efficiency, cloud providers can design and operate sustainable workloads.
• Data focus. Data and the efficient use of technology can help fuel sustainability. AI, machine learning, and predictive analytics can help inform decisions that reduce waste in all areas of your business.

Provide a memorable customer experience

In 2023, customer experience will be king. Price still matters, but the way we interact with brands and our service experience with those brands are top of mind for consumers. Brands are now under more pressure than ever to provide customers with rewarding, seamless, and memorable customer experiences. Technology can improve the customer experience by streamlining processes and reducing hassle.

Some areas to consider for your customer journey:

• Behavior over demographics. Businesses need to look beyond demographics and attributes and instead use technology to understand their audience’s behavior, likes, dislikes, influences, and life experiences.
• Personal experiences. Customers don’t want to be part of the masses and instead expect a more personal experience. With data analytics and marketing automation technologies, businesses can personalize their customer experience and see their revenues grow.
• Self-service. Customers would much rather handle an issue on their own if given the right resources to do so. Investing in technologies that empower customers will allow them to resolve issues with as little friction as possible.  

Attract and retain talent

We have seen monumental workforce shifts in the past couple of years with the move to remote work and hybrid work along with the great resignation and quiet quitting. In 2023, it’s all about how your employees access work and connect with each other. Along with the promise of career growth and attractive workplace culture, today’s employers need to provide both flexibility and stability to their employees. 97.6% of remote workers would like to stay working remotely, at least some of the time, for the rest of their careers. If you haven’t done a comprehensive look at technology and how it can improve your talent acquisition and retention, now is the time to do so.

Some areas to consider for addressing talent shortages:

• Flexibility. Offer your employees options as to where they work and even the hours they work. Then make sure you have the technology in place to support it.
• Employee connectedness. Ensure you have the right technology in place to keep communication strong and foster a sense of camaraderie no matter where your employees are working.
• Automation. If you still have business processes that require paper to move through your office, consider how you can streamline them with technology. Allowing your employees access to information and data from wherever they work is critical. In addition, having an efficient human resources onboarding process ensures your new employees are off to a great start.
• Data science. Consider the expectations of the next generation of tech-savvy workers. If your employees don’t have the technology in place to access and analyze your company’s data from anywhere, now is the time to address it.

Getting ready for 2023

Some of this may have started to sound repetitive. So many of these trends are interconnected – improving your employee experience can improve your customer experience, and improving your position with sustainability improves your customer acquisition and attracts employees. And they all are experiencing a digital transformation with new and better ways to gather data, provide machine learning, and streamline processes.

As you work on strategic planning for 2023, consider these business trends but also consider your technology and security position. If you want to be more data-driven, that data needs to be secure. If you want your employees to be more connected, those channels need to be secure. If you want to add self-service functionality to your website, that tool needs to be secure. If you want to streamline your business processes, that information needs to be secure.

At EO Johnson and Locknet® Managed IT, our expertise is unique in being able to provide strategic guidance on your digital transformation goals and also your cybersecurity and technology position. Contact our team of experts to learn more about how we can support your goals for 2023 and beyond.