Top global business trends for 2023 and beyond

Remote work

Remote work is here to stay.

In Canada, 54% of employees say that access to teleworking will be a significant determining factor in applying for or accepting a new job. And more than 74% of Canadian small to medium enterprises report that they will offer employees the opportunity to continue working remotely.

For businesses, remote work leads to cost savings with the reduction of rent for office spaces, and for employees, its saves time and money on transportation, gas and food – serving as a win-win for both parties.

Automation

Automation is controversial as it is both an opportunity and a threat – it’s an opportunity for businesses and a potential threat to workers.

As long as businesses can see lower costs and increased revenue in their financial statements, they will continue to pursue automating certain processes. This, however, poses a big threat to workers whose jobs could be replaced.

More and more big-box retailers, like Costco and Walmart, and even retail stores like Zara and Uniqlo, have already implemented self-checkout stations, rendering roles like cashiers almost obsolete. However, this isn’t the only form of automation taking force. Many businesses are now also looking at process mining, chatbots, artificial intelligence, machine learning and low-code workflow platforms, just to name a few.

Robotics

Just like AI and machine learning, robotic technology helps businesses save money.

Economic growth, increased productivity, new career opportunities, cost-effectiveness and increasing trust in technology will continue to accelerate the robotic revolution.

Forbes predicts that robots will populate homes, offices, factories, schools, stores and more – all within the next five to seven years.

Renewable energy

Renewable energy is a business model already unfolding as organizations continue to look for sustainable energy solutions.

In addition to the eco-friendly factor, renewable energy leads to positive environmental corporate social responsibility for businesses and attracts consumers who value green initiatives.

The Government of Canada is also investing in renewable energy by upgrading its electricity grid to make clean, affordable electricity options more accessible in communities across the country. This $964-million program shows how current this trend is.

Metaverse

While Forbes predicts that these trends will gain in popularity, there is one controversial movement that the company believes is not ready yet.

According to Forbes, the metaverse is still only in the imaginative stage, and will only develop over time as the major players define the competitive space and the enabling technology develops.

Uncertainty and many unanswered questions remain for this developing technology – how will it work? What will the business model look like? Who will be the vendors? What is the adopting trajectory? And will it be immersive, ubiquitous and free to access?

These questions will need to be answered before the metaverse can enter the mainstream.

As a business and tech-focused institution, University Canada West has partnered with leading tech and business companies, like Salesforce, Amazon, Shopify, Facebook and many others, to incorporate their latest technology and expertise into its Master of Business Administration program courses. Ensuring UCW grads are ready to tackle the challenges of today’s ever-evolving business world.