The rise of cyber threats and the increasing prevalence of automation across all business functions has resulted in the critical need to increase security while remaining agile and productive. Emerging business tech trends are aimed at supporting these demands, enabling companies to transform their systems and processes. Here are six trends that business leaders should invest in to drive stable and resilient business growth in 2024.
1. Migrating to the cloud
More and more, companies are realising the value of the cloud for increasing cybersecurity, cost-efficiency and accessibility of business systems, particularly for distributed workforces. Demand for cloud-native platforms – those that have been built for the cloud as opposed to adapted from an on-premise system – is expected to increase in 2024. Cloud-native platforms are more scalable, agile and cost-effective, making the most of what the cloud can offer and requiring less maintenance. In fact, it’s predicted that cloud-native platforms will be the foundation for more than 95% of new digital initiatives by 2025.
2. Continuous Threat Exposure Management (CTEM)
In the face of escalating cyber threats, Continuous Threat Exposure Management (CTEM) has emerged to safeguard businesses’ cybersecurity posture. CTEM involves the continuous identification, assessment and mitigation of potential threats and vulnerabilities across your entire IT infrastructure. It goes beyond traditional security measures by providing real-time insights into the evolving threat landscape, enabling you to proactively manage risk and rapidly respond to emerging security challenges.
With the dynamic nature of cyber threats, CTEM ensures that businesses maintain a robust defence against potential breaches. It’s designed to tackle the most pressing threats, safeguard sensitive data and preserve the integrity of business operations. In fact, by 2026, Gartner predicts organisations that prioritise security investments alongside a continuous exposure management program will be 3 times less susceptible to security breaches.
3. AI for risk management
Artificial Intelligence (AI) and Machine Learning (ML) are revolutionising entire industries, especially those that rely heavily on data-driven processes. Consequently, using AI to manage risk has been gaining momentum. With capabilities such as advanced fraud detection, AI/ML are automating and optimising both front and back-office operations to minimise business risk.
This year, businesses are expected to prioritise AI risk management initiatives, particularly in sectors such as healthcare, manufacturing, education, retail and transport, to reduce business risk while maximising the benefits of this transformative technology.
4. Total Experience
Total experience combines customer experience (CX), employee experience (EX), user experience (UX), and multi-experience (MX) into a holistic business strategy that aims to provide a positive experience for all people. One of the benefits of this is that it takes into account the fact that different stakeholder experiences don’t occur in silos – in fact, they often depend on and influence one another. With an integrated approach, businesses can create a unified, coherent experience for all users, driving greater satisfaction and loyalty through deeper insight-gathering. They’ll also be able to preemptively identify trends and patterns ahead of their industry competitors, so it’s no surprise that this will remain an ongoing business tech trend for 2024 and beyond.
5. Sustainable technology
So great is the demand for greener organisations that by 2027, 25% of a CIOs compensation will be directly tied to the impact of sustainable technology. Sustainable technology refers to the digital solutions designed to enable environmental, social and governance (ESG) outcomes for both enterprises and their customers. This extends to ensuring responsible and transparent business practices and facilitating new business models and tech-enabled products to help you better serve customers and the planet. As organisations increasingly embrace sustainable technology, its impact goes beyond individual companies, influencing diverse aspects of business and contributing to a more sustainable and responsible future.
6. Leveraging collaborative business intelligence
The use of business intelligence (BI) is forecasted to increase in 2024 with a specific focus on collaboration. Beyond, being able to shape better decision-making, collaborative BI uses social media, collaborative platforms and other technologies to enhance strategic data sharing. This is particularly useful for distributed workforces as it promotes effective collaboration among employees and stakeholders regardless of their geographical locations.
But a key linchpin in the success of collaborative BI is data security. This is a top priority, especially in the age of ever-changing data privacy regulations. So, organisations should implement a multi-faceted approach. This involves deploying stringent access controls to limit data access based on roles, employing secure authentication methods like multi-factor authentication and opting for collaboration platforms with built-in encryption and audit trails.
Companies that are quick to adopt these six business tech trends will see tangible results such as cost reductions, improved efficiency and productivity, enhanced consumer and employee experience, reduced downtime and other competitive advantages.
Rapid changes in the workplace and acceleration in the adoption of digital technologies has fast-tracked the future of work. It's time to act now and prepare your business for the future. Download our Workplaces of the Future ebook to learn more.
