{"id":6757,"date":"2023-04-04T09:00:00","date_gmt":"2023-04-04T16:00:00","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=6757"},"modified":"2023-04-04T09:00:00","modified_gmt":"2023-04-04T16:00:00","slug":"new-business-trends","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/in\/news\/stories\/new-business-trends\/","title":{"rendered":"5 New Business Trends to Make or Break Success in 2023"},"content":{"rendered":"\n<p><em>Editor\u2019s Note: AI Cloud, Einstein GPT, and other cloud GPT products are now Einstein. For the latest on Salesforce Einstein, go <\/em><a href=\"https:\/\/www.salesforce.com\/news\/topics\/artificial-intelligence\/\"><em>here<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<p>We are in a transformative moment, with &#8220;once in a lifetime&#8221; technological innovation, economic conditions, and climate events colliding to create change at a rapid pace. To inform business leaders on how to adapt and how digital transformation is shaping business today, I\u2019m sharing the five latest business trends I believe will be most impactful in 2023, based on <a href=\"https:\/\/www.salesforce.com\/news\/stat-library\/\" target=\"_blank\" rel=\"noreferrer noopener\">Salesforce research<\/a>.&nbsp;<\/p>\n\n\n\n<p>In this article, we\u2019ll explore the growing importance of data, business intelligence, and the promises and risks of generative AI. Then we\u2019ll dive into personalization, corporate social responsibility, automation, and what businesses need to know to capitalize on them and stay ahead in a constantly-evolving landscape.<\/p>\n\n\n\n<aside class=\"contextual-driver has-text-align-left contextual-driver--einstein\">\n\t<header class=\"tidbit-header\">\n\t\t<h2 class=\"tidbit-head\">\n\t\t\tIntroducing the Salesforce Stat Library\t\t<\/h2>\n\t<\/header>\n\t<div class=\"tidbit-body\">\n\t\t<p>u003cpu003eFind the right stat for any story in our searchable research database.u003c\/pu003e<\/p>\t<\/div>\n\t\t\t<p class=\"tidbit-link label\">\n\t\t\t<a class=\"label has-right-arrow has-right-arrow--small\" href=\"https:\/\/www.salesforce.com\/news\/stat-library\/\" target=\"_blank\">\n\t\t\t\t<span>Check it out<\/span>\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 14 10\">\n\t<path d=\"M13.92 5.38a1 1 0 000-.76.9.9 0 00-.17-.26.25.25 0 000-.07l-4-4a1 1 0 00-1.46 1.42L10.59 4H1.07a1 1 0 000 2h9.52l-2.3 2.29a1 1 0 000 1.42 1 1 0 001.42 0l4-4a.25.25 0 000-.07.9.9 0 00.21-.26z\" \/>\n<\/svg>\n\t\t\t<\/a>\n\t\t<\/p>\n\t\t\t\t<img class=\"tidbit img-einstein\"\n\t\tsrcset=\"\n\t\t\thttps:\/\/www.salesforce.com\/in\/news\/wp-content\/themes\/newsroom\/assets\/images\/article-tidbit-einstein-large@0.5x.png 84w,\n\t\t\thttps:\/\/www.salesforce.com\/in\/news\/wp-content\/themes\/newsroom\/assets\/images\/article-tidbit-einstein-large@1x.png 168w,\n\t\t\thttps:\/\/www.salesforce.com\/in\/news\/wp-content\/themes\/newsroom\/assets\/images\/article-tidbit-einstein-large@2x.png 336w\n\t\t\"\n\t\tsrc=\"https:\/\/www.salesforce.com\/in\/news\/wp-content\/themes\/newsroom\/assets\/images\/article-tidbit-einstein-large@1x.png\"\n\t\talt=\"Illustration of einstein\"\n\t\tsizes=\"(min-width:1024px) 175px, 130px\"\n\t>\n\t<\/aside>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-trend-1-maximizing-business-impact-through-data-insights\"><strong><strong>Trend #1: Maximizing business impact through data insights<\/strong><\/strong><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\">What companies need to know about investing in digital skills training<\/h4>\n\n\n\n<p>Data insights and business intelligence are increasingly crucial as businesses navigate uncertainties. According to Salesforce research, <a href=\"https:\/\/www.salesforce.com\/news\/stories\/data-skills-research\/\" target=\"_blank\" rel=\"noreferrer noopener\">80% of business leaders<\/a> say data is critical for decision-making at their organizations. In 2023, I believe there will be a growing trend of businesses using real-time data to provide key insights and trusted decision-making to mitigate risk in unstable conditions and maximize business impact. To do this, companies will need to invest in <a href=\"https:\/\/trailhead.salesforce.com\/users\/teamtrailhead\/trailmixes\/quest-data-skills\" target=\"_blank\" rel=\"noreferrer noopener\">data skills training<\/a> and tools to turn data insights into actions that drive business outcomes.