Salesforce's Predictions & Trends for the Future of Technology in 2023
Change is the only constant in technology, as it is in life. In this article, you'll hear predictions from Salesforce leaders about how technology will shape the future, such as:
Businesses should keep technology predictions in mind in the future.
The future of sales, service, and marketing
What technologies will be disruptive in the future?
How will businesses lead with values in the future?
What exactly is Salesforce (and why are its executives making predictions about the future)?
Salesforce is the global leader in customer relationship management (CRM), assisting businesses in connecting with customers in new ways. Salesforce helps businesses of all sizes and industries digitally transform around their customers by leveraging the power of automation, artificial intelligence, and real-time data to make every customer experience more personal, valuable, and memorable.
Salesforce executives are at the forefront of the latest business trends, technologies, and challenges. They bring expertise and insight from market analysis, customer conversations, and other sources to help reveal what the future may bring.
Five Technology Predictions for Businesses in 2023
While a recession is not a foregone conclusion, 74% of CEOs believe the economy will deteriorate in the near term. Digital transformation is critical for businesses to navigate the growing economic turbulence they are facing today. Here are five IT investment predictions for 2023.
1. Organizations that continue to invest in digital transformation will outperform those that do not.
"In times of severe economic headwinds, the pressure to deliver cost savings through increased efficiency and productivity is insurmountable. However, evidence from McKinsey and Bain for the economic downturns of 2008-2009 and 2020 suggests that only seeking efficiency savings during difficult economic conditions is risky: roughly one in ten companies manages to outperform its peers both during downturns and in the subsequent recovery.
The big challenge for 2023 will be to avoid leaning too far toward cost savings and efficiencies and thus risk losing out on the next economic upswing. The calculation of how much of the digital transformation projects can be cut without increasing the risk will be similar. Uber, WhatsApp, AirBNB, Instagram, and Amazon's significant resurgence were all products of the Great Recession. You might experience disruption if you lose focus. — Ed Thompson, SVP, Global Influencer Strategy, Salesforce
2. Automation investment will skyrocket as businesses strive to do more with less.
"In 2023, we'll likely see a spike in automation spending. Everyone wants to automate their work, but we're in an economic climate where businesses must prioritise cost efficiency. Automation is about developing methods of working that save time while driving efficient growth and simply doing more with less." — Brent Hayward, MuleSoft CEO
3. Introducing business intimacy will add value to the organization and elevate the CIO's seat at the table.
"By bringing a new set of skills and operating processes to the executive table during a radically different business environment, CIOs can increase their relevance and capacity to deliver business value. This begins with a thorough understanding of the broader business needs — what the priorities, pain points, processes, investments, and, most importantly, technologies their colleagues are dealing with. This is known as business intimacy, and it is critical for better understanding the strategic priorities of business partners in sales, service, marketing, commerce, information technology, human resources, finance, and other departments." - Juan Perez, Salesforce CIO & EVP
4. To remain competitive, "digital Darwinism" will be required.
"Some companies will cut costs and batten down the hatches. Markets, on the other hand, will continue to evolve. Customers will keep shopping, making decisions, learning and practising new behaviours, and gaining new digital competencies. In this market, competition becomes a matter of 'digital Darwinism.' Businesses must adapt to the rate at which technology influences how society and technology evolve in order to survive and thrive. And to do so, businesses must be bolder and wiser than their competitors. Smart businesses will reallocate resources today to build the business of the future. Forward-thinking executives will issue RFPs seeking vendor collaboration and solutions that go beyond immediate technological requirements or basic automation. To compete, they will strive to create customer-centered solutions that eliminate friction and effort while imitating best-in-class experiences." — Brian Solis, Salesforce's VP of Global Innovation Evangelist
“To survive and thrive, businesses must adapt to the pace at which technology influences how society and technology evolves. And to do this, businesses need to be bolder and wiser than their peers. Smart companies will reallocate resources to build the business of the future, today.
