Business services companies have continually pivoted over the past few years to accommodate dramatic shifts in the way work gets done. With a recession looming on the horizon, the industry will continue to adapt as their clients' prioritize weathering the changes brought by the pandemic to weathering economic uncertainty.
Let’s look at four trends the business services industry will see in 2023:
1. Increased focus on driving growth
PwC’s Pulse Survey found that 81% of business leaders believe a recession will occur in the next six months and 90% are concerned about macroeconomic conditions. Executives are focusing on growth to overcome these challenges, with 44% hiring in specific areas to drive expansion and 47% making strategic business moves based on the current market conditions.
Business services organizations can support these goals by helping their clients select and use technology that improves productivity and creates a better customer experience, which, in turn, increases revenue.
2. Continued digital transformation
By using data and digital processes, business services companies can help their clients make significant gains even during challenging times. With digital transformation a hot topic of recent years, many companies are becoming digital-first businesses. In the early days, this transformation meant moving to the cloud, but the bar is now much higher. Technologies such as automation, blockchain, IoT, and virtual reality (VR) are becoming standard instead of differentiating.
In 2023, the business service industry should continue to concentrate on helping clients move forward with their digital transformation. Organizations that are slow to implementÂ change are likely to begin quickly falling behind their competitors. By focusing on providing real-time data and creating automated processes, business services organizations can continue delivering value to their clients in ways that support the growth they’ll need in 2023.
3. Sustainability/ESG becomes even more critical
Customers are increasingly making purchasing decisions based on organizations’ sustainability efforts. While businesses need to make their environmental, social, and governance (ESG) processes a top priority, many lack the resources or expertise to successfully create and implement a workable sustainability plan. This is an opportunity that business services organizations are ideally suited to leverage.
4. Customers expect immersive and interactive experiences
Providing customers with digital experiences used to be considered innovative. However, customers’ expectations have grown considerably over the past two years. Organizations should look to take their experiences to the metaverse, which uses VR and augmented reality (AR) to provide immersive experiences. For instance, customers can use technology to see how a new rug will look in their living room or experience driving a specific car model.
Business service organizations should focus on taking the trends of the past few years and helping their clients continue to implement them. In the near future, customers’ expectations regarding experiences, sustainability, and digital transformation will need to be prioritized. By helping clients create the foundation now, business service organizations will be well positioned to help them lead their industries instead of lag behind them.