<\/p>\n\n\n<div class=\"tableau-viz-embed-container \">\n\t<tableau-viz\n\t\tclass=\"tableau-viz-embed\"\n\t\tsrc=\"https:\/\/public.tableau.com\/views\/DataDrivesBusinessDecisionsandTrust\/DataDrivesBusinessDecisionsandTrust?:language=en-USu0026:display_count=nu0026:origin=viz_share_link\"\n\t\ttoolbar=\"hidden\"\n\t\thide-tabs\n\t><\/tableau-viz>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\">Mitigating Risk<\/h4>\n\n\n\n<p>I expect the adoption of predictive analytics \u2014 which uses AI, including machine learning (ML), to identify patterns and predict outcomes \u2014 to rapidly climb. For example, <a href=\"https:\/\/www.salesforce.com\/resources\/research-reports\/customer-experience-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">48% of Harvard Business Review readers<\/a> say they use predictive analytics today, with 80% planning to within two years.<\/p>\n\n\n\n<p>Recent fluctuations in the <a href=\"https:\/\/www.tableau.com\/blog\/healthcare-supply-chain-4-strategies-analytics-excellence\" target=\"_blank\" rel=\"noreferrer noopener\">supply chain<\/a> showed the importance that real-time <a href=\"https:\/\/www.salesforce.com\/news\/press-releases\/2022\/09\/20\/genie-news\/\" target=\"_blank\" rel=\"noreferrer noopener\">analytics<\/a> can have for businesses. Teams that cannot collect and interpret relevant data in real time are an inherent disadvantage when it comes to adapting rapidly to changing conditions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Maximizing (and Demonstrating) Impact<\/h4>\n\n\n\n<p>In addition to mitigating risk in 2023, teams will have a solid incentive to gain analytics skills to maximize and demonstrate impact. <a href=\"https:\/\/www.salesforce.com\/news\/stories\/digital-skills-based-experience\/\" target=\"_blank\" rel=\"noreferrer noopener\">Four in five workers<\/a> use digital skills in their day-to-day work, but only some report using skills beyond collaboration technology, digital administration, and digital project management. Currently, <a href=\"https:\/\/www.salesforce.com\/news\/stories\/data-skills-research\" target=\"_blank\" rel=\"noreferrer noopener\">one-third of business leaders<\/a> said they could not generate insights from data, which is likely why <a href=\"https:\/\/www.zdnet.com\/article\/business-leaders-focus-on-data-literacy\/\" target=\"_blank\" rel=\"noreferrer noopener\">73% of companies<\/a> plan to maintain or increase employee training on data skills.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Four in five workers use digital skills in their day-to-day work.<\/p>\n<\/blockquote>\n\n\n\n<p>One place we can see this is in marketing, where proving the impact of campaigns is a common challenge. Currently only <a href=\"https:\/\/www.salesforce.com\/blog\/marketing-intelligence-report\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">51% of marketing teams<\/a> have employees dedicated to analytics, but I predict businesses will seek to increase the number of employees with these skills. I foresee a deepening divide across all fields between those teams with analytics expertise and those without. Teams without analytics skills will be challenged to prove marketing\u2019s value in challenging economic conditions where budgets are tight.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>Trend #2: Understanding the potential and pitfalls of generative AI in business<\/strong><\/strong><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\">What companies need to know about the rapid uptake of generative AI in business<\/h4>\n\n\n\n<p><a href=\"https:\/\/www.salesforce.com\/blog\/three-ways-service-impact-generative-ai\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">Generative AI<\/a> has incredible potential to perform integral tasks but is risky without the proper safeguards. In 2023, businesses \u2014 and humans \u2014 will need to learn <a href=\"https:\/\/www.salesforce.com\/news\/stories\/generative-ai-guidelines\/\" target=\"_blank\" rel=\"noreferrer noopener\">how to partner<\/a> with generative AI to bring out each other&#8217;s strengths.