Future proof: BUSINESS TRENDS FOR 2023
The past few years have been tumultuous – a pandemic, the Ukraine conflict and rising inflation have all had a ripple effect on businesses across the globe. Here, Professor Dilshad Sheikh from Arden University outlines those top trends due to feature in 2023, alongside the skills business leaders will need to thrive and survive in these challenging times
D igital transformation is ever-growing, from utilising data and enhancing customer experience to managing internal business processes. In a world of constant technological development, businesses must assume a technological mindset. This means redesigning processes and ensuring employees have the skills needed for jobs that will increasingly collaborate with and work alongside technology. As a result, this also means there needs to be tighter cybersecurity and potential changes to a business’s team structure. Being cyber-adept and conscious of the risks at hand when dealing with digital processes, alongside mitigating and handling crises, are all evolving skills that every business requires. Transactions involving cryptocurrency or other digital assets continue to impact business, especially with ever-changing legislation. Blockchain will also have the potential to change a lot of business processes and structures and will therefore influence the availability of talent and hiring options; being ready and able to handle these developments is key for employees and employers alike.
It is predicted that two in five large companies will invest in the metaverse, a virtual space created by the “convergence of virtually enhanced physical and digital reality”. More than a buzzword, the metaverse has the potential to change the workplace in terms of how products are presented and sold to customers, as well as when it comes to testing new equipment and designs. To prepare, some companies are appointing chief experience officers (CXOs) to incorporate the metaverse into their business strategy. With fast-developing technology incepting each department of a business, we see that being adaptable, malleable and forward- thinking are all key skills business leaders will need to embrace and develop. Inflation & recession We are bracing ourselves for the next year to be a tough one as the impact of the recent Chancellor’s statement lands. Many will be tightening their purse strings and potentially facing financial difficulties. This will not only impact consumer behaviour, which businesses need to be prepared for, but it will also affect
Professor Dilshad Sheikh is deputy pro-vice- chancellor and dean of the Faculty of Business at Arden University. With more than 15 years’ experience teaching in the higher education sector, Sheikh is a multi-award winner, having most recently been recognised by the Chartered Management Institute as its Volunteer of the Year. She is also a mentor for the 30% Club, coaching women from a variety of different industries who are aspiring to attain leadership roles within their organisations
44 | Ambition | DECEMBER 2022/JANUARY 2023
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