If you Google what’s new for business in 2023 you’ll see numerous consumer trend reports. Forbes state that we’ll see:
- Accelerated digital transformation
- Inflation and supply chain security
- Sustainability
- Immersive customer experience
- The talent challenge
We explore these 5 key points for moving business forward in 2023 with business leaders in the West Midlands.
- Accelerated digital transformation
Digital innovation is speeding into 2023, AI is creeping into all aspects of work and the Covid pandemic showed us that hybrid and remote working is the thing of the present. Technologies have enhanced our ways of working and streamlined processes, allowing us to have the work-life balance we might never have been allowed without the global crisis.
The Chair of the Herefordshire & Worcestershire Chamber of Commerce, Mike Forrester, says: “Data has become a hot topic among supply chain managers as the use of tech to map and monitor the movement of goods has become key helping the efficient running of manufacturing and retailing.
Being able to see the ‘bigger picture’ and the ability to drill down into the smallest minute of the supply chain has become even more important in the current market conditions. Supply chain managers are now willing to move away from traditional supply chain management models in order to boost efficiency and visibility. There is an increasing demand for tech products which help to streamline international trade, inventory management, payments and customs management post Brexit. Making the supply chain easier, faster and transparent.”
- Inflation and supply chain security
The effects of supply chain have seeped into most businesses and households now. With inflation set to rise again and a recession looming, what’s next for business in Herefordshire and Worcestershire?
Mike comments: “Brexit, Covid 19, labour shortages, extremes of weather and the war in Ukraine have all contributed to inflation in the UK. Product shortages in the supply chain lead leaves food manufacturers and retailers no choice but to find new sources of ingredients and finished goods. Essential to keep shelves full and manufacturing companies to maintain production outputs. Finding these new sources of supply in normal times can be an arduous task. Leaving a lengthy trail of paperwork and costly approvals, in such volatile markets serves to exacerbate the whole process.
Procurement teams focus in many situations has moved from price management to securing supply chain security and having some price stability for relatively short periods, not annually.”
- Sustainability
COP27 has demonstrated that sustainability is not just a buzz word but a necessary way of thinking. This mindset needs to have a place at work and home for us to make the changes necessary.
Mike Schooling, founder and CTO at Indra comments: “Both as a business and on a personal level, we at Indra are focused on helping to develop a sustainable energy ecosystem . Through our smart energy technology, we enable EV owners to access greener, cheaper energy,”
“Next year we will continue to develop technology that will revolutionise our whole relationship with EVs and energy, as they move from just being a form of personal transportation to becoming a greener and more sustainable way to power our homes.”
- Immersive customer experience
Scaling up the customer experience is an idea that’s been ruminating for a while. Having been at Cotswold Group, Cheltenham for a few hours recently, i can vouch for the immersive-ness of my experience. From the impressive building to the wow-making cars, not to mention the service offerings. I’m not often impressed with customer service.
Chris Morris, Account Manager (Outdoor) at Global says: “Information has never been more readily available, it’s also never been easier to purchase goods/services online typically at just the touch of a button, however this also means it’s easier to make the wrong decisions with most of us having bought something online that turned out to be disappointing.
I think the expectation now is that there needs to be a balance between efficiency and expertise, we’re finding customers want to know more details about what we’re recommending and why. If I take billboards for example, it use to just be the case that most local campaigns were planned up using local knowledge (often the client picked their own sites), this still happens to an extent but more clients now are switching onto the data and looking for a local expert to help guide their decisions.”
- The talent challenge
Sure, recruitment has been tricky since the start of Covid and many sectors are short of the talent they need to move forward. Will this continue and will there be more outsourcing to combat rising costs?
Alison Holmes, Peritia Limited, says: “Attracting the right employees is more of a challenge than ever. Increased salaries beyond market value are pricing some candidates out of SME’s reach. However, the majority of candidates are looking for more than just a competitive salary. They want to be part of a company that has demonstrated since/through Covid how agile and flexible they are; how they invest in their employees professional development; how they are contributing to CSR; aligning with their cultural and core values. Most importantly, strong and ethical leadership within the team from the top down. As we all know, people leave “Managers” not “jobs”.
Outsourced talent is a great option for plugging the gap when you have a member of staff on leave or a new service or product to launch? Just super-busy and have a campaign to run so need extra support? A project managed or expert help with your comms and brand?
Please let the You Do Better team know if they can help.
Read the full Forbes article here: www.forbes.com/sites/bernardmarr/2022/10/03/the-5-biggest-business-trends-for-2023/