As Q4 rolls around and we look ahead to Christmas, it’s important businesses take this time to regroup, reassess priorities and breakdown their key goals and achievements before the year wraps. Q4 is the perfect time to put the groundwork in place and steady the foundations for the following year.
With that in mind, we’ve collated the key business trends impacting performance and industry in Q4.
It’s no secret the tech landscape has moved full steam ahead in 2023. Take the introduction of Chat GPT or Generative Fill for example. Such automations, upon launch, have reshaped processes, outputs, innovation and overall speed to market. Their instant disruption has required decision-makers to adjust strategies rapidly in order to remain competitive and ahead of market conditions.
Further AI developments, alongside the internet of things (IoT), virtual and augmented reality (VR/AR), cloud computing and blockchain, should be better leveraged in Q4 to create compelling opportunities and aid better workforce management. Such as augmented working; hybrid and remote, whereby creative solutions to working enable greater productivity and enhanced motivations through ‘intelligent enterprises.’
Such technological developments make for more effective sales and marketing, better customer service, more efficient supply chains, products and services that are more aligned with customer needs and streamlined manufacturing processes.
Supply chain suspension
Having battled through countless supply chain disruptions as a result of Covid-19 and the rise of the war in Ukraine. Alongside being exacerbated by factors like port congestion and transportation bottlenecks, 2023 has required businesses to step outside the box and restrategise their supply chains. Q4 amplifies this.
To combat this, companies need to improve their resilience by reducing exposure to volatile market pricing of commodities, as well as building protective measures into supply chains to deal with shortages and rising logistical costs. Businesses should map their entire supply chains and identify any exposure or inflation risks.
People and power
As the year draws to an end, emphasis on people should remain at the forefront of business decision making. Talent should be rewarded and retained, whilst training and development should be prioritised for those under-performing to ensure standards across performance.
With significant economic uncertainty underpinning team motivation, businesses should maintain laser focus on their people and their wellbeing. Prioritising attractive careers, flexibility and an enticing working environment are the key to attracting and maintaining strong team talent.
Current skill gaps are present in data science, AI and other technological areas, creating areas of focus for businesses to refine team competencies.
Beyond environmental sustainability, in 2023, continuing to 2024, ESG remains at the forefront of business decision making.
Investors and consumers prefer businesses with a holistic outlook to environmental and social credentials. Whereby buying trends are increasingly driven by the conscious consumer.
With net-zero targets shifting ever-closer, organisations need to prioritise ESG, shifting this to the centre of their strategies.
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