BRIAN SOLIS, VP, GLOBAL INNOVATION EVANGELIST, SALESFORCE
5. Composability will promote business agility and innovation -
"Resources are still scarce despite the rising demand on IT teams, so organizations will need to find ways to make the most of what they already have. In 2023, there will be a renewed emphasis on developing reusable business capabilities to drive efficiency, agility, and optionality at scale." — Matt McLarty, Global CTO, MuleSoft's
Five Sales and Service Predictions for the Future
According to a new Salesforce report, 82% of sales reps have had to quickly adapt to new ways of selling due to changing social and economic conditions. Here are five Salesforce executives' predictions for sales and service success in 2023.
1. Companies that invest in team selling will increase revenue while also empowering individual representatives.
“2023 will bring a period of ‘Great Retraining’ among sales professionals. Sales teams are an organization's backbone, and the pressure is on to keep revenue flowing regardless of the macroeconomic climate."
“The most successful organizations will be the ones that invest in their sales teams, especially when times are uncertain and budgets are tight.
KETAN KARKHANIS, EVP & GM, SALES CLOUD, SALESFORCE
"To accomplish this, we can expect leaders to rely on sales enablement programmers to ensure they are caring for the reps who are on the frontlines of a difficult selling environment, while also empowering them with AI and automation to drive productivity and efficiency throughout their day-to-day." — Ketan Karkhanis, EVP & GM, Sales Cloud, Salesforce
2. Companies that priorities sales enablement will generate more revenue.
"The big move for 2023 will be linking sales training with business outcomes, like an increase in pipeline generation or higher revenue.". Historically, there was no easy way to determine whether time spent on learning and training influenced business outcomes. That's why [Salesforce] developed the world's first accountability performance matrix, allowing us to establish a direct link between sales training and our KPIs. We must hold ourselves accountable as Enablers [of sales] for moving the needle on pipeline generation, revenue, and participation. The better the sales team is prepared, the better they can serve as trusted advisors to customers." – Jody Kohner, EVP, Global Sales Enablement, Salesforce
3. Automation will transform the customer experience and boost revenue.
"Starting in 2023, service organizations will start to view service automation capabilities as a "must have" rather than a "nice to have. Automation was once thought of as a supplement to service solutions. With rising customer expectations, shrinking team sizes, and uncertain economic conditions, automation is at the top of every service leader's priority list for improving the customer experience while lowering the cost to serve."– Clara Shih, CEO of Service Cloud, Salesforce
4. Outstanding customer service will be intuitive, effective, and consistent.
"True success does not come from the initial marketing and sales effort, but rather, growing the relationship with a customer for the long term. We say that customer expectations have never been higher, but in my opinion, they haven't — customers have always wanted to be known and treated fairly and consistently. What's new is the difficulty of consistently engaging customers now that communication can take place through any of a dozen channels. The message to customer experience leaders is to learn to actively listen to customers and design processes that naturally draw customers to a specific channel — one that feels it is their choice. Get this correct and you earn the right to customers for life.” — Michael Maoz, SVP, Innovation Strategy, Salesforce
5. This year, the CDP industry will be one of the fastest growing enterprise markets.
"More than half of customers expect personalization in every interaction, and businesses can deliver it at scale by utilizing a customer data platform" (CDP). Salesforce Genie Customer Data Cloud is a game changer in this regard. As we approach 2023, I believe this technology will become increasingly important. Genie broadens the definition of CDP to power real-time experiences across all Customer 360 channels. This is what our customers want now, because their customers expect ‘magical,' automated, intelligent, and personalized experiences." — David Schmaier, President and Chief Product Officer, Salesforce
“I predict this technology will grow exponentially in importance as we head into 2023. Genie broadens the definition of CDP to power real-time experiences for all channels across the Customer 360.
