To help your business plan for the coming year, we talked with leaders from Emburse to get their thoughts on what to expect in 2023. The past 12 months have been filled with uncertainty, and it seems there’s even more on the horizon. We also anticipate that many of today’s hot topic news items will continue throughout the beginning of the new year: high inflation, rising rates and the potential for a recession. And while markets have already fallen in 2022, it looks like the downward trend may continue. With these in mind, it’s likely that companies will continue to be more cautious as we wade through these tumultuous waters.
Let’s take a closer look at what this could mean for your business. Here’s what Adriana Carpenter, CFO; Koen Bavinck, SVP of enterprise sales; and Rebecca Sheehan, VP of product management, had to say about their predictions for 2023.
Navigate uncertainty with digital transformation
Digital transformation will become increasingly important in 2023, said Adriana. With uncertainty being a big factor in the new year, a company will want to have plenty of resources on hand to help weather any storm. This means relying on technology to drive cost optimization will not only be a smart thing to do but also necessary.
What technology a business leans on will also matter a great deal. Those stuck in routines of using outdated, legacy systems or methods to manage B2B payments and expenses may not fare as well as competitors with newer technology. “Companies will want to optimize their operations to really jump ahead of their competitors,” said Adriana. “They’ll want to leverage their technology and be able to think about it from a finance lens to help unlock more value from their existing business model.”
Ultimately, she said, this will drive better visibility and accountability while also providing preventative controls that can stop spend before it even happens. So if your company hasn’t prioritized digital transformation yet, 2023 is the year to do so.
Take care of your talent
The workforce landscape is slightly changing, with 2023 now being labeled as “The Great Reset.” Though the power balance may shift slightly back in the favor of employers, it’s still critical to take care of talent already onboard. Koen emphasized this by saying that attracting and retaining the right talent for your organization is key in the new year.
To retain top talent, it will be about keeping them focused and motivated, he said. “If you’re able to achieve this, you’ll be able to master the upcoming economic challenges,” added Koen. “If you lose these employees, getting through the economic challenges will be even more difficult.”
Adriana agrees that having the right people in place makes all the difference, particularly when it comes to digital transformation. Upskilling teams and providing additional tools and training ensures all employees can harness the technology that is available to them.
Prioritize sustainability
Finally, while ESG may have seemed like a buzzword in 2022, sustainability will continue to be a priority issue in 2023. Rebecca predicts that with new ESG disclosure requirements, net zero corporate goals, and increasing concern over climate change, companies will need to expand their reporting, budgeting and guidance around carbon footprinting.
If you’d like to learn more about how Emburse can help your organization prepare for 2023, get in touch and schedule a demo today.