Organisations are facing an incredibly complex and volatile macro environment – and as they manage in this environment of uncertainty, decision making and business strategy is being put under the magnifying glass. A focus on business transformation for efficiency and ROI – more than what is new will be top of mind for the coming year.
As the world is gripped by soaring inflation, intelligent digital investments can be a huge deflationary force. Business leaders are already shifting investment focus to technologies that will deliver outcomes faster. Going into 2023, technology will become increasingly central to business success – in fact, 95% of CEOs are already pursuing a digital-first strategy according to IDC’s CEO survey, as digital companies deliver revenue growth far faster than non-digital ones.
Business transformation also requires talent transformation, and employers will continually need to upskill their employees to get to grips with the technologies that will drive success. Boosting digital skills as part of digital transformation is a win-win for organisations as closing the digital skills gap could add $11.5 trillion to global GDP by 2028, according to the World Economic Forum.
We should expect regional business leaders to demand more ROI on technology investments
In crisis, everyone looks around for reassurance. Businesses look around for ways of getting through the crisis and becoming immune to the next one. Resilience has been the word of the day for countless months. It remains so because of the aftershocks of the pandemic — supply-chain issues and inflation being just two examples.
AI-powered analytics does not just allow real-time insights into the efficiency of processes and the profitability of business models; it clears the way for predictive analyses that show a path to long-term success.
Inflation rates may be lower in the GCC than they are in the Americas or Europe, but they are still of concern
When technology stacks include mechanisms for extracting meaningful, useful data from structured and unstructured sources and categorizing it for presentation and review, decision makers get access to valuable knowledge.
In 2023, we expect to see an innovation cycle, as the positive ROI from these technologies encourages yet more investment.
In 2023, we should expect regional business leaders to demand more ROI on technology investments. Inflation rates may be lower in the GCC than they are in the Americas or Europe, but they are still of concern. The right digital investments could have a corrective impact on the bottom line.
2023 will be primarily focused on companies continuing to implement technologies that will enable them to prioritise business agility. This year, we will see that investment in solutions to address emerging ESG challenges will continue to be a business priority, as well as a focus on implementing technologies that will continue to transform the way we work to retain talent and continue on the path of growth.
In addition, the focus on introducing new technologies, such as the metaverse, will continue to grow, to help cultivate and maintain employee engagement in an increasingly challenging and hybrid macro-environment.