What to expect for business in 2023?

Economic life is back on track, but the pandemic has brought changes that will continue to affect the business world in 2023 and beyond. Three trends to watch this year.

The year 2022 has seen the economic world slowly return to normal after the pandemic, but the legacy of Covid is still present with its effects on businesses. At the start of the year, it’s time to reflect on what we can expect from the business world over the next 12 months.

Here are three trends to watch this year:

The talent pool is becoming global

In 2023, skills shortages will continue in many sectors of activity and many companies will have to look abroad to find the expertise they need. However, for now, only 11% of French companies do their research outside the borders of France, the language barrier certainly raises some questions for the integration of future employees.

The development of remote work over the past two years it has made hiring international staff easier and companies have realized the benefits. Nearly a third of French employees already benefit from a hybrid environment and 72% of large companies have implemented a flexible framework for their employees. There is therefore nothing to prevent this from being extended to more geographically dispersed workers.

But how does it work if you don’t all speak the same language? A key element of the success of this recruitment will be finding the right solutions to overcome language barriers, whether it’s digital translation devices like Pocketalk, which provide instant and accurate two-way communication, for informal or face-to-face phone conversations, or captions for video conference calls .

Furthermore, the acceleration of digital transformation will lead to increased automation of the work environment, which will make most workplaces more efficient. Employees will increasingly share their work with intelligent machines, which will have huge implications for the skills and talents businesses will need in the future. This will require the training and development of employees, as well as the recruitment of new people with the necessary skills for the future.

Technological innovation will accelerate to overcome rising costs

Businesses face increased costs in 2023, especially due to rising energy prices, coupled with rising costs of various raw materials and logistics. Therefore, companies will look for solutions to reduce their expenses, which should result in an acceleration of digital transformation.

Businesses will need to invest in innovation and developments in transformative technologies such as AI, IoT, virtual and augmented reality, and cloud computing. Moreover, like never before, these technologies will work together. New solutions for hybrid work and remote business decision-making and the automation of manual, routine, and creative workloads combine these technologies in ways that allow them to enhance each other.

To prepare for this, companies must ensure that they invest in the right technology throughout their processes and in every area of ​​their business. The right solutions can save organizations thousands of pounds, increase productivity, improve customer service and increase productivity.innovation. All this will help increase the company’s profits and offset the increase in costs.

Long-term changes in the supply chain

Global supply chains have been strained for three years due to the pandemic and the war in Ukraine, not to mention threats between China and Taiwan. Therefore, many companies are looking for alternatives, either with new, closer suppliers or on different routes, up to discussions about relocating or “making ready” some production. Therefore, this means exchanges with new service providers, often foreign, with all the disadvantages of the language barrier.

A new supply chain model is emerging that is more focused on trade between regional players and allies, according to new analysis from Morgan Stanley Research. Although it will take years for the full effects of this change to be felt, countries such as Mexico, India, Vietnam and Turkey can benefit from this process.

On the one hand, the many benefits of diversifying supply chains include reducing costs and improving networks. But cultural and communication barriers can have a big impact if you’re going with a new supplier. This means that businesses need to be more aware than ever of cultural differences, regional business etiquette and effective language translation solutions for businesses.

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