Doing Business in a Digital World

Doing business in a digital world

JT’s leadership team give their views on the most important trends that businesses should be prepared for in today’s digital world.

If 2022 has taught us anything, it’s this: businesses must take a personal and strategic approach towards everything they do. This publication summarises our key insights into how technology is changing and what businesses can do to prepare for all that lies ahead.

Working life will be borderless and inclusive

In 2022 workers the world over re-evaluated their circumstances, the desire for flexibility led many people to search for new jobs and opportunities at home and abroad. As the world embraced digital living, borders were no longer a barrier. Companies have had to rethink employee experiences from the ground up in today’s jobseeker’s market.

Hybrid and remote working has become mainstream, with 24% of UK workers splitting their time between in-office and remote work and 42% planning to mostly work from home.

Digital security transformation

The shift to a more digital world hasn’t been exclusive to the world of work. With the buzz about the metaverse making us rethink automation and streamlining processes and connected devices making homes, businesses and cities smarter, 2022 was a big year for advances in next-generation technologies.

Of course, these digital advancements came with more digital security concerns. As new technologies transform security operations, the role of security itself is undergoing a change. What was once considered just another standard business expense has become a critical source of added value, a true strategic asset, one that can give businesses a competitive edge.

Disruptions to supply chain operations

In 2022, the world was plagued with global supply chain issues. A number of factors have caused these delays, including inflation, increased freight costs, rising fuel costs in Europe, renewed COVID lockdowns in China and shifting consumer demand.

Labour shortages and the Russia-Ukraine conflict have only complicated things, causing the cost of commodities to increase.

These disruptions have made it harder than ever for businesses to update their equipment, meet customer demand, and generally keep their operations running smoothly.

Looking ahead

It’s clear that 2023 won’t be without its challenges. However, that doesn’t mean we have nothing to look forward to. The last few years have forced us all to rethink how we do things which has been an excellent catalyst for advancements in technology, healthcare, customer service and experience, and so much more.

2023 will be all about finding ways to support and express our values as businesses and individuals. That means finding ways to use technology for good, being more sustainable and socially responsible, and considering our impact on each other and the world.

Meriel Lenfesty Chair

“Where a 4G network could connect roughly 2,000 devices in a square kilometre, a 5G network can connect 1 million devices. This gives businesses and consumers a chance to connect pretty much everything if they want.”

2023: The year of 5G

The sunsetting of 3G technology around the world means telecom companies globally are looking to next-generation technologies like 5G, machine learning and artificial intelligence, datafication, and smart devices. 5G usage is expected to make up 44% of mobile connections in Europe by 2025, opening up countless opportunities to create an even more connected, digital world.

5G refers to the fifth generation of mobile networks, it’s a new worldwide wireless standard that provides a unique network, capable of connecting almost everyone and everything. This wireless technology provides more users with improved dependability, massive bandwidth, enhanced availability, and a more consistent customer experience.

Where a 4G network could connect roughly 2,000 devices in a square kilometre, a 5G network can connect 1 million devices. This gives businesses and consumers a chance to connect pretty much everything if they want.

Greater connectivity makes things like smart cities powered by IoT technology a reality. In the UK, cities like Bristol, London, Manchester, are all creating plans for smarter, more sustainable cities. Further afield, we see projects like Singapore’s Tengah, a completely smart, sustainable town that will include centralised cooling, automated refuse collection and sustainable energy supplies.

5G connectivity also offers many benefits on a smaller scale. Advances in smart home technologies mean consumers have more options than ever before for automating their homes and day-to-day lives. The recently announced Matter Smart Home Standard will speed up smart home adoption by allowing more devices to communicate with each other and creating a universal standard for device makers.

Businesses will also benefit from wider 5G rollout. They can expect more secure and reliable wireless solutions, better connectivity, and faster data transfer speeds. This will be a great asset as more of our working lives move online, keeping co-workers connected wherever they are and ensuring companies can always be available to their clients.

Daragh McDermott Chief Executive Officer

Putting People first

Over the last few years, businesses have learned that more than anything, everything comes down to employee experience. If you’re not offering your people what they want, then they are more than willing to look for a new position elsewhere. In fact, for much of 2022, the UK had more job vacancies than candidates, leading to a highly favourable market for jobseekers.

Culture can’t be underestimated

Companies that have demanded an unequivocal return to in-office work have been met with strong resistance and criticism. It’s becoming increasingly important to demonstrate a culture of trust, giving people the freedom to choose how, when, and where they work best.

The key to improving relationships with your people is the same as in any other relationship – communication. The best way to know what your people need from you is to ask them, and then to listen to what they share with you. Insight tools like surveys and performance management platforms are a great predictor of behaviour. They open a two way conversation — all driving engagement. Businesses with highly engaged teams are 21% more profitable than companies with lower engagement levels and are better able to build an emotional connection with their people.

Rethink benefits

People are also looking for a new take on benefits and perks in 2023 — and it’s here that tech can play an essential role.

