Nearly 4 in 10 respondents say acquiring new customers will be critical to solid performance this year. It will require various communication technologies that help companies communicate with their customers and prospects. Despite the looming recession, businesses are starting to think bigger again and rekindling strategic initiatives and aspirations. But the 2023 business landscape needs to be more precise.
Innovation
Businesses seeking sustainable growth are recognizing the importance of innovation. By embracing new ideas, companies can develop unique products and services that set them apart. This type of innovation can create a more distinctive space for your company in the marketplace and help you gain new customers.
The 2023 MAKEOVER event underscored the importance of fostering a culture encouraging innovation. Leader in technology & driven business growth Shohreh Abedi promotes a creative and collaborative environment where employees can share ideas and experiment with solutions. Moreover, this kind of leader must provide support and guidance to foster a culture of innovation that produces measurable results.
Despite macroeconomic headwinds, businesses are still planning to invest in technology this year. Security and compliance are top tech investments, followed by infrastructure and workplace solutions. However, growing enterprises should also consider investing in emerging technologies such as generative AI.
Automation
Automation has become a key initiative for businesses seeking to increase productivity while reducing labor costs. Respondents estimate that 34% of business tasks are automated. Automated systems can handle routine customer inquiries and transactions, freeing time for employees to focus on higher-value activities like customer service and innovation. Removing the need for manual interventions also aids in the elimination of human error and lowers operating costs.
Automation also supports growth by allowing companies to scale their operations quickly and easily. It’s essential in a time of economic uncertainty when organizations need to be able to adapt and respond to changes on the fly. Automated processes can help them enable rapid scalability and ensure operations are running at peak efficiency.
Artificial Intelligence
AI technology is transforming many business sectors, from facilitating digital transformation to automating tasks. It can also boost productivity, enhance customer experience, and enable new business opportunities. It can perform cognitive functions such as perceiving, reasoning, interacting with an environment, learning, and problem-solving. You’ve already come across it in everyday life—voice assistants are built on AI, as are customer service chatbots that pop up when you navigate websites. Companies that have yet to adopt AI risk being overtaken by those that have. However, most organizations only dipped their toe into the water rather than cannonballing. The challenge is how to scale up from ad-hoc projects to full integration. It requires building a culture open to AI and understanding the skills it needs to support business growth.
Blockchain
As the demand for blockchain applications grows, businesses seek to build solutions that democratize data and solve specific pain points. For example, blockchain technology can help with digital identity verification by offering a secure, tamper-proof ledger that records every transaction in the network. Moreover, it can increase supply chain transparency and trust by pinpointing inefficiencies and increasing traceability. It is also being used in healthcare to reduce fraud and improve data security and by gaming companies to create new ways for gamers to share virtual in-game items and currency. Lastly, blockchain is the basis for a new Internet iteration called Web3 that allows companies to create new business models and engage with customers through tokenized loyalty programs. It opens up a world of new opportunities for innovation and business growth.
5G
Despite the economic uncertainty, 2023 is a year of continued growth thanks to 5G. This fifth-generation mobile network promises superfast downloads and low latency, opening up many new applications for consumers and industry. In the consumer realm, 5G allows seamless video streaming and lag-free gaming. The technology will also support telemedicine, where doctors can consult with patients via high-quality video. By 2030, 5G will contribute to a $2 trillion GDP increase in the business sector. Telcos will have to move beyond being network providers and focus on building platforms that enable businesses to leverage their connectivity. It could include ML-driven fleet management, intelligent warehouse automation, and equipment diagnostics.
