Insights
How Are Companies Dealing with the New Normal?
Posted March 31st, 2023 in Articles
As we are now well into 2023, companies are officially adjusting to the “new normal” spurred by the COVID-19 pandemic. While semiconductor shortages and some other temporary effects of the pandemic remain, many of the economic impacts of the pandemic are here to stay.
Recent advancements in technology have drastically altered the business landscape as well. Most notably, the rapid development, deployment and acceptance of artificial intelligence (AI) has opened up an entirely new world of opportunities for companies in a broad range of industries. So, how are companies dealing with the new normal in 2023—and what can (and should) your company be doing to keep pace?
5 Key Insights for Adjusting to the New Normal in 2023
Here are five key insights for adjusting to the new normal in 2023:
1. Hybrid Work is Here to Stay
One of the most immediate and enduring impacts of the COVID-19 pandemic was the shift to hybrid work. While some companies have reinstituted office policies, many have formally transitioned to having hybrid (if not entirely remote) workforces. Some have done so with more success than others, and building an inclusive hybrid workforce has proven to be one of the keys to maximizing both retention and productivity.
2. Companies Need to Prioritize Effective Workforce Management
Along with prioritizing inclusivity, companies adopting hybrid and remote work policies also need to prioritize various other aspects of effective workforce management. Among other things, companies must ensure that their employees have the technological resources they need, and they must ensure that their data (and their customers’ data) are secure.
3. It’s Time to Embrace New Technologies
The rapid adoption of AI is just one of several technology trends shaping 2023. Several technologies that were barely on the radar a couple of years ago have recently gone mainstream, and the companies that adopt these technologies successfully will be among those best-positioned for success in 2023 (and beyond).
4. Customers Have New Wants and Expectations
The pandemic changed the way customers shop. It also changed their wants and expectations. To remain competitive, companies need to address their customers’ evolving preferences—both in terms of customer targeting and in terms of customer service.
5. Supply Chain Risks are Here to Stay (at Least for Now)
Even in 2023, several of the supply chain risks triggered by the COVID-19 pandemic remain. While there is hope (and reason to believe) that these risks will wane in the future, at this point many companies are still unable to move on entirely. To deal with the new normal, companies need to address these risks in the short term, and they should implement procedures and safeguards to protect against similar risks disrupting their operations in the future.
Schedule an Appointment with a Consultant at Mithras Investments
Do you have questions about what your company can (and should) be doing to adapt to the new normal in 2023? If so, we invite you to get in touch. Call 305-517-7911 or contact us online to schedule an appointment with a consultant at Mithras Investments.
