It was turbulent, but it was also the year for some exciting business revelations. The Four Day Week Campaign was trialled, and the Flexible Working Legislation was introduced. But what can businesses expect in 2023? In this article, Ross Slogrove, UK and Ireland country manager for VoIP phone system Ringover, discusses his predictions for business comms this year.

Data driven in a recession

What’s currently looming over all our heads is the forecasted recession, expected to last until Summer 2023. The Office for Budget Responsibility says the UK economy will shrink by 1.4% in 2023 and will impact businesses greatly. In turn, this means that businesses will be unlikely to meet profits and need to cut costs accordingly.

Already, we’ve seen firms put recruitment and planned projects on hold, until there is that glimmering light at the end of the tunnel. While for now, this may be unavoidable, businesses must take pre-emptive actions to lessen the impact. Here, data will be crucial in navigating unfamiliar territories.

Data analytics can be used to help companies make worthwhile strategic steps to avoid falling behind during the recession. In fact, McKinsey advised that companies use advanced analytics tools and digital solutions to prepare defensive and offensive strategies for recession.

Data is going to be key in managing business objectives and recession strategy, but it will also be key in helping businesses to quickly align and adapt to make changes in the currently unstable market. For example, Gartner’s recommended recession strategy discusses nine actions businesses must take, all of which involve the use of digital technologies.

VoIP

A technology we are likely to see more of in 2023 is Voice over Internet Protocol (VoIP), which is transforming the way businesses communicate. This comes as Research for Markets revealed that the global VoIP market is expected to be worth £70 billion in 2023.

With that in mind, VoIP is demonstrating it’s a key player in the way that businesses operate, holding a Unified Communications as a Service (UCaaS) model together. In conjunction with cloud-based service packages, these systems have gained traction particularly since remote and hybrid working begun. But as use of the Private Branch Exchange (PBX) system slows down, VoIP enables businesses to remain connected via the internet. Even Panasonic is discontinuing its PBX telephone systems in 2023, supporting the shift from landline to internet.

Even more important to note, in 2025, BT will switch off the public switched telephone network (PSTN), meaning that any business that uses a fixed landline will need to opt for another communication method. As we get closer to this cut-off date, we expect more and more businesses to invest in a VoIP system.

Artificial intelligence

In 2022, artificial intelligence (AI) was particularly profound in user engagement tools, as businesses continued to use chatbots, intelligent virtual assistants (IVA), and other AI-based solutions to provide customers with a self-service path to problem solving.

In fact, the report, AI activity in UK Business, commissioned by the department for Digital, Culture, Media and Sport (DCMS), found that by 2040, the overall AI adoption rate could reach 34.8% — the equivalent to 1.3 million businesses. This could see spending on AI rise from £16.7 billion in 2020 to almost £35.6 billion by 2025.

But how will this technology move forward in 2023? We’re likely to see the rise of AI in business communications applications for increased efficiency and greater insights into calls. For example, Ringover uses AI in its business phone system solution by incorporating automatic transcription of calls and voicemail messages. This ability reduces the need to playback calls to locate a specific sound bite of information, saving valuable time during post-call tasks.

Yes, 2022 was dotted with turbulence, but with the help of data driven insights, the looming 2023 recession may be easier to navigate. Along with this, VoIP will become more prominent on the scene as the landline is pushed to the side, while AI will help businesses make greater use of their calling capabilities.