&nbsp;<\/p>\n\n\n\n<p>Given the technology\u2019s potential, <a href=\"https:\/\/www.salesforce.com\/news\/stories\/generative-ai-research\/\" target=\"_blank\" rel=\"noreferrer noopener\">84% of IT leaders<\/a> believe it can help organizations better serve their customers. Underinvesting in generative AI could be a huge mistake. It is already seeing widespread and rapid early uptake, with <a href=\"https:\/\/www.salesforce.com\/news\/stories\/generative-ai-research\/\" target=\"_blank\" rel=\"noreferrer noopener\">over half of IT leaders<\/a> experimenting with or actively using generative AI in their businesses.&nbsp;<\/p>\n\n\n<div class=\"tableau-viz-embed-container \">\n\t<tableau-viz\n\t\tclass=\"tableau-viz-embed\"\n\t\tsrc=\"https:\/\/public.tableau.com\/views\/SeniorITLeadersSayGenerativeAIWillHelpImproveCustomerRelationships\/SeniorITLeadersSayGenerativeAIWillHelpImproveCustomerRelationships?:language=en-USu0026publish=yesu0026:display_count=nu0026:origin=viz_share_link\"\n\t\ttoolbar=\"hidden\"\n\t\thide-tabs\n\t><\/tableau-viz>\n<\/div>\n\n\n\n<p>However, <a href=\"https:\/\/www.salesforce.com\/news\/stories\/generative-ai-research\/\" target=\"_blank\" rel=\"noreferrer noopener\">IT leaders also note<\/a> that it can be risky to apply the technology without guardrails or sufficient human supervision. The hot new trend of using generative AI for content creation can backfire in cases where the AI outputs aren\u2019t totally accurate. With its <a href=\"https:\/\/blog.salesforceairesearch.com\/age-of-conversational-ai\/\" target=\"_blank\" rel=\"noreferrer noopener\">firm grasp of language<\/a>, AI can sound confident and convincing. Still, it lacks a human\u2019s common sense and world knowledge, and can only be as accurate as the data it\u2019s trained on. This is particularly important when using AI in customer interactions, where data inputs must be up-to-date across every touchpoint to deliver effective results. Moreover, inaccurate AI can lead to broken trust with stakeholders or worse, liability issues \u2014 major risks for any business engaging with new technology.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>The hot new trend of using generative AI for content creation can backfire in cases where the AI outputs aren\u2019t totally accurate.<\/p>\n<\/blockquote>\n\n\n\n<p>There is also a skills issue. <a href=\"https:\/\/www.zdnet.com\/article\/ai-powered-virtual-assistants-and-future-of-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">Conversational AI<\/a> enables anyone to use technology with natural language prompts. However, it\u2019s important to understand the technology&#8217;s strengths and weaknesses to mitigate risks associated with relying on generative AI systems. Currently, <a href=\"https:\/\/www.salesforce.com\/news\/stories\/generative-ai-research\/\" target=\"_blank\" rel=\"noreferrer noopener\">66% of IT leaders<\/a> say their employees don&#8217;t have the skills to leverage generative AI successfully \u2014 such as the data literacy and creative problem solving to generate effective prompts. Accordingly, <a href=\"https:\/\/www.salesforce.com\/news\/stories\/digital-skills-based-experience\/\" target=\"_blank\" rel=\"noreferrer noopener\">97% of workers<\/a> believe businesses should prioritize AI skills in their employee development strategy.&nbsp;<\/p>\n\n\n\n<p>To rise above the competition, companies should approach their AI strategy carefully, use trustworthy products with thoughtful <a href=\"https:\/\/www.salesforce.com\/news\/stories\/trust-in-the-time-of-ai-why-salesforce-invests-in-ethical-guardrails\/\" target=\"_blank\" rel=\"noreferrer noopener\">safeguards<\/a>, and enable their workforce across every department.