Business leaders in the ever-unpredictable tech industry consistently strive to anticipate emerging developments, enabling them to gauge the significance of innovations. As we quickly approach 2024, let’s review the Information Technology trends in business that will dominate the upcoming year. While some technology trends in business will persist from previous seasons, it’s important to stay informed to concentrate on pertinent software development projects in the months ahead.
Tech Trends Every Business Leader Should Know
#1 Hyperautomation
In business, there’s a new trend: automating as many areas of an organization as possible at a rapid pace. Companies that haven’t yet streamlined their processes will focus on hyperautomation. Hyperautomation utilizes artificial intelligence, machine learning, robotic process automation, low-code tools, and other technologies to minimize human involvement in tasks. You may be curious about the difference between automation and hyperautomation. Well, there is indeed a distinction. Automation focuses on streamlining individual tasks on a smaller scale, while hyperautomation relies on a multitude of tools and technologies to intelligently modernize processes across a firm. So, if you aim to improve efficiencies, enhance customer experiences, and reduce costs, consider adding hyperautomation to your IT to-do list for 2024.
#2 Artificial Intelligence
Artificial intelligence and machine learning have captivated the tech industry for years. For instance, AI is reshaping the insurance sector by addressing insurers’ pain points and enhancing user experiences.
Moreover, reaching the stage of operator profitability will greatly benefit AI. NVIDIA, a technology company, reported that retail store AI deployments successfully detected 98 percent of theft, fraud, or human errors, resulting in a rapid return on investment. With ROI in mind, IBM discovered that 35 percent of companies currently utilize AI, while an additional 42 percent are exploring various AI use cases.
This year, we can expect a diverse range of implementation scenarios, including voice assistants, personalized customer experiences, and e-commerce chatbot services. Already, artificial intelligence is making its mark in cybersecurity, CRM systems, and market research.
#3 Big Data
Business leaders, undeterred by recession fears, are poised to continue investing in proven high-yield technologies. Based on Nash Squared’s Digital Leadership Report, which surveyed over 1,800 digital leaders, two-thirds of respondents believe that big data and analytics will provide a competitive advantage in the coming year.
Of those surveyed, a significant 64 percent viewed the utilization of big data as a competitive edge in their respective fields. Furthermore, nearly a quarter of respondents reported actual revenue generated from data usage. All tech solutions for modern business will be based on electronic data, so the transition from paper documents is an important trend. To do this, you can use a document scanner or a stationary scanner. However, the scanning tool is much more practical and performs the task faster. A decent solution is the PDF scanner app on the Apple App Store with its fast processing speed, secure storage features, and built-in converter. Scanning docs has never been so easy.
#4 Cloud Networking
Enterprises are increasingly shifting their workloads and business to the cloud, utilizing different means of connectivity than those traditionally used in the past. According to Paul Savill, Kyndryl’s Global Practice Leader for Network & Edge, there is a rise in service providers virtualizing network infrastructure and offering it as a service to enterprises. However, many of these companies lack a reliable direct-to-enterprise channel. This creates a growing demand for integrating connectivity with managed services and helping enterprises effectively manage multiple networks.
#5 Superapps
Gartner predicts that by 2023, widespread development and utilization of superapps will commence. These super apps will enable the integration and consolidation of diverse app services into a single user-friendly interface. Small businesses stand to gain significant advantages by leveraging these apps to streamline operations for both employees and vendors.
Furthermore, there is a noticeable uptick in the adoption of third-party software integrations. Currently, companies utilize various platforms such as Slack for team collaboration, Outlook for document exchange, Salesforce for customer management, Monday.com for project planning, and Google Drive for data storage. The existence of data silos poses a significant threat, which can be mitigated and minimized through unification.
#6 5G
The manufacturing, petrochemical, gas, and energy industries have effectively used private wireless and edge solutions to enhance business efficiencies and reduce costs. However, sectors like retail have not kept up with this trend. In 2023, other industries will embrace 5G private wireless use cases and testing, with retail taking the lead. Private wireless and edge technologies will play a crucial role in revolutionizing the shopping and customer experience by enabling cashier-less payment, real-time analytics, personalized promotions, asset tracking, and optimizing the supply chain.
#7 Smart Contracts
Many industries face the challenge of intermediaries, who charge commissions and slow down operations, increasing costs. In 2024, companies will actively seek blockchain development services to eliminate middlemen and automate arrangements using smart contracts. This shift will result in organizations globally expecting greater transparency, enhanced security, and reduced operational costs. Failure to meet these expectations may disadvantage even the most successful firms.
#8 Digital Twins
The Internet of Things has already permeated numerous industries, ranging from logistics to automotive. However, in 2024, we anticipate a heightened focus on Industrial IoT solutions as construction, manufacturing, and engineering companies strive to bolster operations and streamline efficiencies. Specifically, an upsurge in the utilization of digital twins, the latest technological advancement, is expected.
Digital twins are virtual models that accurately replicate a specific physical object. Connected sensors on the physical item collect data on its functioning and transfer the information to the digital replica, enabling performance monitoring, simulations, and identifying areas for improvement.
Conclusion
Knowing about trends is one thing, understanding how to apply them to your business is another. Integrating technology into a business requires determination, time and money, but all these investments must be worth it. Choose something you’ll be working with for the foreseeable future and start implementing technology now to stay ahead of the competition.