Companies using digital platforms are seeing much better interaction and engagement. Amazon has expanded their cloud-based mentorship platform, Chronus, which matches mentors and mentees based on career level, location, and expertise. PwC has implemented My+, allowing people to switch between fully remote, hybrid, or in-office working with a few clicks and has encouraged people to take more time away from work by holding company-wide shutdowns multiple times during the year.

To attract and retain the best people in 2023, creating a benefits package that addresses compensation, well-being, workplace experience, individual autonomy, and personal and professional development will be essential.

At JT roles are varied and opportunities are endless, that’s the benefit of working in an industry that is ever changing, challenging and rewarding. To find out more about being part of JT visit: www.jtglobal.com/careers

Expand your talent pools

Expanding talent-sourcing efforts to reach new candidates will also be key. More people are switching industries than ever before, and a dwindling traditional workforce means hiring managers need to be more creative with their recruitment.

Targeting different types of talent will go a long way toward improving your hiring efforts. McKinsey suggests that companies should seek out a variety of people, including those looking for new opportunities to make a difference in the world and those looking to re-enter the workforce following a period of caring. Turning to younger talent just entering the workforce and those who have retired but are willing to work again for the perfect opportunity will also be important in the year ahead.

Prioritise recognition

Creating a new culture doesn’t happen overnight, and requires everyone’s commitment. At JT we’ve spent time listening to our people to ensure we prioritise their needs, we continually review our own best practise policies to make sure they remain relevant, recognising that balance is key to success, as one size, does not fit all.

We believe that recognition is the cornerstone of an employee-first strategy, and by recognising and celebrating the accomplishments of our people we’re showing them that the work they do and the contribution they make really does matter.

Nicola Reeves Group HR Director

“Training people on the importance of cybersecurity and the latest updates to your security processes can help mitigate risks to your IT infrastructure, user data, intellectual property, and more.”

Cybersecurity – is your business exposed?

Telecommunications companies, or telcos, have been at the forefront of connecting people across the world for decades. One of the most amazing things about this industry is that it provides essential connectivity service to every segment of society – from consumers to large enterprises, playing a crucial role in the digital revolution. However, the rapid evolution of technology and the ever-increasing threat of cyberattacks have meant that like many other businesses, we have had to adapt and evolve to the changing landscape.

At JT we are no longer simply providers of communication services; we are also expert Managed Service Providers (MSPs) offering effective cybersecurity solutions for businesses large and small.

The increasing number of cyber threats, the adoption of cloud technology, and the rise of the Internet of Things (IoT) have all contributed to the need for specialised cybersecurity solutions. But what’s really driven the change in our business is the growing demand for managed services which offer a more cost-effective and streamlined approach to IT management.

Managing cybersecurity is one of the most critical aspects of running a business today, no matter how large or small. Anyone can fall victim to a cyberattack, and the results can be disastrous. However, creating a robust plan for your business is no small task — it requires a multi-pronged approach to ensure the best possible protection.

Technical security measures

and firewalls will help build a strong foundation. Businesses can set up technical security measures inhouse or enlist the help of third-party experts to assist with implementation, regular reviews and testing.

Digital risk protection

Don’t neglect internal weaknesses. Digital risk protection (DRP) is a service that monitors the clear, deep and dark web for historic and newly breached data. It uses a combination of tools designed to monitor your data across the web and defend your digital assets, focussing on detecting, preventing, and responding to cyber threats by monitoring for:

• Data leaks • Account takeovers

• Fraud campaigns

Culture of security

Beyond strengthening your digital defences, businesses need to keep cybersecurity training and awareness front of mind. We’re all human, and mistakes will happen, but training people on the importance of cybersecurity and the latest updates to your security processes can help mitigate risks to your IT infrastructure, user data, intellectual property, and more.

Putting privacy first

Katie Corbett Chief Commercial Officer

Creating a cybersecurity system that incorporates twofactor authentication, network activity monitoring,

Finally, it’s vital to make privacy a priority. By the end of 2023, modern data privacy laws will cover the personal information of 75% of the world’s population. That means businesses must find ways to protect their customers’ data privacy at every step. Staying compliant with changing privacy regulations can be a challenge, but it can help you protect your customers and your reputation.

Identify, control and protect security risks to your business with JT's full suite of cyber threat advisory and managed cybersecurity services. Book a meeting with our team of experts to discuss your requirements today >

Driving trust in a Digital World

The need to protect customers’ personal data is more critical than ever. There was a 25% increase in fraud in England and Wales in 2022 compared to 2020. Worldwide, businesses suffered 50% more cyberattack attempts in 2021 — and numbers are predicted to rise. The cost-of-living crisis is adding to this increase as criminals target people during these stressful economic times. While online fraud and scams are nothing new, cyberattacks can be truly devastating, leaving victims with significant financial losses and a loss of trust in the online systems we’re all increasingly reliant upon.

