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3 Key Challenges to Modern Business & How to Overcome Them

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Key Challenges to Modern Business

The business environment is currently characterized by uncertainty. Global markets are experiencing more profound fluctuations in value due to geo-political factors such as the ongoing conflict in Ukraine and now Israel. In addition, inflation levels are at some of their highest values in decades across the developed and developing world. 

Put simply, it’s currently a difficult time for millions of businesses, and the medium- to long-term outlook isn’t particularly encouraging. Businesses need to strive to recognize the specific challenges. That they face in their sector of operations and take meaningful steps to counter them. 

Key Challenges to Modern Business

In this article, three key challenges to businesses will be discussed. These have the potential to affect organizations across a range of business sectors and information will be provided on how companies can successfully overcome them. 

IT security 

One of the biggest challenges to all forms of modern business is the risk of succumbing to a cyberattack. It’s estimated that a cyberattack is unleashed online every 39 seconds. This equates to over 2,200 attacks every day. A successful attack can severely damage IT infrastructure and may take a company weeks to fully recover from. In addition, it can hurt the business reputation and the brand of the organization. Especially, if sensitive consumer data is compromised. 

With an increasing number of business applications being moved to the cloud. A key form of defense is to invest in a secure api platform to control, monitor, and manage the applications that are held here. Such platforms can adopt automated routines to alert IT staff when unusual cloud-based activities or access requests are made.

They also help to strengthen online IT systems by effectively removing weak points. Cybercriminals can exploit to gain access to cloud-based applications. In short, securing your business cloud-based applications with an industry-leading API platform can be a key way to improve IT security.

The need to operate sustainably

Modern consumers are becoming increasingly environmentally aware. The threats posed by global warming and climate change have become more noticeable (in terms of extreme weather events becoming more common) in the last decade. 

Consumers are now actively choosing to trade with companies that can demonstrate their concern for the environment. And the steps that they’re taking to operate more sustainably in terms of business practices. A company that doesn’t operate sustainably will be at risk of experiencing lower levels of profitability as they become overlooked by consumers. All companies should seek to reduce their carbon footprint, use more recycled materials in their products and packaging, and support environmental charities wherever possible. 

Effective remote working

Workers in all sectors now expect remote or hybrid models of working to be available to them. These models of work became commonplace. If not mandatory, for millions of staff during the height of the recent COVID-19 outbreak. But workers still expect that these working conditions will be present in 2023. 

To negate the risk of losing talented staff, organizations should ensure that effective remote working practices can be supported. Technology provides the solution, with video conferencing software, collaborative platforms, and project management software giving businesses the tools they need to support effective and productive working from a remote or hybrid workforce.