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Turbulent economy makes it difficult for CEOs to plan for the year ahead: Forrester

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because of a unpredictable and turbulent economy, leaders will need to approach planning with discipline and precision in the coming months to reduce waste, experiment and make bold, smart investments, a report found on Tuesday.



CEOs planning “business as usual” modest spending increases over the next year will fall short, according to Forrester.

“Leaders face navigating a tumultuous business landscape defined by global turmoil, supply chain instability and rising inflation, as well as the ongoing aftermath of the pandemic,” he said. Sharyn Leaverprincipal investigator at Forrester.

Since 2023 probably doesn’t look like a recession from the past, many assumptions about customers and their behavior will become useless.

“Leaders need to invest in new customer data and analytics tools, such as experiential research platforms (XPRs), to sharpen audience targeting strategies,” the findings show.

The current economic headwinds require a focus on technology geared to optimization and resilience.

“Leaders should invest in tools that drive loyalty and reduce operational costs, such as robotic process automation (RPA) and agent-assist apps,” the report said.

Many thought the cloud would be the antidote to tech debt, but yesterday’s lifted and shifted workloads are now themselves to blame, given how inefficient they are to run and how difficult they are to upgrade.

By 2023, leaders should consider early cloud deployments as candidates for technical debt reduction.

“Companies that have relied too much on partners for digital innovation during the pandemic-driven digital sprint should bring more innovation in-house,” the report said.

The overhyped metaverse and Web3 technologies hold the promise of immersive experiences tied to token-based ecosystems using cryptocurrencies and public blockchains.

“Consumer industry leaders should experiment with metaverse precursor platforms such as Roblox and Decentral to open doors to new audiences,” it added.

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