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Evolving For A Better Future

If the pandemic has taught us anything, it’s that change is the only constant in business, and businesses that keep pace with change are the ones most likely to survive and thrive. With this in mind, below are a few key trends that we believe will shape the business environment in 2023.

  • The migration to all things digital will accelerate. From product design to manufacturing to distribution, digital technologies have become essential to most business operations. And even advanced technologies using AI and ML are becoming more widespread as cost and access barriers diminish.
  • Businesses will increasingly rely on automation. With advances in robotics and AI, the number of applications for automated solutions has expanded. At the same time, solutions have become more effective and less costly.
  • E-commerce will continue to redefine distribution. Customers have come to value the convenience of multi-channel options including the internet for purchasing products. With innovations in communications and fulfillment, they are going to expect even more from their online shopping experience than they have in the past.
  • The shift to client-centricity will lead to more rewarding and immersive client experiences. Customer experience has become an important determinant in product selection and brand commitment, and businesses that utilize innovative technologies to boost customer engagement are expected to reap the rewards.
  • Sustainability will grow in importance. What’s good for the planet will be good for business. Awareness of ESG issues among customers is rising and is playing a significant role in their choice of the products they buy and the companies they do business with.
  • Cybersecurity is mission critical. As business becomes digitized and key data moves into the cloud, the threat landscape expands. Taking the necessary steps to protect businesses and their customers from malicious cyberattacks will be essential to business survival.

As we begin 2023, we at Washington Trust wish you a successful and prosperous new year and, as always, renew our commitment to helping you access the resources you need to realize your goals.

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For more information or to speak with one of our trusted advisors about your unique financial needs, contact us at 800-465-2265 or submit an online form.

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