2024 Business Trends
February is underway, and I'm unveiling some insightful business trend forecasts in this newsletter edition. Trends serve as valuable benchmarks for businesses, illuminating the way for innovation and boosting the bottom line.
Without further ado, here are the business trends for this year.
Generative AI experimentation days are over. The trend is massive business adoption to solve real problems, with 80% of businesses expected to integrate generative AI into business processes or software applications.
AI is helping businesses with efficiency, but what about sustainability? Sustainable technology will have a significant push as never seen before to assist with climate change efforts. One-third of the CIOs' compensation might depend on the results of its implementation.
Technology changes require security considerations. Cyber attacks have become more sophisticated over the years due to the help of artificial intelligence technology, and the tendency is to get worse when advanced technologies like quantum computing are commercially available. Therefore, cybersecurity presents different solutions to mitigate these risks. One of the trends is cybersecurity-as-a-service, which might be an affordable option for small organizations.
Businesses' data security must be a priority, and what do we know about connection speed? We are still adopting the 5G networking technology to learn that the 6G specifications and requirements are gathering, and its commercial release is planned for 2023.
New computer technology is also on the horizon. Quantum computing's commercial version is still a decade away. However, it is promising to change the game for AI algorithms due to its fastest information processing and energy savings capabilities. A few companies, such as Cleveland Clinic, Mercedes-Benz, and JP Morgan, have already been experimenting with quantum computing.
Automation through artificial intelligence is a trend that continues to help organizations make better decisions, freeing their employees from repetitive tasks and creating a more creative and critical-thinking workforce.
An innovative trend for business is Web 3.0. This technology and artificial intelligence are expected to advance the metaverse adoption across businesses.
Regulatory changes are coming, shifting the spotlight to the data. According to sources, companies that leverage the data will be well-positioned to utilize the full potential of artificial intelligence and automation.
Last week's news headline about Elon Musk's Neuralink first-time chip implant was intriguing. From fiction to real life, so what now? Human-machine interaction is another trend, which means the technology interacting with us humans will add natural language processing, gesture recognition, and brain-computer interfaces.
Continuing with the idea of innovation for humans, businesses that want a competitive edge will upskill their workforce. This strategy includes disruptive technologies, such as generative AI and other in-demand skills.
Lastly, hybrid and remote work environments will continue to trend as flexible work culture is adopted to attract and retain talent.
This year, much work must be done to stay ahead of the competition, increase efficiency, and get support from the workforce. Leaders must evaluate their business needs to implement trends that fulfill the use cases and ensure the teams are onboard from inception to implementation.
References
Fallon-O'Leary, D. (November, 2023). The Must-Know Ways Small Business Will Change in 2024. CO. Retrieved from https://www.uschamber.com/co/start/strategy/small-business-trends-to-know
Forrester®. (n.d.). Predictions 2024. Retrieved from https://www.forrester.com/predictions/predictions-2024/
Guarino, B. (January, 2024). Elon Musk's Neuralink Has Implanted Its First Chip in a Human Brain. What's Next?. Scientific American. Retrieved from https://www.scientificamerican.com/article/elon-musks-neuralink-has-implanted-its-first-chip-in-a-human-brain-whats-next/
Goetz, M. (October, 2023). Predictions 2024: Generative AI Transitions From Hype To Intent. Forrester®. Retrieved from https://www.forrester.com/blogs/predictions-2024-artificial-intelligence/
Liu, N. (January, 2024). 2024 quantum predictions in computing, AI and cybersecurity. SDxCentral. Retrieved from https://www.sdxcentral.com/articles/analysis/2024-quantum-predictions-in-computing-ai-and-cybersecurity/2024/01/
Marr, B. (September, 2023 ). The 10 Biggest Business Trends For 2024 Everyone Must Be Ready For Now. Forbes. Retrieved from https://www.forbes.com/sites/bernardmarr/2023/09/25/the-10-biggest-business-trends-for-2024-everyone-must-be-ready-for-now/amp/
Remmert, H. (August, 2023). When Is 6G Coming, and What Does It Mean for 5G and 4G LTE? Digi. Retrieved from https://www.digi.com/blog/post/when-is-6g-coming-what-does-it-mean-for-5g-4g
Uzzaman, A. (December, 2023). The 10 Top Technical and Business Trends of 2024: What's ahead for A.I., biotech, and more. Inc. Retrieved from: https://www.inc.com/anis-uzzaman/the-10-top-technical-business-trends-of-2024.html