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>Trend #3: Data personalization across touchpoints&nbsp;<\/strong><\/strong><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\">What companies need to know about the role of real-time data in modern personalization strategies<\/h4>\n\n\n\n<p>Personalization has been a buzzword in business for some time now, but in 2023, it&#8217;s set to become even more essential. As consumers become more discerning about where they spend their money, businesses that offer personalized experiences in real time will stand out from the competition and inspire loyalty.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>As consumers become more discerning about where they spend their money, businesses that offer personalized experiences in real time will stand out from the competition and inspire loyalty.<\/p>\n<\/blockquote>\n\n\n\n<p>According to Salesforce data, <a href=\"https:\/\/www.salesforce.com\/resources\/research-reports\/state-of-the-connected-customer\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">73% of customers<\/a> expect companies to understand their unique needs and expectations, and 65% of consumers say they will remain loyal to companies that offer a more personalized experience. This can\u2019t come at the expense of speed, either, as <a href=\"https:\/\/www.salesforce.com\/news\/stories\/customer-spending\/\" target=\"_blank\" rel=\"noreferrer noopener\">72% of consumers<\/a> say they will stay loyal to companies that deliver faster service. Savvy companies will tap into real-time data to offer these experiences across every touchpoint.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Consistency is also important. <a href=\"https:\/\/www.salesforce.com\/resources\/research-reports\/state-of-the-connected-customer\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">Eighty-five percent of customers<\/a> expect consistent interactions across departments, but 60% say it generally feels like they&#8217;re communicating with separate departments, not one company. Because <a href=\"https:\/\/www.salesforce.com\/news\/stories\/customer-spending\/\" target=\"_blank\" rel=\"noreferrer noopener\">65% of consumers<\/a> say they stay loyal to companies that offer a more customized experience, companies must address this disconnect to deliver a seamless, personalized experience that retains customers.<\/p>\n\n\n<div class=\"wp-block-image__wrapper\">\n<figure class=\"wp-block-image size-large\"><a href=\"#\" class=\"wp-block-image__modal-toggle\" aria-expanded=\"false\" data-modal-id=\"62106-modal\"><span class=\"screen-reader-text\">Open Image Modal<\/span><img decoding=\"async\" src=\"https:\/\/www.salesforce.com\/in\/news\/wp-content\/uploads\/sites\/20\/2023\/12\/RTCC-Static-Graphic-1.jpg?w=1024\" alt=\"\" class=\"wp-image-62106\"\/><\/a><\/figure>\n<div id=\"62106-modal\" class=\"image-modal\" aria-hidden=\"true\" aria-labelledby=\"image-dialog-title\"><div class=\"image-modal__overlay\" tabindex=\"-1\" data-a11y-dialog-hide><\/div><div class=\"image-modal__content\" role=\"dialog\"><button class=\"image-modal__close-button\" type=\"button\" data-a11y-dialog-hide aria-label=\"Close this image dialog window\"><svg viewBox=\"0 0 26 25\" height=\"16\" width=\"16\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\".626\" y=\"22.753\" width=\"32\" height=\"3\" rx=\"1.5\" transform=\"rotate(-45 .626 22.753)\"\/><rect x=\"2.747\" y=\".125\" width=\"32\" height=\"3\" rx=\"1.5\" transform=\"rotate(45 2.747 .125)\"\/><\/svg><\/button><h1 id=\"image-dialog-title\" class=\"screen-reader-text\">Image Modal<\/h1>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.salesforce.com\/in\/news\/wp-content\/uploads\/sites\/20\/2023\/12\/RTCC-Static-Graphic-1.jpg?w=1024\" alt=\"\" class=\"wp-image-62106\"\/><\/figure>\n<\/div><\/div><\/div>\n\n\n<p>Another new business trend I see regarding customer personalization is how companies use data. Currently, <a href=\"https:\/\/www.salesforce.com\/news\/stories\/state-of-marketing-for-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">75% of marketers say<\/a> they rely at least partly on third-party data, but this strategy will need to change in light of looming <a href=\"https:\/\/www.zdnet.com\/article\/marketing-research-real-time-intelligence-and-hyper-personalization-are-a-competitive-advantage\/\" target=\"_blank\" rel=\"noreferrer noopener\">changes in privacy regulations<\/a>. With third-party cookies being phased out, businesses need to pivot. To better position themselves in the long term, they must move to <a href=\"https:\/\/www.salesforce.com\/resources\/articles\/what-is-zero-party-data\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">zero-party data<\/a>, which users explicitly provide, and first-party data, which companies collect directly from customers.