This is the time of the year when it makes good business sense to look at success factors in 2023. I have studied quite a number of predictions made by various research companies and would like to share leads with you.
In 2023, smart business leaders will get focused—pruning efforts that aren’t bearing fruit and prioritizing long-term growth. The war in Europe and resulting global economic slowdown are forcing firms in Asia Pacific to find new growth drivers and lead with purpose as uncertainty rises around us.
Many will struggle to find a balance between investing in transformation and growth while simultaneously embracing environmental sustainability, resilience, and employee empowerment.
Trust will be at the forefront of business operations in 2023. Customers are increasingly weary of organizations playing fast and loose with their personal data, and regulators aren’t far behind.
The interlocking market dynamics of 2023 will require business leaders to adhere to a long-term strategic vision while operating within unknown territory.
Consumer demands the adoption of modern payment technologies
IN 2023, the global economic downturn will dampen trade, but cross-border commerce in Asia Pacific will grow rapidly. The Regional Comprehensive Economic Partnership (RCEP) agreement removes tariffs, promotes e-commerce, and eases barriers and restrictions to regional trade for small- and medium-sized businesses. During the present Asean Summit in Cambodia, President Ferdinand R. Marcos Jr. will hopefully get the Philippines to join RCEP.
Businesses and consumers will benefit from faster, cheaper, and more transparent cross-border payments and commerce.
‘Greenwashing’ becomes a serious business risk
Values-based consumers are forcing firms to publicly commit to environmental, social, and governance (ESG) efforts, but pressure to act quickly will lead some to misrepresent or overstate their actions.
Firms will face brand damage from bad press and negative word of mouth. Avoid performative action and build trust in your ESG messaging by acting with authenticity, openness, and transparency.
Scandals at tech companies demand consumer trust
WE have to assume that by the end of 2023, consumers’ trust in tech companies will shrink. But the reduction in consumer trust will reach far beyond the consumer tech category. It’s already happening: In 2022, consumer trust in banks fell for the first time in several years.
Reduced trust carries a negative impact for the entire value chain, so organizations that partner with consumer tech firms will benefit from prioritizing third-party risk assessments and management.
Automation investment will be needed
Robotic process automation (RPA) is the first step on most enterprises’ automation journey, both to drive efficiency and productivity and as a steppingstone toward creating a broader automation fabric to turbocharge digitization.
Modern task- and process-mining tools help aggregate data from application event logs, patterns from employees’ desktop interactions, and context from work communications and then apply machine learning and visualizations to blend data and surface insights. Firms use these insights to optimize work, improve processes, and identify automation opportunities. If you need access to these automation opportunities, contact me.
Marketing technology costs need to be managed
IN 2023, marketing technology tech vendors across categories will scramble to differentiate—whether through focused functionality such as a customer data platforms, mobile-specific solutions, or industry concentration like in hospitality or health care. Your sales team will be challenged.
Don’t force employees back into the office; accept hybrid systems
IN 2023, we could see acute confrontations within companies that don’t listen to and collaborate with employees in shaping hybrid-work policies. Adherence to in-office policies is already sketchy at best, and the threat of attrition looms large.
As economic uncertainty enters our business environment, it is expected that hybrid-working companies will try to undo their anywhere-work policies, telling employees to come into the office more frequently.
Metaverse experiments–what do you need to do?
IN 2023, we’ll see lots of “metaverse washing,” but smart brands will bypass simple repackaging of old immersive media experiences and do new things. This will involve reimagining hybrid experiences to seek new sources of revenue, insights, and customer engagement.
I suggest you take a tranquil walk or keep the assembly line running as you explore AR & VR in an immersive experience.
The talent crunch–we need new sources of candidates
The technology talent needed to transform businesses, amp up the hybrid cloud, and build new applications that drive growth and differentiation remains in short supply. To plug the gaps and improve capacity and skills in 2023, tech executives will go beyond their traditional tech service provider partners to source talent more broadly and with an eye on better pipelines.
I hope that this first vision on Factors of Success in 2023 is helpful. If further information or assistance is required, contact me at hjschumacher59@gmail.com
