The Big Business Trends for 2024

At this time especially, it is important to anticipate the direction of businesses and industry in the upcoming year. Despite the global economic downturn, there are technological and social trends that cannot be ignored. I will highlight the most relevant areas of innovation and investment. Today's business trends are driven by technology, especially artificial intelligence (AI). In 2024, new perspectives on what defines us as human beings will emerge. 

Here are some business trends to watch out for in 2024:  

1. Generative AI 

The Boston Consulting Group states that "to be an industry leader five years from now, you need a clear and compelling generative AI strategy today." AI and machine learning have been wowing us for more than a decade and are fully integrated into many of the products and services we buy from large companies. Now, generative AI puts the power to intelligently create and automate the customer experience-as well as internal operations-in the hands of nearly every organization. 

2. The qualifications solution  

We have been hearing about the skills shortage for several years. Changes in hiring practices that emphasize selecting candidates with the specific experiences and skills needed for a position, rather than qualities such as education level or age, are part of the industry response and will continue to be a strong trend. There will also be increased investment in education and training, especially around disruptive technologies and the skills that will be in demand in an AI-driven economy. 

 3. The Data Economy 

Data is an increasingly valuable business asset. By 2024, more companies will have streamlined their operations and enhanced their customer offers by taking a strategic approach to their data. As a result, they will be ready to take the next step: monetizing data to drive new business opportunities. Leading the way are companies like John Deere, which has pioneered the model of selling data from its sensor-laden farm equipment to farmers as information to improve productivity. As access to large-scale data collection and AI-based analytics becomes more common, we will see smaller companies in specialized sectors and diversified industries embrace this trend. 

These are some examples of business trends that seem to have an important boom in 2024, so pay attention to these, if you have a business idea related to any of these topics or have a business in the development phase, contact us to support you with our experience and keep your numbers green! 

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