&nbsp;<\/p>\n\n\n\n<p>Fortunately, <a href=\"https:\/\/www.salesforce.com\/resources\/research-reports\/connected-shoppers-report\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">61% of consumers<\/a> say they are becoming more comfortable with companies using their relevant personal information in a beneficial manner.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>Trend #4: Ethical challenges for businesses in a changing world<\/strong><\/strong><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\">What companies need to know about ethically deploying AI and other technologies for a positive impact<\/h4>\n\n\n\n<p>With so much changing \u2014 including increasingly powerful technologies embedded in all aspects of business \u2014 companies are forced to grapple with new ethical questions, and customers are watching closely. A recent study found that <a href=\"https:\/\/www.salesforce.com\/eu\/resources\/research-reports\/state-of-the-connected-customer\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">66% of customers<\/a> have stopped buying from a company because their values didn\u2019t align. Companies should consider three areas to ensure their business upholds ethical standards worthy of their customers&#8217; trust.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Proactively avoid causing harm with AI technology<\/h4>\n\n\n\n<p><a href=\"https:\/\/www.salesforce.com\/resources\/research-reports\/state-of-the-connected-customer\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">Seventy-two percent of customers<\/a> are concerned about the unethical use of AI technologies, and only <a href=\"https:\/\/www.salesforce.com\/resources\/research-reports\/state-of-the-connected-customer\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">57% of customers<\/a> trust companies to use AI ethically. At the office, <a href=\"https:\/\/www.salesforce.com\/news\/stories\/generative-ai-research\/\" target=\"_blank\" rel=\"noreferrer noopener\">83% of IT<\/a> leaders believe businesses must work together to ensure generative AI is used ethically.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image__wrapper\">\n<figure class=\"wp-block-image size-large\"><a href=\"#\" class=\"wp-block-image__modal-toggle\" aria-expanded=\"false\" data-modal-id=\"63789-modal\"><span class=\"screen-reader-text\">Open Image Modal<\/span><img decoding=\"async\" src=\"https:\/\/www.salesforce.com\/in\/news\/wp-content\/uploads\/sites\/20\/2023\/12\/consumer-familiarity-with-AI-chart.png?w=1024\" alt=\"\" class=\"wp-image-63789\"\/><\/a><\/figure>\n<div id=\"63789-modal\" class=\"image-modal\" aria-hidden=\"true\" aria-labelledby=\"image-dialog-title\"><div class=\"image-modal__overlay\" tabindex=\"-1\" data-a11y-dialog-hide><\/div><div class=\"image-modal__content\" role=\"dialog\"><button class=\"image-modal__close-button\" type=\"button\" data-a11y-dialog-hide aria-label=\"Close this image dialog window\"><svg viewBox=\"0 0 26 25\" height=\"16\" width=\"16\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\".626\" y=\"22.753\" width=\"32\" height=\"3\" rx=\"1.5\" transform=\"rotate(-45 .626 22.753)\"\/><rect x=\"2.747\" y=\".125\" width=\"32\" height=\"3\" rx=\"1.5\" transform=\"rotate(45 2.747 .125)\"\/><\/svg><\/button><h1 id=\"image-dialog-title\" class=\"screen-reader-text\">Image Modal<\/h1>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.salesforce.com\/in\/news\/wp-content\/uploads\/sites\/20\/2023\/12\/consumer-familiarity-with-AI-chart.png?w=1024\" alt=\"\" class=\"wp-image-63789\"\/><\/figure>\n<\/div><\/div><\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-proactively-do-good-with-technology\"><strong>Proactively