As the new year approaches, business owners, leaders, and decision-makers should be pondering what 2023 will look like for their companies. To stay competitive, you’ll want to stay ahead of the game and be on top of the newest business trends.
We have compiled a comprehensive list of the top 2023 business trends to get you ready for the new year.
1. Digital Transformation – The reliance on state-of-the-art technology and software is set to increase. From artificial intelligence to virtual reality, cloud computing, and blockchain, it will be important to make sure your company is a step ahead.
2. Sustainable Practices – More and more customers are looking to support businesses with sustainable practices. In fact, 75% of Millennial consumers consider sustainability before buying a product.[1] To learn more about how to make your business more sustainable, head to our blog on greening your business.
3. Immersive Customer Experiences – Customers are looking not only for great customer experiences but immersive ones. They want upgraded interactions with your company. This could include using virtual reality to see products in a three-dimensional format or more personalized customer service options.
4. Finding Talent – In the new year finding talent will mean providing fulfilling work. Offering the opportunity to grow and learn while providing flexibility, diversity, and comparable values is important. And as technology continues to provide productivity and convenience to your business functions, you’ll want to consider re-skilling employees within your company who are displaced by tech advances.
5. Inflation and Supply Chain Security – 2023 appears to continue the trend of inflation and slower economic growth. Add to this that many industries are still pulling themselves out of supply chain issues caused by the global shutdowns and are now dealing with further issues caused by the Ukraine war. Reviewing your entire supply chain for possible shortages and inflation is vital. Creating a list of alternative suppliers or becoming more self-reliant will be important.
6. Cloud-Native Platforms – No longer are you tied to one computer in one location. With cloud-native platforms, your employees can access work from different devices and locations. This makes working from anywhere easier and collaborating with your team a seamless process. Companies like Microsoft have already transitioned to these on-the-go platforms with programs like Microsoft 365, which includes Word, Excel, and more. We’ll continue to see the transition from localized software to cloud platforms.
7. Social Responsibility – Employees and customers alike are taking the time to dig deeper into company practices to ensure they match up to their values. By 2025, Millennials will make up 75% of the workforce and they are looking for employers who are socially responsible. Of this group, 64% won’t work for a company that doesn’t have established corporate social responsibility policies. Furthermore, a staggering 83% said they would be more loyal to a company if it contributed to social and environmental issues.[2]
8. Hybrid Working – The Covid-19 pandemic threw traditional work models out the window. We all needed to adjust and adapt to working from home. In 2023 it looks like that trend will continue with a focus on hybrid working – allowing employees to work from home and at the office. Using cloud-native platforms and ensuring the cybersecurity of company data will be integral in this way of business.
9. Cryptocurrency – Due to inflation, cryptocurrency has become an increasing trend for businesses. We are even seeing some countries adopt crypto like Bitcoin as legal tender. But remember, these currencies are NOT regulated or backed by the government so there is risk involved.
10. Blockchains – A blockchain is, “a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.”[3] So why is this going to be a 2023 trend? This system of recording information makes it difficult to change, hack or cheat the system – a prized attribute in the age of technology. In the medical industry, one application of blockchain would allow the sharing of encrypted patient health files with multiple providers without privacy risks.
11. Cybersecurity Importance – Technology, and unfortunately hackers, are not going away. And as you increase your reliance on new tech and cloud services, you’ll also need to make cybersecurity a top priority.
What will 2023 hold for your company or organization? At Pulse, we are ready to help you make the most of the new year and get started on the right foot. From office technology to managed IT services and much more, Pulse Technology is here to help you succeed in 2023. Contact us today at 888-357-4277 or schedule a tech assessment.
[1] "Most Consumers Want Sustainable Products and Packaging.” Martins, Andrew. 05 Aug 2022. Business News Daily. https://www.businessnewsdaily.com/15087-consumers-want-sustainable-products.html
[2] “The Power of Purpose: The Business Case For Purpose (All The Data You Were Looking For Pt 2)” Aziz, Afdhel. 7 Mar 2020. https://www.forbes.com/sites/afdhelaziz/2020/03/07/the-power-of-purpose-the-business-case-for-purpose-all-the-data-you-were-looking-for-pt-2/?sh=784149923cf7
[3] “What is blockchain?” Euromoney.com. https://www.euromoney.com/learning/blockchain-explained/what-is-blockchain
“The Biggest Business Trends in 2023 Everyone Must Get Ready For Now. 3 Oct 2022. Marr, Bernard. https://www.forbes.com/sites/bernardmarr/2022/10/03/the-5-biggest-business-trends-for-2023/?sh=3edea58c4217