When a new year starts, many businesses are ready to tackle some big goals. However, before you jump in, let’s see what’s trending. Technology innovation continues to lead the way, especially in communications and data analysis. However, come 2024, a more human focus is expected to enter the picture. Here are some business themes expected to greet us in January.
Artificial Intelligence
If you want to be an industry leader, you’ll likely need an effective generative AI strategy. Artificial intelligence benefits nearly every organization. This technology lets companies create and intelligently automate the customer experience as well as internal operations.
Focus on Skills
Hiring workers with specific experiences and skills needed for a role will continue to be a major theme for businesses. Traditional higher education degrees are becoming less important in the hiring process. They are being replaced by the need for special skills.
Going Green
Research continues to show that consumers prefer companies that are committed to the environment. Green solutions can also lead to bottom-line growth. For instance, Walmart has saved money by transitioning to an EV delivery fleet. Other companies are offering customized solutions to build stronger relationships with customers. For example, L’Oreal has developed personalized cosmetics to match customers’ skin types.
A Data Economy
A data economy is a global digital ecosystem in which data is gathered, organized, and exchanged. It is used by a network of companies, individuals, and institutions, often for a fee. Smaller companies are expected to get on board in 2024, using the data to drive new business opportunities.
Customer Experience
Personalized marketing is expected to keep growing. This means delivering what the customer needs at the right time, on-time delivery, easy setup, and efficient problem solving. Many companies and brands are appointing a Chief Experience Officer for the job.
Virtual Reality
Augmented and virtual reality technologies are offering a new perspective to potential buyers. For instance, furniture stores can let people see how a new sofa looks in their living room before they buy it.
Alternate Financial Sources
There are many options available to help finance a business. Blockchain technology and cryptocurrencies are among them. Crowdfunding is a big part of how many small businesses gain funding for new products and services. Subscription-based pricing is another popular option for consumers. Explore various options to see how they impact your bottom line.
Remote Work
It’s becoming more common to offer employees flexible work arrangements. Remote work is on the rise as companies seek to hire talent outside their geographic area.
A Diverse Workforce
AI has resulted in our increased reliance on machines to make decisions that impact human lives. It is now more important than ever to have a diverse and inclusive workforce.
The Future
Organizations need to be protected from potential threats that may rise in the future. These include cyber attacks, economic downturns, a major new competitor, war, and environmental events. A company must be prepared and resilient enough to handle setbacks.
Need Help Planning for the New Year?
If you are ready to work with a top-notch business advisor, give Lodestar Advisors a call. You can reach us at 443-280-0890 or by filling out the online form at the bottom of our webpage. We can’t wait to start this journey with you!