do good with technology<\/strong><\/h4>\n\n\n\n<p>Beyond the simplicity of doing the right thing, <a href=\"https:\/\/www.salesforce.com\/eu\/resources\/research-reports\/state-of-the-connected-customer\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">78% of customers<\/a> say companies\u2019 environmental practices, for instance, influence their buying decisions, as environmental, social, and governance <a href=\"https:\/\/www.salesforce.com\/blog\/esg-reporting\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">(ESG) regulations<\/a> are gaining momentum worldwide. Businesses can use technology to <a href=\"https:\/\/www.salesforce.com\/products\/net-zero-cloud\/overview\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">ensure sustainability data is auditable, to forecast and reduce risk<\/a>, and more. By using technology to promote sustainability and good corporate citizenship, companies can improve their reputation and positively impact the world.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Communicate business values with clarity<\/h4>\n\n\n\n<p>Ultimately, companies must define their values for themselves and communicate them clearly to customers. A recent survey found that <a href=\"https:\/\/www.salesforce.com\/eu\/resources\/research-reports\/state-of-the-connected-customer\/?d=cta-body-promo-8\" target=\"_blank\" rel=\"noreferrer noopener\">88% of customers<\/a> expect companies to state their values clearly \u2014 but just 50% say they do. By making sure their values are clear and align with those of their customers, businesses can build trust and loyalty with their customer base.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Trend #5: Optimizing, integrating, and automating for profitable growth<\/h2>\n\n\n\n<h4 class=\"wp-block-heading\">The key strategies companies need to drive efficiency through integration and automation<\/h4>\n\n\n\n<p>Today, most businesses have laid the groundwork for digital transformation \u2014 but few have fully optimized it. Incomplete digital transformation initiatives can cost companies <a href=\"https:\/\/www.salesforce.com\/news\/stories\/connectivity-report-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">$9.5 million<\/a> annually, making extracting maximum value from existing technology more critical than ever. Businesses must drive efficiency and profitable growth by optimizing their existing technology and process initiatives to remain competitive.&nbsp;&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Failing to complete digital transformation initiatives costs organizations an estimated $9.5 million annually.<\/p>\n<\/blockquote>\n\n\n\n<p>AI technology developments fuel this new business trend, in which companies are increasingly focused on driving efficiency across existing workflows through automation and integration.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Integrating automation with everyday work<\/h4>\n\n\n\n<p><a href=\"https:\/\/www.salesforce.com\/news\/stories\/mulesoft-automation-trends-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">Automation demand surged in over 90% of companies<\/a> from 2020 to 2022. Businesses have saved up to <a href=\"https:\/\/www.salesforce.com\/news\/stories\/connectivity-report-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">109 billion hours<\/a> a month using automation tools that enable employees to focus on higher-value work. Demand for additional automation remains high, with data science (64%), product (62%), business analysts (61%), customer support (58%), finance (57%), marketing (56%), engineering (56%), and HR (52%) all <a href=\"https:\/\/www.salesforce.com\/news\/stories\/connectivity-report-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">reporting a need<\/a> for automation in their departments.