Three Projections for 2023
Through the A-Z of Digital Acceleration videos published in 2022, we’ve talked about the role of AI in helping to prioritise investment and identify critical capabilities to deliver outcomes such as; increasing self-service adoption and service desk capacity, accurate internal audits, and faster seamless staff onboarding in the healthcare sector.
Let’s take a look at our three projections for 2023, with a little festive spirit! Press the play button!
From our conversations with 200+ global and large customers worldwide, we see a remarkable trend. For the majority 2022 started strongly following strong first quarter results, and then the economic reality hit. A lethal combination of high inflation, partly triggered by the war in Ukraine, instigating high energy costs and high interest rates put the hand brake on growth. Cost of capital went up, stock prices stagnated and the digital transformation frenzy across all industries took on some sense of reality; that the growth at all costs is unsustainable.
Instead, the new mandate is to do more with less.
- Become more efficient
- Drive down complexity
- Drive down costs
- Focus on customers
In support of this, we are seeing business leaders focusing on 3 areas for 2023:
- Realign revenue & sales channels
One of the largest cost contributors to any sizable business is the cost of sales and marketing. Whilst the leading economic indicators only six months ago were pointing to some challenging times ahead, investments in sales and marketing continued unabated. For business leaders looking to get back on the profitable growth model, this first move is to realign revenue generating activities to the lowest cost channels. By the same token it means redirecting valuable resources to high touch, high gain engagements where sales and marketing can have a big impact. This transformative move directly impacts on how IT supports the customer engagement model by building a consistent and efficient contact strategy for managing customers, both external and internal.
- Reduce product complexity
Complexity is a killer. The more complex the products and services offers, the more resources it is needed at the backend and the harder it is to automate. And this simplification must go right across the entire offer lifecycle. Which is why IT leaders need to work out how they drive down complexity within their organisations, systems and processes. This product simplification concept has to go hand in hand with how IT will provision, operate and decommission these offers in a simple, scalable, automated manner.
- Digital customer experience
We have to accept that the move towards a digital customer experience, whether in B2B or B2C is for real and it is here. This means businesses have to make real commitment to providing frictionless customer engagements and that the mechanism for achieving this through digital customer experience is not only cost efficient, but also facilitates increased customer spending. IT plays pivotal role here, supporting the entire customer journey lifecycle by aligning its practices and processes to the digital contact strategy, and automating all supporting processes.
Through the course of 2023 we will dig deeper at how IT can support these 3 initiatives, moving transaction to cost efficient channels, reducing product complexity and driving new growth areas through digital customer experience.
The A-Z of Digital Acceleration
Fusion Global Business Solutions helps organisations improve their capabilities for accelerating their digital transformation programs. We offer a set of innovations focused on service management and service operations that help our customers gain the critical capabilities required to support their business activities. We truly believe that these services are unique across the industry and the purpose of these video recordings “The A-Z of Digital Acceleration” is to showcase some of these capabilities.