The world of business is constantly changing, now more than ever, with technology and digital means always on the rise. Industries have become more competitive and digital not only on a local level but also on a global one. With these changes in mind, a very important question needs to be asked. What are the critical success factors for businesses in modern day? 

While the old formula of aligning people, technology and processes around your winning strategy will not change, what will change is how businesses will put this into practice as a way forward. 

People Changes 

The main challenge when it comes to employees is attracting the right people and, in turn retaining them. This was already serving to be problematic in previous years. Now, post-pandemic the shortage has accelerated, especially in the information technology sector. 

Businesses will need to further invest in the development of talents, and to invest in their staff, in order to survive. This includes staff training, combining skills, and adopting a retention-based strategy on wages on permanent employees. 

Businesses also need to find the right balance between remote working and face-to-face work. The adaptation of a hybrid model is necessary in most cases. Some American companies, including Google, have started to base off salaries on not only the employee’s function, but also their cost of living. Other companies are moving towards a more task-based pay model. 

Technology Changes 

The need to go digital has been strengthened at full force, especially during recent years, including post-pandemic. Some consequences were immediate. Retail companies could not function if they did not have an e-commerce site since physical stores had to be shut down. The gaming industry is also a key example. With traditional casinos shutting down, online gambling and betting operators such as those involved in NJ sports betting, came out on top. This trend did not stop when stores and casinos started to open back up. In fact, New York mobile sports betting generated $70M in tax revenue in the first 30 days of this year. It is clear that companies need to heavily invest in their online platforms to survive. 

The digital transformation has stopped to become an option and it is now a necessity. Companies who do not jump on the bandwagon soon will start to disappear and lose relevance in the market. 

Changes in Strategy 

Business strategies also need to change. First up is speed. While previously, companies could afford the luxury of time, with today’s competition, getting your product out on the market ASAP is crucial. Adaptability is also important while the ability to forge the right alliances is crucial. The digital world is too fast and contains too many variables to do it alone. 

The success formula of previous businesses is different to the success formula of businesses today. However, by aligning the right people, adopting the right technology, and following a fast and adaptable strategy, you will get there!