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Driving integration in business practices<\/h4>\n\n\n\n<p>Organizations use <a href=\"https:\/\/www.salesforce.com\/news\/stories\/connectivity-report-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">over 1,000<\/a> applications today, but 70% remain disconnected from one another and the core business. Composability, or reusable integrations, offers cost-saving opportunities for businesses. On average, 47% of organizations\u2019 internal software assets and components are available to developers to reuse, providing an opportunity for <a href=\"https:\/\/blogs.mulesoft.com\/learn-apis\/guide-to-integration-reusability\/\" target=\"_blank\" rel=\"noreferrer noopener\">greater integration efficiency<\/a>.<\/p>\n\n\n\n<p>Moving forward, I see companies focusing their strategic digital initiatives on extracting the most value from their existing technology and processes. For instance, <a href=\"https:\/\/www.salesforce.com\/news\/stories\/state-of-marketing-for-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">marketers<\/a> say their number one challenge is the ineffective use of tools and technologies, and their number one priority is to improve the use of these tools. Similarly, sales reps often need more sales tools. Rather than replacing existing solutions, most IT leaders <a href=\"https:\/\/www.mulesoft.com\/lp\/reports\/it-leaders-insights-pulse-report\" target=\"_blank\" rel=\"noreferrer noopener\">prefer to update<\/a> or upgrade existing solutions wherever possible.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Moving forward, I see companies focusing their strategic digital initiatives on extracting the most value from their existing technology and processes.&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<p>By centralizing around chosen solutions that have proved most beneficial and leveraging automation and integration strategies, companies can drive efficiency, increase productivity, and achieve profitable growth.&nbsp;<\/p>\n\n\n\n<p>As more and more revenue comes from digital channels, businesses that don&#8217;t prioritize these initiatives risk falling behind their competitors. Conversely, businesses that dedicate time and resources to addressing and optimizing data insights, generative AI, personalization, ethical standards, and automation and integration will reap significant rewards in 2023 and the coming years.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">More information<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>See Salesforce\u2019s latest research in <a href=\"https:\/\/www.salesforce.com\/news\/stat-library\/\" target=\"_blank\" rel=\"noreferrer noopener\">the Stat Library<\/a>, an easily navigable database full of all the latest business trends<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Editor\u2019s Note: AI Cloud, Einstein GPT, and other cloud GPT products are now Einstein. For the latest on Salesforce Einstein, go here. We are in a transformative moment, with &#8220;once in a lifetime&#8221; technological innovation, economic conditions, and climate events colliding to create change at a rapid pace. To inform business leaders on how to [&hellip;]<\/p>\n","protected":false},"author":128,"featured_media":6758,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sf_subhead":"","sf_i18n_disclaimer":false,"_jetpack_memberships_contains_paid_content":false,"alternateThumbnailId":0,"sf_product_cta_id":0,"footnotes":""},"categories":[],"tags":[],"sf_content_type":[1099],"sf_theme":[1115],"sf_topic":[1092,1093],"sf_product":[],"sf_industry":[],"sf_role":[],"sf_multimedia_asset":[],"sf_location":[1094],"sf_collection":[],"sf_visibility":[],"coauthors":[1233],"class_list":["post-6757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","sf_content_type-snapshots","sf_theme-digital-transformation","sf_topic-artificial-intelligence","sf_topic-digital-transformation","sf_location-global"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 New Business Trends to Make or Break Success in 2023 - Salesforce<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.salesforce.com\/in\/news\/stories\/new-business-trends\/\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 New Business Trends to Make or Break Success in 2023\" \/>\n<meta property=\"og:description\" content=\"Editor\u2019s Note: AI Cloud, Einstein GPT, and other cloud GPT products are now Einstein. 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