What’s coming – 2023 business trends
What’s coming – 2023 business trends
Over the past few years, businesses have encountered enormous challenges and endured a tremendous amount of change; this trend is not set to abate in 2023. Businesses will need to continue dealing with the pandemic’s aftereffects, Russia’s invasion of Ukraine, economic difficulties and the rapid advance of technology.
As a company at the forefront of our industry, we like to be on top of whatever it is we will have to translate. With this in mind, we have selected some of the most important trends that will certainly define 2023 and beyond, so keep reading this article to find out what to look out for.
AI is here to stay
Artificial intelligence research has accelerated dramatically in recent years, and it will soon rule the economic world. Did you know that, according to Gartner, by 2023, 40% of infrastructure and operations teams will start using automation with AI to achieve increased IT productivity?
AI is swiftly evolving into a useful tool for businesses of all sizes thanks to its capacity to process remarkable volumes of data and learn from mistakes, and its relevance will only increase in the upcoming years, playing a big role in entrepreneurship.
To take advantage of new opportunities, automate jobs and processes, cut costs, boost efficiency and enhance decision-making, businesses will need to discover ways to invest in AI and integrate it into their operations.
5G will revolutionise communication
5G is more than a new generation of technologies; it denotes a new era in which connectivity will become increasingly fluid and flexible. Global use of 5G is estimated to increase in 2023, and by 2025 5G networks are likely to cover one-third of the world’s population.
The impact on the mobile industry and its customers will be profound – businesses will not have to worry about dropped calls or connectivity issues thanks to faster speeds, lower latency and increased capacity for wireless networks.
With the help of the 5G network, new services and applications that were not possible with earlier wireless technology generations will be facilitated, and there are already many highly-capable gadgets, including smartphones, laptops and even drones, currently deployed in various regions of the world.
Sustainability is key
More people are becoming aware of the idea that the climate calamity will be considerably more difficult to overcome than anything we have faced in previous decades. Businesses will need to embrace more sustainable practices as people become more conscious of how human activity affects the environment.
The environmental, social and governance (ESG) practices that businesses use in 2023 must be placed at the forefront of corporate strategy, as consumers will be holding brands responsible for progressing the world’s state of sustainability.
According to new NielsenIQ survey data, 48% of consumers are looking to brands to take the lead on creating sustainable change and one of the most apparent aspects of this trend is the availability of plant-based products. According to Tastewise’s 2023 trend report, consumers are looking for specific health and wellness benefits from their food and beverages.
In addition, NielsenIQ warns that greenwashing is not going to cut it – this practice happens when the management team within an organisation makes false, unsubstantiated, or outright misleading statements or claims about the sustainability of a product or a service, or even about business operations in a broader sense.
Fines and scrutiny are expected to make many companies reconsider their claims in the future, so we are soon likely to see less unsubstantiated positioning and jargon on products and more certification and transparency.
The economy is going global
Globalisation, which is the integration of the global economy through international trade, investment and migration, is set to continue in the coming years.
The expansion of the world economy, although proceeding at a slower rate than in recent years, is another development to keep an eye on as the demand for goods and services will increase with more nations becoming developed and the world’s population continuing to rise. This will open avenues for businesses, which can grow into new markets.
According to a new report by DHL Express and the NYU Stern School of Business, trade is expected to grow slightly faster in 2022 and 2023 than it did in the previous decade, despite the headwinds of COVID, a global economic slowdown and the war in Ukraine.
China and other emerging and developing countries will continue to be the manufacturing powerhouses for the global economy, and are also emerging as new major consumer markets since they can now consume more and more of what they produce.
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Accenture claims that businesses fusing virtual and physical environments to connect people and places – without the need for physical travel – will be those that take the lead in this next stage of globalisation.
Choosing a reliable and experienced translation partner, who is capable of managing the myriad complexities of localisation and even dealing with legal issues that may arise, is of the utmost importance.
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