It’s time to look into the crystal ball once more and predict the direction that business and industry will soak up the approaching 12 months.
With the general global economic downturn predicted worsen before it gets higher, firms are likely to remain cautious when it comes to spending and investing in radical latest ideas in 2024. But there are a variety of technological and social trends which can be just too big to ignore or postpone until higher times come . These are areas where we are able to expect continued innovation and investment. In this text I’ll highlight an important ones.
As has been the case over the previous few years, there may be some overlap between these predictions and my other predictions that focus totally on technology. Simply put, it’s because today’s business trends are largely driven by technology. However, as we higher understand technology – artificial intelligence (AI) being an obvious example – we also understand what it is just not. In 2024, it will lead to a brand new understanding of what makes us human – a theme that I consider is reflected on this 12 months’s forecasts.
Generative AI all over the place
Boston Consulting Group claims that “to be an industry leader in five years, you need a clear and compelling generative AI strategy today.” Artificial intelligence and machine learning have been gaining popularity for over a decade and are thoroughly integrated into lots of the services we buy from large firms. Now, generative AI puts the facility to create and intelligently automate customer support – in addition to internal operations – within the hands of virtually every organization.
Soft skills and the human touch
As the automation of technical points of labor – similar to coding, research, or data management – becomes more feasible, the flexibility to leverage soft skills for tasks that also require the human touch becomes critical. For this reason, in 2024, organizations will increase investment in developing and nurturing skills and attributes similar to emotional intelligence, communication, interpersonal problem solving, high-level strategy and thought leadership.
Skills solution
We have been hearing about staff shortages for several years now. Changes in hiring practices that emphasize choosing candidates with specific experiences and skills needed for a given job, slightly than characteristics similar to educational achievements or age, are a part of the industry’s response and can proceed to be a robust trend. We may also proceed to see increased investment in training and upskilling, particularly in disruptive technologies similar to generative AI and skills that may be in demand in an AI-driven economy.
Sustainable business
One factor is undoubtedly customer demand, as research continues to show that buyers increasingly prefer firms which have a robust commitment to reducing their impact on the environment. On the opposite hand, because the green economy develops, we’re learning that green solutions often lead to increased profits. For example, WalmartWMT dramatically reduced its fuel and vehicle maintenance expenses by switching to an electrical vehicle delivery fleet. We may also higher detect greenwashing, i.e. thoughtless declarations about ecology, trying to divert attention from environmentally unfriendly practices.
Personalization on a big scale
One factor is undoubtedly customer demand, as research continues to show that buyers increasingly prefer firms which have a robust commitment to reducing their impact on the environment. On the opposite hand, because the green economy develops, we’re learning that green solutions often lead to increased profits. For example, L’Oréal has developed personalized cosmetics tailored to the shopper’s skin type, and the offer of NikeNKE and other manufacturers custom made shoes in 1000’s of color and style mixtures. This will enable firms of all sizes to offer tailored solutions to construct stronger customer relationships.
Data economy
Data is an increasingly invaluable business resource. By 2024, more firms will streamline their operations and improve their customer offerings by taking a strategic approach to their data. This will make them ready for the following step – monetizing the information itself to create latest business opportunities. Companies similar to John Deere are leading the way in which, pioneering the model of selling data from sensor-equipped agricultural equipment to farmers in the shape of applications that help improve productivity. As access to large-scale data collection and AI-driven analytics becomes increasingly democratized, smaller firms in area of interest and diversified sectors will take over.
A revolution in customer experience
Imagine a line on a graph that gauges your customers’ sentiment at every touchpoint where they interact together with your company, goods or services. This illustrates the concept of customer experience. While traditionally an organization might construct a business model around superior quality or value, in 2024 the impetus will be to be sure that every interaction and experience puts a smile on a customer’s face. This means personalized marketing that offers them what they need at the appropriate time, on-time delivery, hassle-free setup and installation, and effective problem resolution. It is becoming increasingly common for firms and types to appoint a chief experience officer to ensure these principles are fully integrated into all business strategies.
Remote and distributed work
It is not any longer about firms surviving the pandemic, but about offering flexible solutions, respecting employees’ time and harnessing the potential of the worldwide workforce. Yes, the return of employees to the office has been the subject of the last 12 months. However, employers are also ensuring that they preserve the flexibility to work with geographically dispersed teams and attract talent from anywhere on the earth. For these reasons, the variety of job offers with “remote” or “hybrid” locations will remain well above pre-pandemic levels throughout 2024.
Diversity and inclusion
Talent is available in all ages, shapes, sizes and colours. Unconscious racist, sexist or ageist bias can easily seep into hiring, training, performance management or development systems, causing talent to be marginalised, mismanaged or omitted. There has all the time been a business case for ensuring a various and inclusive workforce, but within the age of artificial intelligence, once we increasingly depend on machines to make decisions that impact humans, it’s more vital than ever.
Resistance.
Ensuring your organization is protected against any threats lurking across the corner. This could mean cyberattacks, an economic downturn, environmental events, war, a world pandemic, or the emergence of a brand new disruptive competitor. It’s about taking what we have learned from firms which have survived and even thrived in turbulent times, and using it to plan and prepare for what might occur tomorrow. Despite my crystal ball, the longer term is rarely certain, and constructing resilience to emerging threats will be a key business trend in 2024.
You can read more about these topics in my book, The Internet of the Future: How the Metaverse, Web 3.0 and Blockchain Will Transform Business and Society And ‘Business trends in practicewhich won the Business Book of the Year 2022 award. And remember to subscribe (*10*)my newsletter and follow me further X (Twitter), LinkedInAND Youtube for more information on future business and technology trends.
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Credit : www.forbes.com
