Everything from internal processes and workflows to supply chains and customer service channels will evolve as new technologies boost efficiencies and lower operational costs. Any businesses that are slow to embrace these changes risk losing out to more nimble rivals.
Some of the biggest technology trends set to define the next 12 months include:
- Practical usage of AI will grow
It might be nearing the peak of its hype cycle, but I believe artificial intelligence (AI) will continue to rapidly evolve throughout 2024. As comprehension of its capabilities expands, focus will pivot from mere hype to the tangible and practical benefits it offers.
Organisations will come to understand how the power of AI can be harnessed to automate business processes and create everything from marketing materials to computer code. Employees will be free from monotonous, repetitive tasks, enabling them to channel their efforts into more impactful and value-driven activities.
AI tools will also continue to make it much easier to extract value from large volumes of data. Powerful insights that may previously have gone unnoticed will be used to guide strategic decision making and add significant value to bottom lines.
Unfortunately, however, there will also continue to be a dark side to AI usage. Cybercriminals will use these tools to create malicious code and mount ever-more compelling phishing attacks. As a result, constant vigilance will be required by all companies and their staff.
- Networks will continue to evolve
As many organisations embrace a multi-cloud strategy to meet their computing requirements, additional attention will need to be given to the interconnecting data networks.
These networks need to be different from those that supported business activity when the majority of IT resources were housed in on-premise data centres. Today’s networks require exceptional performance and scalability to adapt to changing demand.
Multi-cloud networks also need to be fully redundant. In the event of a link failure, swift rerouting of traffic through alternative pathways becomes critical. This will ensure that, even when resources are housed in multiple clouds, they can act together as a cohesive whole.
These new-breed networks will also need to account for the working patterns that exist in a post-pandemic world. With many staff continuing to work from home or in hybrid mode, ensuring connectivity is available regardless of physical location is an important requirement.
- Data security will become an even bigger priority
With the high-profile breaches that occurred during 2023 still fresh in the minds of many senior managers, focus will remain on maintaining effective data security. Tools must be in place that restrict data access to only those people, authorised to view it.
During the year, security will also become increasingly important as organisations combine data from different locations and systems. This can help to guide strategies and allow for greater analysis.
For example, during 2024 and beyond, increasing numbers of K-12 schools are likely to make changes to their data strategies enabling them to gain improved insights into student behaviour. Data currently held in siloed applications and locations will be increasingly combined to provide a single view of the student. For example, data can be drawn from attendance systems, marking applications, and other places.
The objective is to improve learning outcomes for students and ensure the school is delivering as much value as possible as they progress through the system.
- Businesses will juggle cost rationalisation and security
As economies continue to tighten due to higher interest rates, many businesses will need to do the same. During 2024, many are likely to look at making efficiency gains coupled with spending reductions.
However, this will come at a time when many businesses realise they also need to increase their budgets for IT security. With the threat landscape constantly evolving, security spending that may have been sufficient in the past will no longer be sufficient to achieve desired levels of security.
As the new year unfolds, many businesses will need to make some significant decisions when it comes to technology and the way it is used to support their operations. It will also be important to keep a close eye on those that are developing most rapidly, such as AI.
The businesses likely to see the most growth during 2024 will be those that take time to understand the benefits technologies can deliver and put them to work in a timely manner. It’s set to be both an exciting and challenging year ahead.
