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The last few years have bought an unprecedented number of changes for businesses, which isn’t going to slow down anytime soon, and business owners are still overcoming the trials of the global pandemic, which is still making itself known, the war in Ukraine, ongoing supply chain issues and economic uncertainty. It is fair to say that many lessons have been learnt, and as we head into 2023, it is time to explore how those lessons can be put into practice, by examining the upcoming trends for the year ahead, and what you can do to drive efficiency and maximise ROI.
Here at Pegasus, we have identified what we believe to be the biggest trends which could add value to your business in 2023.
An area which accelerated growth significantly in 2020, at the start of the pandemic, is digitisation and the way in which businesses adapted to technology is nothing short of extraordinary. However, heading into 2023 we want to dive specifically into AP automation, an area which has increased in popularity rapidly, and is continuing to do so. AP automation can reduce the manual effort involved in processing invoices and improve efficiency by up to 30%, reduce processing costs, eliminate errors, help you stay in control of your costs and ultimately drive ROI gains.
Sustainability has been a growing focus over recent years as the world has woken up to the threat of climate change and consumers are voting with their feet and choosing to live and shop more sustainably and choosing shops and products which have good environmental credentials. This is an area you can’t afford to ignore, and businesses are being urged to take their environmental, social and governance (ESG) processes very seriously; making ESG strategies a key trend for 2023. An ESG strategy proves what your business is doing to be environmentally conscious and setting realistic goals for the future on how you plan to reduce any negative impacts. Research has found that those committed to ESG have seen a rise in profits by 9% within the last three years.
Companies were still plagued by supply chain issues from the Covid-19 pandemic, which worsened further when Russia invaded Ukraine in February 2022, and additional challenges such as HGV driver shortages added yet more uncertainty for supply chains. Unfortunately supply chain disruption is set to continue well into 2023 so businesses need to become resilient and look at developing robust supply chains that are less vulnerable to volatile environments. This means mapping out your entire supply chain to identify any risk areas and then putting strategies in place to mitigate those risks; it might involve finding new suppliers or becoming more self-reliant to protect your business against supply chain issues which could negatively impact your business.
In 2022 we witnessed the great talent shortage, whereby many workers headed back to Europe following Brexit, and thousands of UK workers resigned in a bid for a better work/life balance in the wake of the Covid-19 pandemic causing them to reflect and readjust their lives. It put immense pressure on businesses in 2022 and will continue to do so in 2023 and business owners will need to look at ways to encourage talent back into their workplace. Coupled with the fact many tasks are set to become automated as digitisation rates increase further, it creates both a challenge and opportunity for organisations to reskill workers and look at ways to bridge the skills gap between workers and machines. Building on developing skills around critical thinking, creativity and leadership will be a significant growing trend for businesses as we head into 2023.
It has certainly been a turbulent few years for businesses and many ramifications are still being felt, however as we begin 2023 there are many new opportunities to add value, drive efficiency and growth. Digital transformation, and in particular, the growing popularity of AP automation is a key area we are excited to explore here at Pegasus, and ESG strategies are giving businesses an opportunity to develop their environmental credentials to set them apart from competitors. Supply chain and talent challenges witnessed in 2022 are set to continue in 2023 but both provide an opportunity to grow resilience.
For more information about how Opera 3 SQL SE can be used to help your business in 2023 then please contact us today.
Posted On: January 05, 2023
