As we emerge into a new year, it’s only natural to wonder what the coming 12 months will have in store for businesses.
2023 presented a rapidly shifting stage for companies of all sizes and sectors. Against a backdrop of unsettled political, economic and social conditions, businesses around the world grappled with the struggles presented by rising inflation, complex supply chain issues and a cost of doing business crisis - among others.
As we enter a new year, there will be questions about how not just to survive but to thrive in 2024. Many will be hoping for a less turbulent year, but we can never rely on external factors to shape our business plans and must ensure that we do all we can to prepare for every eventuality.
With that in mind, technology can be expected to dominate 2024. Businesses are looking to new tech to try and amplify their reach to survive these rollercoaster times. So, what are the top trends we can expect from this year?
New tech remains a top priority
Our most recent insight, commissioned in September 2023 for our Trends Report 2023/24, showed that nine in 10 British businesses plan to invest in new technology including adaptive AI, sustainable tech, neurotech, applied observability and digital immune systems in the next 12 months.
OneAdvanced Chief Technlogy Officer Andrew Henderson commented, “With investment like this in store for new technology, it’s clear that 2024 will be a significant year for business’ use of new tech options and we anticipate some really exciting developments emerging over the coming 12 months!”
AI isn’t going anywhere
Within tech, AI will continue to be a dominating topic in 2024 as businesses try to establish the best ways to use these incredible tools in a safe and responsible way. Almost 50% of business owners we surveyed reported concern about the risks associated with adaptive AI in the workplace, so finding that line between useful and worrying is going to be a top priority.
Andrew added, “AI was the dominant technology development of 2023 and it continues to evolve rapidly. There’s huge scope for organisations to harness these incredible tools and make really significant impacts on their businesses, but it’s important that these tools are used carefully. AI presents a massive opportunity, but it simultaneously poses a huge risk, so boardroom execs, CISOs and IT teams will need to work together to develop AI policies that strike the delicate balance between adding value and compounding risk.”
Our research suggests that we are going to see AI used to a greater degree in years to come, with new use cases and applications being discovered regularly. New sectors are finding uses for AI, which changes the way we interact with it.
Is ESG dropping in importance?
That same report showed that technological advancement is outpacing longer-standing objectives such as ESG and DE&I for business leaders in the UK. These are reported as priorities for only around half of businesses, representing a significant fall from the company’s 2022/23 report when three-quarters said ESG was a growing priority. As businesses grapple with new challenges relating to the economic and geo-political landscape there has been a shift in priorities which should be expected to continue into 2024.
Cybersecurity will continue to evolve at pace
With greater technology comes greater risk, and a renewed focus on cybersecurity should be expected in 2024 as the rate of cyberattacks continues to increase and the threat landscape evolves. The rising use of AI in the workplace will contribute to this focus, as these new tools are not yet fully mapped and understood by many - leaving gaping holes where hostile actors can attack.
It’s clear from speaking to so many business leaders - and across a myriad of sectors - that 2024 holds the potential to be a transformative year for business. Andrew said: “By investing in the technology that will allow greater growth and innovative new ways of working, businesses hold the potential for a really exciting year in their hands.
“As we kick-start January, business leaders need to be looking at their plans for 2024, understanding where the gaps are and assessing what needs to happen now to make them a reality.
“It’s clear that technology is going to be a dominant trend in 2024 – whether that’s AI, sustainable tech, neurotech, cybersecurity or anything else. Technology holds the key to unlocking hidden potential within businesses of all shapes and sizes, and I’m really excited to see where this year takes us.”