The beginning of a new year marks a new dawn, filled with opportunities, challenges, and change.
Jan. 16, 2024
As organisations bounce back from a difficult 2023, there is excitement towards what 2024 has in store, as the transformative impact of technology unlocks new possibilities, accelerating growth and redefining the status quo.
With the global economy in a volatile state and still reeling from the aftermath of recession, business leaders face the daunting task of steering their organisations towards recovery, to not only survive but also thrive. On the one hand, leaders need to prioritise operational efficiency and cost reduction, maximising the resources currently at their disposal. On the other hand, they need to make bold bets and dare to innovate, so they can venture into new business areas, diversify revenue streams, and gain competitive advantage. It is a tricky balancing act.
Will 2024 be more of the same or will something new emerge in the world of technology?
Here are five major technological trends that are likely to have a significant impact on organisations in 2024:
- Cybersecurity will be more critical to businesses than ever before.Governance, security, and technology adoption need to go hand in hand. The proliferation of cyber-crime across industries in recent times underscores the need to bolster cybersecurity so that organisations can protect their prized assets. Come 2024, investing in advancing cybersecurity mechanisms will become an absolute non-negotiable for businesses.
- AI will become part and parcel of everyday operations. 2023 marked a breakout year for AI – particularly with Generative AI tools gaining widespread popularity across the board. A Gartner study predicts that 40% of enterprises will leverage AI in 2024 to streamline core operations, automate tasks, and create more engaging experiences for users. Given its wide array of use cases, it is of little surprise that CIOs are placing significant emphasis on AI to drive their digital businesses with increased speed, agility, and efficiency.
- Spatial technologies hold the potential to redefine industrial processes. Spatial web (popularly known as Web 3.0) is on the rise, with enterprises across several industries starting to adopt different use cases such as digital twins and process simulation to blend the boundaries between the physical and the digital. From space planning to design to day-to-day operations, the next 12-18 months are expected to be pivotal in the evolution of the industrial metaverse, with the overall market for spatial computing projected to surpass US$600 billion by 2032.
- Data observability will become mission-critical, as the quest to access data heats up. As companies look to access high volumes of data and extract insights from them, low quality data poses significant risks such as creating anomalies and duplicates, that could lead to potential errors. This makes data observability even more necessary, so that organisations can rapidly and securely extract, transform, and load high-quality data, laying the foundation for cutting-edge data analytics and business intelligence. Trustworthy data and reliable insights will then enable organisations to make effective decisions and drive automation in 2024.
- Developing digital talent and enhancing workforce agility remain key. The future of work is rapidly changing. Given the lightning speed of technological evolution and adoption, it is important to instill digital literacy at most, if not all, levels within enterprises. Workplaces that focus on human-machine synergy are expected to be more productive and yield better business outcomes. Leaders need to invest considerable time and effort in hiring, training, developing, and retaining top digital talent. With the right people, tools, systems, and culture in place, organisations can accelerate their agile transformation efforts significantly.
Despite the cloudy macroeconomic environment, businesses cannot afford to remain static and simply “wait and watch”. Agility and flexibility are key to adopting a data-driven, iterative approach, ensuring that they keep pace with new developments and successfully gauge what does and doesn’t work for them. With robust infrastructure and the right people in place, organisations can be better equipped to leverage the benefits of new advancements.
The ability of organisations to harness the tremendous potential of technology will ultimately distinguish the digital leaders from the laggards. If there was ever a time to seize the initiative, it is now. The biggest risk is not taking one.