Top Trends You Need to Know for 2023 Strategic Planning

For more than 20 years, we have been working with businesses of all sizes to help them compete and grow in their specific industries. As 2022 nears a close, our internal experts have identified the top trends in distribution, field service, the home and building supply industry, residential home building and contracting, and manufacturing.

Here is a wrap up of the trends that should be on your short list of top business-building priorities heading into 2023, and over the next several years. For each, we provide a rundown and take you to the full article for you to learn even more about the trends that are most vital to your business objectives.

Distribution Industry

B2B Ecommerce

Modern buyers expect an Amazon-level shopping experience with modern interfaces and convenience. Meanwhile, quickly evolving demands have left distribution companies struggling to keep up. In Answering the Increasing Demands for B2B Ecommerce, our industry experts have identified the demands causing the greatest ecommerce changes in distribution as modern technology upgrades, automated user experiences, eProcurement governance, and complete business visibility. For each demand, our experts present the most viable solution, today and looking ahead in 2023.

Inflation and Supply Chain Impacts

As an industry, there are a few different ways to adapt your business to today’s economy. Dealing with Inflation and Supply Chain Demands are the economic challenges of our time, for businesses, business customers, and consumers. In the article, we identify updating inefficient business processes, taking advantage of business opportunities, and having complete control over margins as three effective ways to fight against inflation and supply chain disruptions.

Changes in Workplace Dynamics

Acquiring talent has become highly competitive, and technology has become a critical component of that. Upgrading your business processes with powerful technology will not only help you attract new talent but also retain the employees you already have. Eliminating monotonous tasks with automation will enable employees to make a more significant business impact. As you investigate strategies to accommodate these new workforce changes, you will need to address the challenges and solutions we cover in Changing Business Process to Reflect Changing Work Dynamics.

eProcurement

Business-to-business (B2B) eProcurement (also known as “Punchouts”) integrates a business’s purchasing software with their vendor’s ecommerce website. This integration allows any business or organization to use its existing purchasing processes and technology for a seamless shopping and ordering experience and to complete the transaction within their accounting systems. We recently talked with our internal industry experts to explore some of the challenges that office solution dealers face and how an eProcurement punchout can help them overcome the hurdles. Find out what they had to say in B2B eProcurement is Picking up Speed.

Field Service Industry

Automation

Field service is a booming industry worldwide. An estimated 20 million field technicians are currently operating worldwide, and the global field service management market is expected to reach $8 billion by 2028. With growth like this, it has become essential for field service companies to maximize efficiency and embrace automation. Automation helps you focus on maximizing productivity and profitability while leaving the little things to machines and software. In Automation Brings Modern Solutions to Field Service Industry, we present the benefits of adopting automation software.

Accessibility

Today’s post-pandemic world has evolved how we do business. Staying connected and operating effectively with a remote workforce can be demanding. While most companies like yours supply their field service technicians with devices like laptops, tablets, and smartphones, it can’t stop there. You need to provide the apps and software required to manage time, resolve work orders, and keep your techs connected from anywhere. With remote accessibility, field service companies can deliver service from anywhere while keeping workers and customers safe as socio-economic and global health climates change. This will continue to impact the rise in the usage of video conferencing and remote walk-throughs, which is further discussed in our Field Service Techs Need All-In-One Accessibility on Jobsites article. 

Data Transparency

You might have heard by now about the importance of your business's data transparency and security. But what does it mean, and how can you do it successfully? To dig into the details of what makes it so integral to a company’s health and wealth, Cisco’s 2022 Consumer Privacy Survey asked 1,600 adults in 12 countries their thoughts on the subject. The survey found that 81% feel that how a company treats personal data reflects its respect for its customers. The survey also found key trends showing the value of using accurate data to drive business decisions. Uncover if you are prioritizing data protection and transparency enough for your business and customers.

Home and Building Supply Industry

Ecommerce

We recently surveyed 200 U.S.-based lumber, building material, and hardlines software decision-makers to see how they are approaching the coming year. Our 2022 State of Lumber, Building Material, and Hardlines (LBMH) Report reveals that 63% of industry professionals consider ecommerce to be the most crucial feature in running their businesses. However, many LBMH companies still lag behind. Sales opportunities and accessibility to easy-to-use tools are making it more challenging for businesses to ignore ecommerce, and now the home building and supply industry leader consensus is that Finding the Right Ecommerce Solution is Crucial to Digital Growth.

