![]() Tech companies are also seeking to improve efficiency and spur innovation in other areas that are ripe for transformation, including real estate, manufacturing, and retail. On a hunt for new revenue opportunities, the tech sector is extending its reach into other industries, using digital advancements to support innovation and transformation. Transforming other industries through technology.Leaders should think strategically about their choices of partners, where they’re located, and where and how production takes place. As technology companies confront heightened global challenges they should work to mitigate risks and build more resilient systems. ![]() Beyond workforce adjustments, approaches may include making business processes more efficient, relying more heavily on intelligent automation, modernizing legacy architectures, and considering strategic mergers and acquisitions (M&A). Beleaguered by softening consumer spending, lower product demand, and falling market capitalizations, tech companies’ C-suites are feeling the urgency to increase margins and grow revenues. Leading through macroeconomic uncertainty.Some of the specific themes we see playing a critical role in 2023 and beyond include: At the same time, many are likely looking for ways to remain innovative and build a strong competitive position for the future. A major challenge now for tech companies is how to weather a potential economic slowdown by trimming costs, increasing efficiency, and growing revenues. While tech stocks outperformed during the pandemic pressures of 2020–21, the sector led considerable stock market declines in 2022. But in 2023, the tech industry will likely continue to grapple with issues around supply chains, workforce, and innovation-now exacerbated by considerable macroeconomic and global uncertainties. The crisis thrust many organizations into the future, accelerating digital transformation and changing work models dramatically. The technology industry has not just weathered the pandemic-driven disruptions of the past few years it has flourished. Building a strong competitive position for the future
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