2023: Year in Review
West Monroe
We partner with clients across all aspects of their business to progress toward new digital ways of working. #BeDigital
2023, where do we begin? Mostly, everyone just wants you to end.??
This year was defined by unprecedented challenges, groundbreaking innovations, and an ever-evolving business landscape. West Monroe started 2023 with three ways that companies could make it a high-impact year—a laser focus on innovation, data, and optimizing costs —and those anchors mostly held true through the ups and downs that industries faced.?
Silicon Valley Bank’s collapse struck the banking industry hard—especially the mid-market sector that was forced to adapt to a shaky environment seemingly overnight. But we stressed that uncertainty about inflation, interest rates and deposit concentration did not equate to banks battening down the hatches. Instead, we recommended banks go on the offensive with customer experience, integration of new technologies, and active preparation for inevitable regulatory changes . In our experience, digital-forward banks that made the right investments in new technologies are already ahead of the curve.?
Major energy legislation like the Infrastructure Investment and Jobs Act (IIJA) and Bipartisan Infrastructure Law (BIL) brought utilities to the forefront of the news cycle—and with billions in federal funding available, active and diligent preparation was the key to securing grants to push the industry’s decarbonization efforts forward.??
A more normal, post-pandemic landscape allowed manufacturers to begin using digital strategies to push their supply chains forward. Digital supply chain success entailed multidisciplinary efforts, direct engagement with suppliers, and investment in the right technology—not only to improve operations but to empower the workforce of the future .?
Dealmaking slowed considerably in 2023, with high interest rates to tamp down inflation, but that didn’t dampen enthusiasm for future deals in cleantech investments . Private equity firms spent considerable time on their portfolio companies, finding ways to create value through longer hold periods through digital and data investments and track better spend and ROI through a well-run office of the CFO .???
And then there’s AI. It probably deserves its own newsletter, but we’ll try to be succinct. It touched every department of every industry—but we were intrigued by the effect it had on healthcare , specifically for pharma companies enhancing patient support programs . It’s changing the outlook for manufacturing in its operations, efficiency, and competitiveness, while sales and marketing processes will also benefit. The bottom line: AI can live up to the hype if you put it into action. We got down to brass tacks in our video podcast series This Is AI which skipped the theory and showed real-world examples from our front-line experts.???
After a raucous year, here’s what YOU, the reader, told us was the most helpful:?
?? MOST READ: CEO Kevin McCarty writes on why leaders should shed complexity and focus on what you do best to gain clarity with your customers and clients.? ?
?? MOST LISTENED TO: Our Season 2 premier featured AI entrepreneur, advisor, and investor Allie K. Miller to discuss Culture 2.0 and innovation with AI. ?
??? MOST DOWNLOADED: Our industry leaders analyzed the latest in generative AI, customer needs, an ever-changing workforce, and innovation in the Tech Trends to Watch 2023 .
?? OUR BEST ANALYSIS: West Monroe COO Gil Mermelstein stein told The Wall Street Journal that private equity firms advising portcos to move deposits around—not only to the Big Four but also super regional banks.
All in? It was a wild, tough, intense year. The fallout of the FTX collapse and Sam Bankman-Fried trial, the exposure of a fragile banking system post-SVB, FTC pressure on mergers, the rebranding of Twitter to X, an escalation of war in the Middle East, the Sam Altman OpenAI saga over Thanksgiving—and all the smaller stories in between. It begs the question: If it weren’t for #Barbenheimer, the finale of HBO’s Succession, and Taylor Swift’s Eras Tour to distract us, where might we be???
Get here soon, 2024—and bring some good news.
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