It’s that time of year again to gaze into the future and foretell the course of commerce and industry.
Companies are unlikely to take risks on innovative new ideas in 2024 due to the broad global economic slowdown, which is expected to get worse before it gets better. However, there are a few major developments in technology and society that cannot be ignored or postponed until better times. These are the fields that will see the most investment and innovation in the future, so I will focus on them.
These and my other forecasts, which tend to center on technological developments, tend to coincide to some extent, as has been the case in recent years. This is so because, put simply, technological advancements are a major factor in shaping modern business trends. But as our knowledge of a technology grows, we also gain an appreciation for what it isn’t. Artificial intelligence (AI) is a prime example of this. This, I feel, is reflected in this year’s forecasts, since it will lead to fresh ideas on what it is that makes us human in 2024.
An Age of Generative AI
According to the Boston Consulting Group, “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 generating headlines for over a decade, and they are now pervasively present in the goods and services we purchase from the world’s largest corporations. Now, practically every business can have the ability to design and implement intelligently automated consumer experiences and internal processes thanks to generative AI.
Ability to Connect with Others
The capacity to harness soft talents for jobs that still require a human touch becomes increasingly important when it becomes viable to automate technical components of employment, such as coding, research, or data management. Companies will put more resources into training employees in soft skills including emotional intelligence, communication, problem solving with others, strategic thinking, and leadership in 2024.
The Skills Solution
The shortage of skilled workers has been discussed for years. As a part of the industry’s response, recruiting processes have shifted to place more weight on a candidate’s demonstrated ability to do the job, rather than on demographic factors like age or level of education. Training and upskilling will also continue to receive more funding, with a focus on disruptive technologies like generative AI and in-demand skills in an AI-driven economy.
Business Sustainability
Demand from customers is a major factor; studies show that people increasingly choose buying from businesses who make an effort to lessen their impact on the planet. However, as the green economy develops, we are finding that green solutions frequently result in increased profits. Walmart, for one, was able to significantly cut down on fuel and vehicle maintenance costs by switching to an EV delivery fleet. We’ll also improve our ability to identify instances of greenwashing, in which businesses make empty environmental claims in an effort to conceal their harmful activities.
Personalization-at-Scale
Demand from customers is a major factor; studies show that people increasingly choose buying from businesses who make an effort to lessen their impact on the planet. However, as the green economy develops, we are finding that green solutions frequently result in increased profits. For instance, companies like L’Oréal and Nike allow clients to create their own cosmetics and footwear with a wide variety of color and design options. Or how casinos move to the online space with their rainbow riches games. As a result, businesses of all sizes will begin providing individualized services in an effort to forge deeper connections with their clientele.
Economy Based On Data
A company’s data is becoming an increasingly important asset. By 2024, more businesses will have taken a strategic approach to their data in order to streamline operations and increase customer offerings. This will put them in a position to capitalize on data’s potential to generate revenue for their company. Companies like John Deere are at the vanguard, having created the business model of providing farmers with data collected by their sensor-equipped machinery in exchange for advice on how to increase output. We may expect to see this approach embraced by smaller enterprises in narrow and varied areas as access to large-scale data collecting and AI-driven analytics becomes increasingly democratized.
Changes in How Customers Are Treated
Think of the satisfaction your consumers feel with your business, products, and services as a line on a graph. An example of customer experience in action! In the past, a company’s business model might have been based on providing exceptional quality or value to customers. nevertheless, in the year 2024, the focus will be on making each and every customer connection and experience a positive one. This includes timely marketing that caters to the customer’s specific wants and needs, as well as hassle-free delivery, installation, and troubleshooting. The appointment of a Chief Experience Officer by corporations and brands to oversee the systemic implementation of these concepts is on the rise.
Distributed and remote labor
Flexible work options, placing a premium on employees’ time, and tapping into the potential of a global workforce are more important than ever as businesses try to weather the pandemic. Indeed, the past 12 months have been characterized by employees making their way back to the workplace. However, businesses are taking measures to ensure they can continue to employ people from diverse backgrounds and locations. Due to these factors, the percentage of advertised positions as “remote” or “hybrid” will be significantly higher than it was prior to the introduction of Covid all the way until 2024.
Resilience
Making sure a company is safe from any potential dangers. This might be the result of anything from online attacks and recessions to natural disasters and war to worldwide pandemics and even the arrival of a new, more formidable competitor. It’s about using the lessons of businesses that have weathered difficult economic times to future planning and preparation. It’s impossible to predict the future with any accuracy, so one of the biggest business trends in 2024 will be preparing for any eventuality.
