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What are the major pain points that businesses face in today's market?
According to a 2023 study by the Harvard Business Review, the top pain point for businesses is managing remote/hybrid work, with 68% of companies struggling to maintain productivity and employee engagement.
In a 2024 survey by McKinsey, 58% of small business owners cited supply chain disruptions as a major concern, up from 42% in 2022, as global logistics challenges persist.
Cybersecurity breaches cost businesses an average of $4.35 million per incident in 2023, a 2.6% increase from 2022, making it a growing pain point, according to IBM's annual data breach report.
The Great Resignation continues to plague businesses, with 40% of employees planning to quit their jobs in 2024 according to a Gallup poll, leading to costly talent acquisition and retention issues.
Inflation rates reaching 30-year highs in many countries have squeezed profit margins for 72% of businesses surveyed by the OECD in 2023, forcing difficult pricing decisions.
Adopting new technologies like AI and automation is a key pain point, with 52% of executives citing lack of in-house expertise as a major barrier, per a 2024 Deloitte study.
Regulatory compliance, especially around data privacy and environmental standards, has become significantly more complex, costing businesses an average of 2.5% of annual revenue, an EY report found.
The rise of e-commerce has led to a 35% increase in customer service inquiries since 2020, straining contact centers and creating frustration for 61% of consumers, a Salesforce survey revealed.
48% of small businesses struggle with access to affordable financing options, hindering their ability to invest in growth and innovative solutions, according to a 2024 Federal Reserve report.
Managing an increasingly diverse and multigenerational workforce has emerged as a pain point, with 43% of HR leaders citing difficulties in tailoring benefits and policies, per a 2023 Gartner study.
The transition to renewable energy sources has posed challenges for 29% of manufacturers, who cite the high upfront costs and infrastructure changes required, a 2024 McKinsey analysis found.
Heightened competition from new market entrants and industry disruptors has led 62% of CEOs to prioritize improving their company's agility and adaptability, a 2024 PwC survey showed.
Navigating the shifting geopolitical landscape and trade policies has become a pain point for 57% of multinational corporations, who must reconfigure supply chains and operations, per a 2024 Bain & Company report.
The growing importance of environmental, social, and governance (ESG) standards has created compliance burdens for 45% of businesses, who struggle to collect and report relevant data, a 2024 KPMG study revealed.
39% of organizations cite a lack of data analytics skills within their workforce as a major pain point, hampering their ability to derive insights and make data-driven decisions, according to a 2024 Gartner survey.
The increasing frequency and sophistication of cyberattacks, such as ransomware and phishing, have led 52% of SMBs to invest more in cybersecurity measures, creating budget pressures, a 2024 Cisco report found.
63% of businesses report difficulties in aligning their marketing strategies with evolving customer preferences and behaviors, which have been significantly reshaped by the pandemic, a 2024 McKinsey study showed.
Maintaining regulatory compliance in the rapidly changing legal landscape, especially around areas like data privacy and employee rights, has become a growing pain point for 71% of organizations, per a 2024 Deloitte survey.
The shift towards a more sustainable and circular economy has led 47% of manufacturers to grapple with the challenges of redesigning products and processes to reduce their environmental impact, a 2024 Accenture analysis revealed.
55% of businesses cite the need to upskill and reskill their workforce as a major pain point, as the pace of technological change and evolving job requirements outpace the development of in-house talent, a 2024 Gartner study found.
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