Five Business Technology Trends CEOs Need to Embrace in 2023
How CEOs can prepare their business for 2023?
The unexpected entry of COVID-19 and its consequences blew away the year 2020. Technology rose to the occasion and helped businesses cope with these changes to a certain degree. However, the “new normal” has proven that we can adapt and come through any mishap. A fresh surge in innovation and new technologies promise to help us deal with the new normal of 2021 and beyond. However, with future business technology trends shifting in real-time by consumer behavior, volatile markets have become a daily reality. As businesses emerge from a chaotic year, CEOs need to begin a rebuilding phase in 2021. It is not just a restoration because the rebuilding must form the foundation of a new era. Are you prepared for it?
Fingent supports customers to ensure business continuity during COVID and enables employees to engage effectively during the current pandemic. Our business technology consulting solutions are tailored to address the unique requirements of various industries.
This blog explores five such business technology trends CEOs need to follow in the coming year.
1. Transformation of workplace and work culture
Work from home (WFH) has become a growing trend in today’s work environment. While some businesses already practice a regular remote working option, COVID-19 has made WFH mandatory.
As coronavirus’s terror continues, most businesses have already considered the work from home set up as a permanent feature. Some companies have announced work from home for their employees till the middle of 2021. Few others went a step ahead and allowed their employees to work from home forever! According to an estimate by Global Workplace Analytics, 25-30% of the workforce will be working from home multiple days a week by the end of 2021.
This trend may worry CEOs as it involves a massive element of trust. Laying down work-from-home policies and metrics to ensure productivity will help.
2. Bridge gaps and renew relationships
“That unplanned kind of interaction that contributes so much to how we build relationships with people and how we build culture, those things are what are missing,” says Andi Owen, CEO of Herman Miller Inc.
Both CEOs and employees can empathize with Andi Owen’s sentiments. Perhaps one day in the future, face-to-face meetings will return to normal. However, right now is the time to shift strategies toward the digital realm to improve relationships.
Whatever the circumstances may be, businesses must ensure they have a defined work from home policy. For this concept to be practical, CEOs must ensure that the need for inspiration, connection, and a sense of purpose are met in the workspace. Though remote working makes it practically impossible to have in-person meetings, CEOs must ensure that their employees have newer ways to work – where they feel connected and enjoy a sense of purpose, though isolated.
Additionally, businesses will need to adjust their marketing plans. This could include strengthening their online presence to gain and retain customers while keeping their employees engaged and happy. The most successful CEOs will find ways to improve their network even in the most challenging times.
3. Embrace innovation and a creative approach
In the past, a CEO could be successful by specializing in certain areas while delegating other responsibilities. Some CEOs may shy away from embracing new ideas and technologies because they do not have the resources to commit to significant innovations. However, the pandemic has completely changed the business landscape. If a CEO is not prepared to accept new ideas and practices, it may turn into a business disaster.
A successful business will always have data and technology at its core, but a successful CEO will encourage creativity in his employees and welcome new ideas and practices. He must have a hands-on approach to every sector of the business and communicate with employees, partners, and customers.
4. Better online presence
All the trends mentioned before this – accommodating a work from home culture, strengthening the network, and embracing innovation – require businesses to improve their online presence and digital profile. It means that CEOs should revamp their online presence by following these tips:
- Business websites must become more interactive yet easy to use.
- Improved customer service should be a top priority on your radar.
- In addition to product launches, continue to update your social content on social media.
- To build your audience, look at the suggestions in their feed.
- Include images and short video clips.
- Look for tools to increase time and bandwidth.
5. Flexibility is the key
As the new year approaches, every business makes some long-term and short-term plans. However, 2020 taught us that the world could change suddenly and dramatically. Upheaval will continue as the pandemic persists, and we must contend with social and economic collateral damage. Businesses thus need to assess their ability to be flexible.
“The supply and demand for office space may change significantly. Many people have learned that they can work at home or that there are other methods of conducting their business than they might have thought from what they were doing a couple of years ago. When change happens in the world, you adjust to it.” – Warren Buffett, CEO of Berkshire Hathaway. The best thing a business can opt for during these historically tumultuous times is to remain flexible.
Retooling for tomorrow
The coronavirus brought in an unprecedented whirlwind of changes. Technology has been so helpful to businesses in coping with a global economic crisis. The pandemic has been the catalyst for new tech trends, and it will continue to drive innovation to the new normal.
CEOs who leverage these technologies born out of today’s crises to their advantage have an opportunity to elevate their business. Though no CEO can predict what will transpire in 2021, you can get ready for the new year by focusing on these business technology trends. Talk to us and let us make your business equipped for a better tomorrow.