If 2022 taught us anything, it was that supply chain problems are here to stay and customers couldn't care less.
From delays and missed deadlines to product shortages and market selloffs, businesses around the globe were put under increased pressure to perform with more limited resources. What started as a short-term pandemic-induced issue is now a long-term structural issue that’s simply the next normal.
But customers still have high expectations for the products they buy—from availability to sustainability to experiences. And they won’t hesitate to switch brands if their current product providers fail to meet these expectations.
Product companies are increasingly relying on technology to help manage this balancing act between suppliers and customers. By investing in the right platforms, where siloed departments can use technology solutions to operate as one unit, companies can deliver a cohesive customer experience with a great degree of certainty and knowledge. This is vital in an uncertain market environment because communication and collaboration are fundamental tools for a company’s success.
As the economy takes a pause, leading organizations are investing for the future with IT because they know the long-term ROI justifies the spend. We see that ROI continues to pay off as businesses prioritize customer engagement.
As the calendar comes to a close, innovative businesses are setting their sights on how the global market landscape might change again in the New Year.
Here are our top 5 predictions for 2023:
Stand-alone solutions are out. They will join dinosaurs, dodo birds, and sensible American voters in the extinction pile. Companies will embrace speed and unified experiences and the workflow will be heavily connected. A OnePoll study found that 79% of leaders say they don't arm their sales and marketing teams with the right product information, and 82% don't know how profitable a product is until it's built. 2023 will bring more connectivity within the workforce.
Digital therapies will storm the medtech market. We will see prescribed therapies become commercialized as medical devices. For instance, cognitive behavior therapies (ex. for depression or mood disorders) could be treated with new technology, such as virtual reality eye tests or 3-D CAT scans.
Supply chain sustainability becomes table stakes. Customers are demanding it and technology will morph to meet their needs. Sustainability will also be a cost-reduction play, leaving shareholders and C-Suite executives to embrace it as well.
Netzero 2030 / 2050 will gain momentum. Companies are putting the environment in focus because their customers demand it. The biggest companies will embrace brand marketing initiatives. However, change won't happen until there are compliance mandates with penalties and a few examples of offenders that get hit.
Quick work goes mainstream. In the new year, the best user experience will be no user experience. This means enterprise technology providers will seek to weave their "special capabilities" into existing applications, rather than require casual users to adopt yet another tool. The resulting proliferation of quick work user experiences will help companies move faster and smarter.
Continuous transformation is vital for long-term success and businesses must innovate in order to optimize production and stay relevant with consumers.
2023 will be no different.
Change is coming and innovative companies must always be prepared for the uncertainties that lie ahead. Yet, with the proper technology in place navigating change will not be a headwind, but rather a place of opportunity to gain a competitive advantage.