Trends in Global Business Technology 2022

With nearly half of 2022 gone, we are still anxious about a number of issues, including if and when the COVID-19 pandemic will end, whether or not there will be economic stagnation, and what the state of the economy will be. What impact will the ongoing pandemic have on the greater corporate ecosystem?

While no prediction is certain, here are the top business predictions for this year that are likely to affect the corporate world.

End-to-end Digitalization

Companies will continue to adopt new digital technologies obsessively across industries, including federal agencies and small enterprises, among others. Artificial Intelligence (AI), Machine Learning (ML), Cybersecurity, Blockchain, and Intelligent Automation (IA) will be among the digital technologies on CXOs’ minds as they seek to increase efficiencies, automate processes, and reduce costs. The path forward will be one of business resilience and future/pandemic preparedness. In fact, according to a recent Zinnov poll, nearly half of organizations want to raise their spending on digital technology adoption, implementation, and transformation in order to accelerate the overall transformation of their operations.

Potential Increase in Investments toward India, Vietnam, and South East Asia

Global MNCs are increasing their investments in India, Vietnam, and South East Asia in order to capitalize on the promise of these geographies. India is one of the top geographies for Global Centers of Excellence in terms of return on investment (ROI) (GCoEs). Aside from India, Vietnam and South East Asia have cost-competitive ecosystems with strong innovation enthusiasm, various start-ups, substantial digitally trained workforce pools, business and academia tie-ups, and so on. Global MNCs strengthening their presence in these markets will generate significant value in 2022 and beyond.

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Growth of Green tech, Decarbonization, and Sustainability

Incorporating climate change resilience into corporate planning is no longer an option; it is a requirement. Businesses will need to restructure the current carbon-fuel economy. Affirmative action is being slowed by a number of problems, including a lack of a supportive ecosystem, restricted infrastructural solutions, a lack of investor funding, and under-utilization of recent technological breakthroughs, to mention a few. It is critical to shift collective leadership mindsets in order to reduce carbon emissions and spearhead sustainable business offers from the top down. Indeed, an immediate result of pandemic-induced lockdowns and constrained movement was a reduction in global carbon dioxide emissions of 2.3 billion tonnes, after rising uninterrupted for decades. At the moment, the goal is to take strategic steps toward Net Zero by 2050. Accelerating innovation in technology and business models will be essential enablers of this vision, as will investing institutional capital and risk-taking in terms of adoption and attitude shift.

Diversification and Expansion of Global Supply Chains

The majority of firms established in Japan and other nearby nations are shifting their manufacturing and supply chain bases away from China. The trend is toward developing a “China plus one” model, in which no single country is responsible for all aspects of the supply chain. In fact, the top 250 global MNCs are expanding their operations and launching new manufacturing possibilities in other developing Asian nations such as India, Vietnam, Thailand, Bangladesh, and Malaysia. The rising trade conflicts, changing geopolitical scenarios, and de-risking supply chain and logistics end-to-end are the key drivers of this attitude shift.

Growth of AI Robots in the Manufacturing Sector

Manufacturers have enormous problems in addressing global customer needs in this era of hyper-personalization. To secure consumer retention and brand loyalty, they are expected to add more product customizations at reasonable rates. Manufacturers are embracing AI robots to make factories more innovative, smarter, and intelligent in order to meet this changing demand.

Nobel Talent Strategy

In the aftermath of the epidemic, the continuous talent battles, exacerbated by ‘The Great Resignation,’ have come to a head. Competition for the greatest talent is fierce. Most qualified prospects and employees want stability and certainty, a good work-life balance, the chance to develop and grow, and a clear and appealing career path, among other factors. To meet these changing personnel demands and expectations, firms’ approaches to attracting, hiring, and retaining talent have shifted dramatically. Experimenting with new remote/hybrid models and embracing creative technical breakthroughs has become a crucial emphasis in order to provide a secure and collaborative work environment while rethinking traditional engagement patterns.

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Increased emphasis on Electric Vehicles (EV), Connected, and Autonomous Driving

Increased emphasis on Electric Vehicles (EV), Connected, and Autonomous Driving With an increased emphasis on electric vehicles, the major problems remain: enhancing Predictive Maintenance, Digital Fleet Management, Over-The-Air (OTA) improvements, and Road Assistance. This shift in focus is the result of changing product differentiation levers expected by customers, which has created a significant skill and capacity gap for automakers attempting to produce connected electric vehicles.

Expansion of Pharma, FinTech, and e-Commerce Industries

COVID-19 has led in higher pharmaceutical sales and the pharmaceutical industry’s exponential expansion. With individuals restricting their movement and completing their buying needs online, the e-Commerce business is thriving. Furthermore, with the rise of cashless services, such as online banking, Fintech firms are experiencing good tailwinds, with more start-ups forming, global MNCs upgrading their capabilities, and new product rollouts planned to compete with the new-age Fintech firms. This momentum is predicted to grow 10x stronger across all of these verticals by 2022, with additional advances expected to increase their relevance to the economy.

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