The year 2023 is less than a month away from moving in 2024. As always, businesses and organizations are working hard to predict what the new year has in store. Companies must prepare to plan, invest, and spend in their respective industries to make the most of technology in 2024.
Innumerable technology trends surface every year, but some are hard to ignore. So, today, we will highlight the top technology trends businesses need to consider in the upcoming year.
- Generative AI at the Top: According to the Boston Consulting Group, companies need a clear and compelling generative AI model today to achieve industrial success in the next five years. AI and ML have become integral to the products and services offered by industry-leading organizations. Generative AI has the potential to boost the efficiency and credibility of automation tools and practices. It also improves the core business, making it easier for organizations to utilize their internal operations.
- Developing Soft Skills: Automation has taken over the business world, with numerous tasks automated, reducing manual labour and skills. Still, many processes and operations require human intervention. Therefore, in 2024, organizations will need to invest in training and development of soft skills among their employees, including emotional intelligence, interpersonal skills, communication, problem-solving, strategic mindset, and smart leadership.
- Increased Skills Expectations: Over time, skill shortage has become critical when hiring professionals for specific business roles. It has been a challenge to hire the right candidate for the right job with the right skills. So, companies will continue to invest in training and upskilling old and new employees, especially in the fields of generative AI, ML, and AI, to stay ahead in the everchanging AI-driven world economy.
- Making Business Sustainable: Sustainable business practices in 2024 are pivotal for a company’s success and also for the well-being of the planet and future generations. Customers are increasingly going for eco-friendly products and services. Sustainable businesses appeal to this growing market by demonstrating social responsibility, leading to increased sales and brand loyalty. Companies that integrate sustainability into their operations are better equipped to withstand market fluctuations, supply chain disruptions, and changing consumer preferences in 2024.
- Personalizated Customer Experience: Personalized customer experience is poised to be at the forefront in 2024. Customers now expect tailored experiences. Therefore, businesses will understand their preferences, anticipate their needs, and offer customized solutions. Personalization leads to better engagement with customers. It is an integral part of a customer-centric approach. Businesses that understand and fulfil individual customer needs tend to build stronger relationships in the upcoming year, resulting in long-term loyalty and advocacy.
- Data as a Valuable Asset: In 2024, data as a valuable asset will continue to drive business decisions. It would lead to streamlined operations and better customer experiences. For that, businesses need to take a strategic approach towards handling large chunks of data generated daily. With easy access to large-scale data and AI-powered data analytics, small businesses will leverage data and draw valuable customer insights.
- Remote or Hybrid Work Culture: The remote and hybrid work culture trend is set to drive the future of work in 2024 and beyond. Post-pandemic and the increasing availability of remote work options, more companies are embracing this trend.
In the coming years, we can expect a shift towards a more permanent hybrid work model, where employees split their time between working from home and in the office. It will lead to a more flexible work-life balance and increased productivity, as employees are free to work in a way that suits them best. The remote and hybrid work culture trend is a long-term solution that will shape the future of work. Companies that embrace this trend will be better positioned to attract and retain top talent, increase productivity, and achieve long-term success.
- Having Diverse and Inclusive Workforce: Talent is present in people of different age groups, social stature, and colour. However, unintentional bias may seep across multiple departments, especially in hiring, training, development, etc. Many deserving candidates’ capabilities are often overlooked and ignored. It will be the responsibility of organizations to ensure they have a diverse yet inclusive workforce.
- Building Resilience: The future is uncertain, so businesses must remain protected against threats. Companies must be prepared to survive turbulent times and unforeseen circumstances, including cyber-attacks, economic crises, global wars, pandemics or the emergence of new competitors. So, businesses must build resilience against unpredictable threats, which will emerge as a key trend in 2024.
So, are you ready to enter the new year with great expectations?
It’s time to strategically plan your business goals that drive positive results in 2024. For more info about what steps to take to build a successful and resilient business, talk to our IT team today.