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Future-Proofing Your Business: Navigating Five Essential Business Trends for 2023


Future-Proofing Your Business: Navigating Five Essential Business Trends for 2023

By David Malan, Sales Director – UK & Ireland, DocuWare

 

Over the past few years, organisations faced major challenges and shifted to new working models like hybrid and remote work.  Digital tools to digitise processes can help but the wide variety of technology platforms can also be overwhelming! It’s generally advisable to select an ECM solution that is not industry specific. During the first half of 2023, businesses have had to confront additional obstacles such as inflation, rising prices, supply chain security, high energy costs, and labour shortages. These challenges however, can offer opportunities for business leaders to accelerate digitisation, adopt proven technologies and prioritise sustainability. 

Let’s explore five pivotal business trends shaping 2023 and learn more about how your business can respond to them.

  • Digitalisation

It’s no secret that careful research and planning leads to higher success rate of a digitisation project. Gradual digitalisation of processes within departments builds user confidence and engages stakeholders across the company. By starting slowly and involving employees from various departments, businesses can avoid purchasing ineffective systems.

Digitisation benefits all departments. For example, in HR it simplifies secure record and contract management, enhances diversity in hiring, and improves the onboarding process. It saves time, allowing HR professionals to focus on well-being and employee benefits. In addition, employees can enjoy easy access to information, privacy, and quicker responses. HR practitioners often struggle with where to start, as digitisation competes with other challenges. However, senior HR leaders recognise its potential to address these issues and empower teams with data-driven insights. Prioritising digitisation in HR is vital in 2023 as employees seek tailored benefits and engaged workforces produce better results.

  • Sustainability

As climate change reaches a “code red for humanity,” sustainability in business processes can be something we can all adopt to help combat some of the issues. Businesses have a crucial role to play in cutting emissions and developing long-term sustainable practices. One practical step towards sustainability is addressing paper waste. Millions of pounds are wasted annually on paper and ink, contributing to deforestation, chemical usage, and carbon emissions. Businesses can start by becoming “paper-light,” digitising tasks, such as invoice processing and electronic document signing. This achievable goal paves the way for a paperless environment. Sustainability initiatives have a unique ability to shape a company’s culture and so by creating a sustainable workplace, companies can reduce their environmental impact and protect resources. In demonstrating this commitment, they also attract & retain skilled workers

Embracing sustainability not only benefits the planet but also presents a significant opportunity for businesses to thrive in a changing climate.

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  • Data-led decision-making and insights

Data is a valuable asset for businesses, but many struggle to capitalise on its potential. Collecting and analysing data in a centralised location accessible to all stakeholders is crucial. For example, many leaders recognise the importance of diversity and inclusion (D&I) but often lack the necessary data and tools to drive improvement. Having the right data and insights on diverse talent pools empowers businesses to enhance recruitment and create an inclusive workplace. 

Siloed data prevents communication, collaboration, and innovation within departments. Centralised data solutions offer clear conclusions and facilitate informed business decisions. By pooling KPIs, employee feedback, surveys, and market insights in a digital repository, business leaders can stay on track toward achieving company goals. To succeed in the data-driven era, organisations must embrace best practices for data management, leveraging insights to shape people management, recruitment strategies, and overall business success.

  • Automation

In 2023, businesses can adopt workflow automation tools to save time and increase efficiency. By automating processes, businesses can free up their teams to focus on more valuable and fulfilling tasks. One area where automation can have a positive impact is in accounting. Automating invoice processing saves time and reduces errors, leading to cost savings and increased efficiency in the long term. It also enables accounting professionals to focus on strategic work. 

However, automation is not a cure-all solution. Businesses need to carefully select which tasks are suitable for automation and ensure the quality of the data used. Automation relies on accurate and extensive data to produce reliable outcomes. Leveraging automation in 2023 can help businesses save time and money, increase employee satisfaction, and drive innovation and revenue.

  • Cloud-based platforms

The past three years have revolutionised the way people work, with hybrid teams splitting their time between home and the office. To adapt to this new normal, businesses must embrace cloud-based platforms that enable remote access to documents and workflows while providing security and scalability. 

Cloud platforms facilitate collaboration outside the office, making them essential in the current business landscape. Investing in cloud-based platforms empowers teams to drive company success and attracts Millennials and Gen-Z’ers seeking flexible mobile work environments. Now really is the opportune moment to invest in cloud platforms to stay competitive and avoid being left behind. 

 

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