Economic uncertainty will continue to be one of the biggest challenges for companies and therefore, businesses need to maintain their agility to quickly adapt to changing market conditions. However, these challenges could allow businesses to do things differently, encouraging innovation to evolve. 

I believe there are three areas businesses should assess within their current business model to ensure success next year. Companies that can increase investment in these areas and navigate these challenges effectively are likely to emerge stronger and more competitive in the years ahead.

Investment in AI to revolutionise business communications

The democratisation of AI has already allowed businesses to reap the benefits of the technology. For example, customer service teams have uncovered tremendous value in properly categorising and routing incoming customer tickets and calls, automating the responses to frequently asked questions and repeated requests, and providing the right assistance to resolve the tickets faster. 

Our own research showed that among customer service teams, 41% believe AI could help them save time in identifying relevant and important information across communications apps at work. As customer journeys become more complex, the use of AI for customer service teams could be a real game changer to empower workforces, support streamlining processes and contribute to better communication and productivity.

As AI becomes more embedded in business communications and everyday operations, future advancements will lead to more accurate and context-aware systems, making business communications more successful and more efficient.

Assessing security measures in the era of hybrid work

Despite businesses calling for workers to return to the office, hybrid working remains a strong preference amongst employees. Our research shows that one in five (20%) workers dread working from an office, and less than one in ten (8%) information workers want to be in an office every day. Flexibility is so important to these employees that many would entertain some drastic changes to have it - over half (58%) would change jobs or industries for hybrid or remote work, and 60% would rather work remotely or hybrid for an extra 3 years over working in the office full time for the rest of their career.    

As a result of this widespread shift to a hybrid work model, investment in digital transformation has accelerated and an array of SaaS tools is being utilised for day-to-day operations. It’s important that no matter where employees are, their data and assets are protected, and communication platforms used to support hybrid working practices don’t create additional vulnerabilities within the business. 

To secure communication, mobility and collaboration of employees and customers it will be important for organisations to ensure the quality of interactions. This can be done by centralising employee and customer communications on a single platform. When assessing these platforms, businesses must identify those that have enterprise-grade security protection built-in, making it easier for businesses to ensure their assets are protected.

Taking stock of SaaS licences

The pandemic accelerated digital transformation efforts as businesses implemented a plethora of tools to keep pace with the changing world. Many departments were empowered to make their technology purchases, which led to overspending and, in hindsight, redundant and unproductive investments. 

Now with reduced workforces, businesses are likely to have excess dormant licences and software assets, which if they continue to go unused, will cost companies millions in licensing fees. 

As businesses continue to look for ways to reduce costs, consolidation will be key. Take inventory of applications across the enterprise to identify redundancies and over-subscriptions. Only those that bring the greatest business value should be kept within the business.

While all businesses will continue to experience the effects of the shifting economic landscape, not all changes will have the same effect on each business. By reviewing current processes and tools already in place, businesses can ensure that they are operating at optimum level, and remain agile to any further changes that could impact the delivery to customers.

While all businesses will continue to experience the effects of the shifting economic landscape, not all changes will have the same effect on each business. By reviewing current processes and tools already in place, businesses can ensure that they are operating at optimum level, and remain agile to any further changes that could impact the delivery to customers.