2022 is now firmly in the rearview mirror, but many of its most important trends are still playing out. Here, we’re picking out of a few of the most significant highlights and lowlights, and discussing what they could mean going forward.
Necessity: the mother of invention?
One of the prevailing themes of 2022 was “doing more, with less”. From the very beginning, business faced historic talent shortages, exacerbated by “The Big Quit”. Geopolitical destabilization made a bad situation worse, disrupting access to Ukrainian tech talent. All in all, 2022 was a rough year for hiring, and it’s still looking very much an employee’s market in Q1 of 2023.
But it’s not all doom and gloom. Valuable lessons were learned, particularly when it comes to optimizing for innovation. Companies have turned to AI solutions to alleviate the pressure of R&D talent shortages and adapt to a leaner, more agile way of working. Those who have adapted in this way have begun 2023 on a stronger footing, and are better equipped to keep innovating in an uncertain climate.
Turning over a new leaf: sustainability, prioritized across the board
While it has been – and still is – hotly contested, there were major developments in the ESG space last year. 2022’s proxy season saw a record number of ESG proposals, primarily focused on environmental issues, but also social causes.
This renewed focus on sustainability goals was also reflected in M&A activity. IBM’s acquisition of Envizi signaled a commitment to move towards more sustainable business practices. Envizi’s software enables companies to coordinate and consolidate the hundreds of data types needed to analyze and manage their ESG goals. By integrating Envizi with IBM’s asset management, supply chain and environmental intelligence software, companies will now be able to automate much of this workflow and scale their efforts.
The view from life sciences and pharma: M&A down, partnerships up
While M&A deals in life sciences dropped off, licensing partnerships saw a small but significant increase, from $178 to $179 billion, an early harbinger of what is to come in 2023. As funding dries up, and life sciences companies face uncertain economic conditions, collaboration and ecosystem building have become critical priorities..
Through 2022, buyers also demonstrated a growing appetite for licensing agreements that spread the risk, rather than outright acquisition. This cautious approach was exemplified by Roche’s strategic collaboration with Poseida Therapeutics, combining Poseida’s novel cell therapy techniques with Roche’s development and commercialization capabilities. 2022 set the tone that 2023 is following: partnership and licensing agreements are key business development priorities that call for next-generation solutions.
Life sciences companies have yet to make DnA a part of their DNA
But when it comes to adopting those solutions, the life sciences lagged behind other industries throughout 2022. Mckinsey notes that just over half of Digital and Analytics (DnA) leaders in pharmaceutical companies report having implemented digital applications at scale. The situation was even worse for MedTech. By their estimate, full adoption of digital solutions could bring the industry up to $190 billion in gains through the life sciences value chain, from streamlining clinical trials to enhancing drug discovery.
Generative AI and the future of BI
No review of 2022 would be complete without a nod to the rise of generative AI. 2022 was a bumper year for AI, across the board. But Openai’s GPT-3 took center stage towards the end of the year. The potential use cases for business intelligence are still unfolding, but it’s already being used for a variety of applications:
- Data analysis: GPT-3 can help analysts by quickly summarizing large amounts of data, generating reports, and performing exploratory data analysis.
- Predictive analytics: GPT-3 can be used to generate forecasts and predictions based on historical data and business trends.
Similari knew all of this before we did (and much more).
From a human point of view, 2022 felt like a whirlwind – even one and a half months later. But for Similari, it’s all been processed neatly and accurately into readily accessible data – data that business leaders can tap into for reliable and actionable insights.
To find out how Similari helps businesses find certainty in uncertain times, schedule a demo with our team. We’ll guide you through Similari’s key features and show you how intelligent market surveillance and proactive analytics equip companies to tackle the future with confidence.