DAVID SCHMAIER, PRESIDENT AND CHIEF PRODUCT OFFICER, SALESFORCE
Four Disruptive Technology Predictions That Will Shape the Future
Statista named AI/Machine Learning the most impactful disruptive technology in 2021. Salesforce executives discuss five disruptive trends and technologies that will shape the future in 2023.
1. Generative AI will enable mass experience customization.
Machine learning algorithms are used in "generative AI," which enables computers to use existing content (such as text, audio and video files, images, and code) to create new, potentially creative content. In 2023, generative AI will rapidly become an important tool for businesses and ad agencies looking to implement mass customization of experiences —Individuals with the highest customer lifetime value are increasingly seeing machine-generated images and copy that are personalized to their specific profile." — Mick Costigan, VP of Salesforce Futures, Salesforce
2. Employees will have the opportunity to experience workplace culture — in the cloud.
"Executives will finally realize that building connection and company culture doesn't just happen 'in real life,' but thrives online — on platforms like Slack. Data show that investing in collaboration tools and techniques pays off, with digital leaders outperforming digital laggards across the board. According to the Future Forum's Pulse survey, leaders have 59% higher productivity than laggards. Many executives are surprised to learn that leaders have a 2.2x higher sense of belonging to their team than laggards." – Brian Elliott, SVP, Future Forum, Slack
“The data shows investing in collaboration tools and techniques pays off, with digital leaders outpacing digital laggards on every dimension.
BRIAN ELLIOTT, SVP, FUTURE FORUM, SLACK
3. Everyone will have greater access to and understanding of data.
"More people will understand data as data literacy for the typical employee improves. Data will become more natural and approachable, transforming it from something for the few to something for the many. — all infused in the flow of work.” — Francois Ajenstat, Chief Product Officer, Tableau
4. We will not be working in virtual reality offices.
"While manufacturers of 'professional' versions of VR headsets appear to believe that we will be interacting with each other's avatars in virtual reality offices in the future — I think not. The technology is still too crude, the avatars are uninteresting, and people wearing VR headsets appear ridiculous. With the exception of gaming, nearly all of the billions currently being invested in VR are likely to be a total loss." — Peter Schwartz, SVP Chief Futures Officer, Salesforce
Three Forecasts for How Businesses Will Prioritize Values in the Future
Eighty-eight percent of customers expect companies to clearly state their values, but only half do. Here are three predictions for how businesses will live up to their values in the future and beyond.
1. Businesses will prioritize climate commitments — despite economic uncertainty
"Climate change will not wait - even in times of economic uncertainty. Corporate leaders must continue to make progress toward their sustainability commitments in 2023 and beyond to ensure the long-term success of both their organizations and the planet. Salesforce technology can help customers improve their business's efficiency and profitability while also advancing their environmental, social, and governance (ESG) goals for success right now." — Suzanne DiBianca, EVP and Chief Impact Officer, Salesforce
“Climate change won’t wait – even in times of economic uncertainty. In 2023 and beyond, corporate leaders must continue making progress towards their sustainability commitments, ensuring the long-term success of both their organizations and the planet.
SUZANNE DIBIANCA, EVP AND CHIEF IMPACT OFFICER, SALESFORCE
2. Businesses will approach consumer data with trust at the forefront of their minds.
Consumer data may be the next virtual currency, but it's also the next regulated currency because by 2026, privacy laws are expected to apply to 75% of the world's population. Major global data privacy regulations are expected to be implemented over the next three years, and failure to navigate them will have major effects for growth and reputation." — Wendy Batchelder, SVP & Chief Data Officer of Trust, Salesforce
3. Regulation will assist businesses in better understanding and implementing tech ethics.
"Discussions in the United States regarding a national privacy bill, as well as the development of AI regulation in Europe, are encouraging. While there are still crucial parts to iron out, establishing a set of guidelines that everyone can adhere to will make acting responsibly in technology much easier. We want to enable the future of AI and innovation while also protecting those who will be affected by it - and regulation can help us do that." — Paula Goldman, Chief Ethical and Humane Use Officer, Salesforce