5 Key Digital Transformation Trends for 2024
With digital transformation remaining a priority for many businesses, we explore some of the key trends that will help shape the digital transformation landscape in 2024.
Digital transformation continues to form part of business and IT leaders' strategic objectives as we move into 2024, with Gartner reporting that 91% of businesses are engaged in some form of digital initiative and 87% of senior business leaders agree that digitisation is a priority. Most businesses understand that digital transformation is rarely a once-off project, with new technology advancements at every corner a company's digital transformation journey must continue to evolve, embracing new digital trends to help stay competitive in the market.
Although each digital transformation journey is unique to an organisation with several different requirements and budgets at play, there are often some common trends or themes that emerge every year that help shape the digital transformation landscape going forward. Below we have compiled the top digital transformation trends for 2024. Even if your organisation is not undergoing a digital transformation, it is still likely these emerging trends will impact your business down the line.
Unlocking The Power of AI
In 2023 there was a big surge in the popularity of AI, in particular generative AI with ChatGPT becoming more mainstream in the first half of the year. However, it appears 2024 will be the year when businesses actually get to put AI to use and unlock its capabilities. Generative AI is already helping businesses streamline tasks from creating drafts of work communications or organising ideas, AI is helping businesses become more productive and efficient. Along with businesses investing more in generative AI, this is just the start with business leaders likely to explore other streams of AI to help unlock even further value within their organisation.
As organisations continue to digitise operations and communications, cyber security remains a top concern for businesses. With cyber-attacks on the rise and cyber threats becoming more advanced, organisations must continue to leverage new technology advancements to build up cyber resilience. New technologies such as AI and machine learning are already being used to help prevent cyber attacks. Building cyber resilience for organisations goes beyond implementing the newest security technology but it is also about having the correct policies in place around the best response to cyber threats to ensure business continuity. Organisations should also ensure that they have the correct governance in place when it comes to data and documents to prevent any data breaches from internal sources.
More than just a buzzword, sustainability will continue to form part of business strategies as we move into 2024 as companies work towards becoming more sustainable with new EU legislation requiring large companies to report on corporate sustainability in 2024. Businesses and individuals will continue to explore how they can leverage technology to do essential tasks in a more environmentally friendly way in 2024. From digitising paper-based processes to more advanced technology developments to help with green and renewable energy and electric cars, digital technology has a place in helping all businesses become more environmentally aware and sustainable. Sustainable digital transformation is not only a responsibility for organisations but it can also be a competitive advantage in a working world where environmental concerns are becoming more important.
Robotic Process Automation
RPA has been growing in popularity over the last number of years helping businesses automate key business processes. As we move into 2024, RPA along with AI will likely form the basis of a lot of automation for businesses allowing them to streamline more manual tasks and focus on more value-add activities. The use cases for RPA are endless, RPA can prove useful across almost any industry where it can be used for payment and invoice processing, application tracking and processing, inventory management as well as for data and document protection. The application of RPA is dependent on the organisation’s unique requirements but those who fail to unlock the power of process automation in 2024 risk falling behind the competition and missing out on key business benefits.
Standing out in today’s competitive market means delivering high levels of customer experience and a key element of this is personalisation. Customer loyalty often stems from the ability of a business to deliver a tailored and hyper-personalised customer experience. However for organisations to deliver a highly personalised customer experience, they must have the correct digital systems in place that carefully store and manage customer data. Systems that help manage customer data and relationships are starting to harness the power of AI to extract actionable customer insights that help businesses create tailored campaigns or offers for specific customers or customer segments. By deriving insights from customer data more easily, businesses can deliver a more valuable and unique experience to customers driving more loyalty and customer satisfaction. With customer expectations likely to continue to rise in 2024, organisations must ensure they are using their customer data to its full potential.
If your organisation would like to learn more about digital transformation, get in touch to speak to an expert.