At JT, we’re passionate about building solutions to better protect customers and their data. We know how important it is to build trust with your customers so they know they’re in safe hands. We do that by utilising real-time operator data to create unique fraud protection and customer authentication services.

In 2023 and beyond, businesses will need to employ technology like SIM swap protection, Know Your Customer, and real-time monitoring to secure data and keep their customers safe from the increasing threat of online fraud.

SIM swap protection

SIM swap fraud continues to rise, regularly hitting the headlines during 2022. Also called SIM jacking or SIM hijacking, it’s a form of identity theft where criminals take control of your mobile phone number by assigning it to a new SIM card. They can then intercept messages and one-time passcodes to access your accounts. SIM swap protection can provide businesses with real-time checks on recent SIM swap activity, helping them flag potential fraud and take proactive measures to protect their customers’ accounts from financial loss.

Know Your Customer

Know Your Customer (KYC) is the best way for providers to confirm a customer’s identity. KYC gives you access to valuable operator data that can be used to rapidly authenticate customers’ information and identity seamlessly and securely.

Signal monitoring

Having the ability to validate a customer’s number and network in real-time can help reduce risk and enhance customers’ protection from fraudulent attacks. The ability to monitor and utilise operator data can protect against call-forwarding and APP fraud, as well as reduce costs for A2P messaging by checking the status of numbers.

Thomas Noel Chief Product Officer

“In 2023 and beyond, businesses will need to employ technology like SIM swap protection, Know Your Customer, and realtime monitoring to secure data and keep their customers safe from the increasing threat of online fraud.”

The value of sustainability

As the climate and ecological crisis escalates, awareness of environmental and societal issues becomes increasingly critical across all sectors. In 2023 businesses will need to accelerate their efforts towards sustainable value creation and leverage opportunities to become drivers of change.

Governments around the world continue to set ambitious decarbonisation targets with many also broadening metric requirements to include societal measures. This increases regulatory reporting requirements that can influence the financial and reputational credentials of companies, and the personal fiduciary duties of board members. It’s also important that businesses don’t overlook the physical risks to operations, infrastructure and supply chains that can be caused by a rapid transition to a low-carbon economy.

Sustainability remains key for talent retention and recruitment, with 81% of workers expecting their employers to take action on climate change, and 75% of millennials (who will make up the majority of the workforce by 2025) who would consider a decrease in salary to work with a company focusing on environmental responsibility.

On the consumer side, Deloitte found them more likely to purchase from companies that produced sustainable products and reduced waste in their processes. Their preferences were also for businesses committed to ethical working practices, reducing their carbon footprint, and actively valued human rights.

Companies choosing to integrate sustainability into major decisions can build resilience and demonstrate consideration for future generations.

Some key actions can include:

• Screening key suppliers for environmental and societal sustainability credentials along with authentic, published sustainability strategies

• Adopting procurement processes to consider re-usable and refurbished equipment options, aligning with circular economy principles

• Investing in high-speed connectivity to enable automation and remote operations, boosting efficiency and flexibility, and reducing emissions.

Helene Narcy Chief Financial Officer

“Sustainability remains key for talent retention and recruitment, with 81% of workers expecting their employers to take action on climate change.”

Embrace new ways of thinking

In the past few years, companies have found ways to digitally transform their businesses — often by necessity. In 2023, the focus of those digital transformations will shift as technologies will play a huge role in enabling and securing revenue streams and unlocking more opportunities for efficiency.

We expect to see more businesses using digital transformation to streamline and simplify existing manual tasks to improve their employee and customer experiences. Things like refining communication with customers, collaboration between teams, and the digital customer experience are major priorities for 2023.

Improving customer experience will be one of the most important things for businesses to take on. The best way to approach this is by creating an omnichannel and supportive ecosystem across all customer touchpoints online and off.

Having the right people and the right culture is crucial if companies want a digital transformation strategy that continues to keep up with the pace of technology. Companies that can truly understand their people’s requirements and pain points and find ways to actively address them will be better able to provide excellent customer support.

Using smart technology to optimise your processes will be essential to improve reliability and decision-making. Plus, giving your people access to helpful technologies like artificial intelligence and machine learning will free up more time — allowing them to make more meaningful, personalised connections with your customers. These benefits will be further enhanced by the rollout of 5G and the expansion of web 4.0.

Thomas Helbo Chief Operations Officer

“It would be a mistake to think of digital transformation as a “one-off change”, companies need to see it as a continually evolving project. It’s not just about technology, but about people and processes too.”

Working together in the age of transformation

As we move into 2023, businesses have a lot to consider. Cybersecurity concerns, better ways of working, more sustainable practices, and next-generation technology are all at the top of the list. There will no doubt be struggles along the way. Still, by evaluating and adapting to emerging digital trends, we have the opportunity to make the world a more welcoming, sustainable, and connected place.

If your business needs expert advice on cybersecurity, 5G connectivity, digital risk management, or anything else we’ve discussed here, get in touch with JT. We have the tools and expertise you need to navigate the changing digital landscape in 2023.

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