Data Security

Whether in the lumber, hardware, or building supply industries, How You Protect Your Data Will Determine Customer Success. Choosing the right software will help you build a safe environment for your customers, stakeholders, and staff. There is nothing more valuable to your business than data, which is why it’s the number one target for cybercriminals. Companies must adopt cloud solutions to protect sensitive customer information from hackers. This applies to industry segments that store inventory, customer information, and accounting information, as well as those that accept payment virtually.

Mobility

In this industry, no one sits at a desk from 9-5. They are on the move checking email, communicating with colleagues, and running their businesses, all from their mobile devices. Having access to your business at arm’s length has never been more critical. This is just one of the reasons why smartphones and tablets have become indispensable to communication, sales, and relationship-building across all industries. In Finding Mobile-Driven Success in the Home and Building Supply Industry, we discuss how and why mobile-minded businesses are best equipped to thrive.

Residential Home Building and Contracting Industries

Land Shortages

Over the last three years, the home construction industry survived a global pandemic, ongoing supply chain issues, and “The Great Resignation.” Now, we face another epidemic — widespread land shortages. This unprecedented lot shortage comes during a home buying boom. It’s estimated that the U.S. is more than 3 million homes short of the demand from would-be homebuyers. Find out what’s behind this trend and what we can do about it in Builders Need to Embrace Innovation to Combat Widespread Land Shortages.

Material Shortages

Since 2020, the construction world has faced major challenges due to material price increases and supply chain delays. These issues are still prevalent after more than two years since the pandemic started and continue to grow. Home building contractors and project teams have worked to mitigate the impacts during the past few years by adopting software solutions to simplify their internal processes and reduce human error. Learn more about how the industry is responding in High Cost of Materials Lead to Empty Lots.

Labor Shortage

Considering how labor shortages cause construction delays and rising costs, housing supply and affordability have been deeply affected. In fact, 42% of surveyed builders shared that homes have sat idle for days due to limited available labor. The emerging workforce of a younger generation is looking for an improved quality of life. New research reveals that full-time workers find well-being benefits like financial, mental/emotional, social, physical, and career well-being to be major factors when applying for new jobs. In Prioritizing Values of Younger Workforce Can Combat Labor Shortages, we investigate what businesses can do to become their employer of choice.

Manufacturing Industry

Supply Chain Disruption

More than ever, materials are being shipped on an unpredictable timeline, forcing manufacturers to prioritize aspects that are more within their control, like production efficiency. According to a recent survey, 97% of companies have reported changing their business processes to combat supply chain disruptions. Knowing the status of incoming goods is imperative, not only for production purposes but for customer satisfaction as well. Our industry experts identified the most common factors preventing manufacturers from rising above supply chain disruptions in Managing Supply Chain in Manufacturing.

Automation

We are increasingly seeing manufacturers moving toward automated work processes to increase efficiencies, accuracies, and production levels. But just how effective is automation? In Automation Can Save Time and Money, our experts explore how automation has resolved some of the challenges that our manufacturing customers have experienced in the past, including data inaccuracies and redundant workers.

Labor Shortages

Once hired, it is imperative to have visibility into data to understand what is working and what is not working for your employees. In addition to the increased visibility for management, technology also satisfies expectations from the next generation of workers who are digital natives. Ease of use, efficiency, and accuracy are some of the aspects digital natives look for in the tools they use to accomplish tasks. Allocating all resources efficiently will help save your company time and money. In Using Technology to Battle Labor Shortages, our industry experts present insights to reassure you there are better ways to battle labor shortages and the skill gap than “NOW HIRING” signs and overhauling onboarding training processes.

Our industry experts continue to explore the greatest challenges affecting the verticals we serve, and you can expect even more robust reporting in our blog in 2023. In the meantime, share some of these articles with your team and use them as a springboard for planning your strategic problem-solving approaches in the coming year.

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