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Mid-Year Trends

West Monroe

We partner with clients across all aspects of their business to progress toward new digital ways of working. #BeDigital

发布日期: 2023年8月14日

It’s become cliché to say—“Can you believe it’s already [month]?”—but it feels applicable in 2023 as summer starts to wind down and we hit mid-August (already). Silicon Valley Bank’s collapse, the ongoing Russia-Ukraine War, the latest uptick from the Fed, generative AI’s seemingly endless possibilities, and whatever Elon Musk has done in between you clicking on this newsletter and reading this sentence—they’ve all shaped our work. And the effects of these events mirror much of what we predicted in our 2023 Industry Outlooks, where uncertainty—and opportunity—were key themes.

So how about a pause for reflection? And a discussion about how you plan to spend the rest of 2023 to make an impact? ?

West Monroe believes strongly in industry-led expertise and solutions in consulting—that’s how we track trends and keep a pulse on where our clients are focused. With that in mind, we gained clarity—and unearthed new challenges—specifically in banking, high-tech & software, and private equity that allowed us to update our initial predictions and strategies moving forward.

The tech trends affecting everyone

Technology is ever-evolving—but the change we’ve seen since the beginning of the year has been unprecedented. Our report analyzing the five biggest tech trends that we’re focused on dives into AI’s emergence, innovation, new workforce needs, and customer trust. Our biggest takeaways? Taking risks with an eye toward the future and separating fundamentals from fads have become imperative.
The West Monroe AI Lab also published the most common questions it gets asked (both within West Monroe and by clients). The Lab also has some initial thoughts on Meta’s release of Llama 2—the first open source LLM to rival gpt-3.5—and how it will impact testing generative AI in more regulated use cases.
Staying on generative AI, it’s only as good as your ability to maximize its potential. Our prompt engineering series dives into how organizations can do just that.

Industries with unsteady change

It seems like something new and impactful affects the banking industry each week—so we broke down the biggest ones in our 2023 Banking Outlook: Mid-Year Update. There’s a renewed sense of urgency for banks to meet their customers where they are by building seamless digital (and physical) experiences while evolving multi-channel strategies to meet those needs and navigate a turbulent economy. A focus on data and automation will drive deposits and build that required trust.
Cost optimization has taken center stage for a high-tech sector that has battled brutal layoffs, higher interest rates, and a turbulent market. The new themes we dive into in our 2023 High-Tech & Software Outlook: Mid-Year Update include profitability and AI/machine learning, all in the quest for efficiency.
Deal volume remains low and slow in M&A and private equity, with PE firms maintaining a sharp focus on data-driven digital value creation in their current portfolios. Cyberthreats have been top-of-mind well before 2023—but there’s been an increase in BEC scams that portfolio companies must now address. Our 2023 Private Equity Outlook: Mid-Year Update provides recommendations and strategies for these and more—plus, West Monroe’s Chris Stafford and Dhaval Moogimane analyzed new waves of value creation as part of PitchBook’s Q2 2023 Trends report.

Industries with steady change

The IIJA and Bipartisan Infrastructure Law have made headlines in the energy & utilities space, anchored by the key themes we discussed in December’s 2023 Energy & Utilities Outlook: decarbonization, electrification, and decentralized generation on that path toward a clean-energy future.
Patients in healthcare continue to want convenience, personalization, and accessibility—while payers and providers are being tasked to deliver on that desire while navigating workforce shortages and economic downturns. A digital operating model and mindset shift remain pivotal for success—as outlined in our 2023 Healthcare & Life Sciences Outlook.
Supply chains, an evolving workforce, sustainability, and growth in consumer & industrial products were key themes of our 2023 Manufacturing Outlook—and that hasn’t changed. One area that’s been a growing topic in our conversations? AI—for all its potential, and how it can actually help humanize the industry.

All the above trends are on par with the predictions our Chief Commercial Officer Casey Foss made at the beginning of the year: fostering an environment that supports sustainable innovation, building a scalable and resilient operating model, and investing in the future of work to mitigate near-term risks and achieve quick wins while also making long-term gains.

The events and technology developments in the first half of 2023 have had a profound impact on industry. Your organization doesn’t need to wait for annual planning to address these trends—operating with digital agility provides an opportunity to start working through these challenges and opportunities today.

2023 Banking Outlook | Mid-Year Update

2023 Manufacturing Outlook

2023 Private Equity Outlook | Mid-Year Update

2023 High-Tech & Software Outlook | Mid-Year Update