Business trends are constantly evolving – from an evolving cyber landscape to the emergence of new technologies such as artificial intelligence, what does 2024 have in store for modern enterprises? No matter whether you’re a business executive or a student completing your online MBA, you must understand what opportunities and challenges lie ahead for business. After all, information can be crucial in ensuring businesses can navigate complex changes
From emerging online threats to the ways that data and artificial intelligence are transforming the way enterprise makes decisions, Let’s discover some of the top trends you should expect to see in 2024 and beyond and how they may impact your business.
Emerging Threats in the Cyber Landscape
From ongoing global conflicts to rogue hacking groups, emerging risks in the cybersecurity landscape look set to continually challenge security teams. 2023 has presented security specialists with many clear and present risks. These have impacted nations both developed and developing – from the emergence of state-sponsored cyber operations on vital US defense and infrastructure assets domestically to increased cyber attacks by Russian state actors or Ukrainian and Crimean infrastructure on the global front.
Investment in modern security technologies, increased adoption of multi-factor authentication, and development in the space of automated security monitoring look set to take precedence in 2024 – contrasting the notion of a highly secure world with the threats that are present.
A Deluge of Data-Driven Decision Making
Data is transforming the way business stakeholders make decisions. Gone are the days of a gut feeling – increasing levels of data democratization have allowed for data-driven decision-making to leap the executive suite to even the most entry-level roles in an organization.
2024 is expected to be no different. Expect to see greater efforts by companies to drive for greater adoption of data-driven strategies in the workforce – including the adoption of automation platforms to simplify and streamline workplace reporting. With their newly found efficiency gains, many organizations such as McKinsey expect that employees will be able to redirect their time from manual tasks towards more collaboration and innovation within their teams – differentiating data-literate organizations from their traditional counterparts.
Grasping Generative AI Adoption
Generative AI has leapt onto the scene, as a technology that seemingly has the answers to many questions. While platforms such as ChatGPT have presented an innovative new technology that tech giants from Microsoft to Salesforce are adopting, others, such as Google’s Bard and Amazon’s Q, have faced controversy and concern.
These new technologies present a range of opportunities for businesses – from simplifying tasks such as sales pitches to assisting in the creation of new content for websites, generative AI has the power to create new career opportunities, while also eliminating most entry-level work at an organizational level. Expect the adoption of generative AI and associated technologies to continue to take center stage in 2024, particularly as companies such as Microsoft attempt to remain a market leader in providing access to tools.
The training sets of AI-based models will become crucial, as organizations seek to commercialize their information. It’s well known that even the largest of models have hit copyright hurdles in the past – and as data continues to be gleaned on the internet without restraint, it remains to be seen whether regulators or product owners will step in and act to protect their own assets and interests.
Additionally, as adoption increases, expect discussions about the ethical and sustainable use of AI to take a greater focus. A little-known pitfall of existing AI algorithms is their use of water in the cooling of the data centers required to run them – in a world experiencing increasing water stress due to the effects of climate change, stakeholders may begin to question if these algorithms can be developed in an environmentally friendly way.
The Digital Evolution – What’s Next?
If there’s one thing that 2023 has highlighted, it’s that new and innovative technology trends can surprise even the most hardened of industry experts. The rise of generative AI in 2023 was an area of development that had a far greater impact than initially expected – and it will continue to be a field of focus for many organizations in 2024.
Fringe technologies such as augmented reality may look to pivot to the mainstream, as firms such as Meta and Apple look to get a foothold in a growing industry. Automation will continue to challenge the roles of entry-level workers, and as we approach 2030, governmental targets on sustainability will only continue to gather traction in the years to come.
While we can’t predict what comes next, it would be safe to assume that 2024 will be a very different digital environment from what workforces have experienced in 2023. It’s an exciting time ahead for professionals looking to improve their understanding of technology, as they look to take on the challenges that lie ahead.
