Gartner reveals six factors why executive leaders must rethink business and technology strategies

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The global pandemic revolutionized the way many industries operate, prompting executive leaders to rethink their strategies and account for critical changes. Business owners must recognize these evolving trends in order to stay competitive amid today’s climate of uncertainty. In their report, Gartner identified six macro factors that are reshaping business today, providing executive leaders with new opportunities to grow their organizations over the next decade. Keep reading to learn how this changing landscape could shape your future success!

macro factors by Gartner

1. The threat of recession

It’s easy to look at COVID-19 as the main cause of economic volatility, but the truth is that markets were already quite fragile pre-pandemic. Given this background, it is even more critical now to take strong and timely action in order to ride out any upcoming fluctuations and strive for growth down the line. This means using resources judiciously, investing intelligently, and above all promoting digital solutions within the organization. Indeed, savvy decision-making from leaders across the company is essential for a successful recovery!

2. Systemic mistrust

Consumer and citizen trust wasn’t in a great place before 2020 hit, and it’s only been worsening since then. Companies are feeling the effects of low trust in their supply chain shortages, talent shortages, and overall brand mistrust. For these businesses to stay afloat, executives must evaluate how customers will view them and how loyal people will be to their brands or whether they will seek out alternatives that provide either better experiences or products with wider availability. Taking the time to craft a more tailored and personalized connection with each customer can help seal any gaps between what they need from a service and what the company is offering – thus increasing trust levels naturally.

3. Poor economic productivity

With digitalization and remote working on the rise, workplace productivity is becoming an even more pressing issue with outdated technologies and limited tools and methods. The old ways of doing things can only take you so far, and you need new strategies if you want to get the most out of your teams in this modern age.

As executive leaders, it is necessary for you to strategically reassess the process and personnel involved in operations. Forgoing this responsibility can lead to overworked employees who become unable or unwilling to remain loyal, productive forces under intense disruption, thus potentially exacerbating an already challenging situation during this period of crisis – as well as those that may come after.

4. Sustainability

According to the Gartner CEO and Senior Business Executive Survey in 2022 “environmental issues” made it into the top 10 priorities for the first time. With 9% of respondents citing it as a top-three priority, this reflects a sharp increase in focus from business leaders across the board. Customers, investors, regulators, and employees are now all putting pressure on companies to be more sustainable, leading to a realization that green practices can make businesses not only more efficient and responsible but also far more lucrative.

5. Talent shortage

In the face of shrinking staff budgets, organizations must get creative to keep up with their in-demand talent needs. Instead of resorting solely to headcount increases, leading managers are finding new and innovative ways of gaining the necessary skills without expanding teams–making every team member count!

6. Emerging technologies

With so many emerging technologies on the horizon, it’s essential to understand what opportunities they can bring in order to optimize for success in the coming decade. Adaptive AI, the metaverse, platform engineering, sustainable technology, and superapps all present huge potential disruptions to how organizations and societies operate. Ignoring these advancements in their early stages could lead to a much pricier entry later on down the road in terms of opportunity cost. In order to capture as much benefit from these powerful technologies as possible while minimizing risk along the way, it’s essential to have prior knowledge of what they do, when each will reach its peak of influence, and how they can inspire your vision for success in the years to come.

Navigating the uncertainties of the coming years will be tricky, but one thing is certain – leaders must prepare for a world where macro factors come at them from every angle. It’s essential to take a holistic view of potential risks and opportunities and develop strategies around them with creative solutions rooted in consumer insights for continued success in the 2020s and beyond.

Source: Gartner

Read next: Top 10 policy and technology priorities for state CIOs in 2023

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