Business Trends 2023: Financial Planning For A Dynamic Market

After two years of a catastrophic pandemic, 2022 was the year of recovery. It was the year when businesses reopened their conventional gates and got back to normalcy. However, things will never be the same in the post-pandemic world. Two years of the COVID crisis taught us a lot of business management lessons and made us realize the importance of digitization.

This has led to a plethora of different trends emerging to help businesses thrive in a dynamic market. From hybrid workspaces to remote work entering mainstream conversations, we have come a long way over the last two years.

As we are on the brink of 2023, it is important to focus on holistic and realistic financial planning based on ongoing business trends. Here are some of the most important business trends that should help you with financial planning in 2023:

The Rise Of Touchless Transactions

While digital transactions have been around for a while, the increasing prevalence of blockchain and digital assets has led to significant financial automation. As more and more businesses are integrating ERPs with the cloud, financial automation is further simplifying business processes.

Considering this, it is safe to say that touchless transactions will be further on the rise in 2023 across all scales. This will free human capital for businesses as finance teams get leaner. This may lead to operational financial staff shrinking with an increase in talent indulging in specialized finance, such as reporting, planning, budgeting, business partnering, etc.

Financial Forecasting Will Become More Important Than Ever

After bearing the brunt of a sudden pandemic that was totally uncalled for, the need for financial forecasting is bound to increase in 2023. More and more businesses will gravitate towards financial planning and analysis (FP&A) tools that facilitate automated and targeted financial forecasting. This will help companies anticipate, manage, and mitigate financial risks.

Reducing Dominance Of Periodic Reporting

While FP&A teams operate on cyclical reporting today, on-demand forecasts and real-time insights reduce the gap between analytical and operational data. Modern FP&A solutions focus more on real-time reporting and future assessments as compared to generating periodic reports. While these reports will still be relevant, they are likely to be overshadowed by dynamic data analytics.

The Rise Of Microservices

While financial teams will not steer away from ERPs, microservices will likely gain more prominence in the coming years. The microservice architecture is already helping businesses of all scales deliver complicated applications rapidly and reliably. Looking at the ongoing trends, it is safe to say that modern finance applications and microservices will disrupt ERP solutions in 2023 and beyond.

Secure Your Business’s Financial Future For 2023 With VIZIO

Allow VIZIO to shoulder the responsibility of charting out a robust financial plan for your business as you enter 2023. Our team of trained and experienced SAP experts will help you build modern FP&A solutions tailored according to your business preferences. With VIZIO, you can optimize the ongoing business trends and anticipate the ones looming on the horizon!