2022 trends: product strategy
The new year is just around the corner, so it’s that time again when I provide some predictions and trends. I like to start with broad business and societal views that in turn affect what products and services are needed in the market.
Digital transformation
Can I really be saying this again? Yes Digital Transformation is top of my list. Why is this trend still around? Some technical projects take a lot longer than just re-skinning a mobile app or integrating new social media platforms.
Another factor was quarantines. A massive shift from in-person experiences to digital highlighted new opportunities and major gaps. Reminder: digital transformation goes beyond retail experiences; consider online religious services, fitness classes, and public input to government projects.
What to expect: disruption from smaller players (and a few big ones too) with cool new ideas we never expected and also with things we always wanted. Partnering up might help your company go faster than trying to go it alone — collaboration can improve innovation and delivery times, but comes at a cost.
Example: Expectations from consumers have changed the retail customer experience: perfect delivery, seamless online to in-person shopping, and self-service (no phones calls or chat). Forbes writer Shep Hyken describes this as the “convenience culture” and was a trend of mine for 2021.
The great resignation — aka availability of skilled staff
Early during Covid, I first started talking about the great resignation from the perspective of women leaving the workforce to provide support for their families, especially care-giving for children and seniors. And now, that trend has expanded to broader demographics in the workplace, such as the early retirement group.
What’s at stake: where people can work, the hours they work, whether they work, and more. All these hybrid-work options have radically affected the future of companies’ bottom line. Staffing and HR areas are already scrambling to attract and retain talent. In the competitive job market, companies are reminded that fulfillment, community, and making a difference all are part of why an individual wants to continue coming to work each day. That’s why you’re hearing buzz words like “net zero” and “whole self.”
How companies are responding: compensation plans, social responsibility, environment sustainability, wellness and physical/mental health benefits.
Example: Companies are also looking at AI and robots to do repetitive and dangerous tasks, freeing up staff to work on innovative and fulfilling work.
Security is still hard
As long as there are criminals, there will be cybersecurity threats. Government-sponsored attacks are surfacing frequently enough to make corporate boards sit up and take notice. And, the attack surfaces continue to grow as well the methods to hack them. Companies are looking for help through open source and IT vendors since security experts are hard to come by. Buzz word of the year is “zero trust.”
Example 1: Data breaches top the list of major security issues in 2021, notably Facebook (533 million users) and LinkedIn (700 million users). “Security Magazine” cites these impacts: “manufacturing & utilities sector was deeply impacted, with 48 compromises and a total of 48,294,629 victims. The healthcare sector followed, with 78 compromises and more than 7 million victims. Other sectors with more than 1 million victims included financial services (1.6 million victims), government (1.4 million victims) and professional services (1.5 million victims).”
Example 2: In 2021, ransomware became a household word (my dad knows what it is!). Attacks against Colonial Pipeline, JBS Foods, and healthcare providers showed how public services are vulnerable to service interruptions and potential loss of life.
What to expect: more large-scale hacks but also increased CISO budgets to get ahead of how costly cyber attacks can be. AI, shift left, security training, and other security practices will be at the forefront.
And so that wraps up my list. I bet you noticed that I sneaked in several trends under my three themes of digital transformation, workforce instability, and cybersecurity. Next up I’ll share how technology comes to the rescue in 2022.
Sources:
IBM Institute for Business Value — numerous surveys, analysis, and reports
