Our predictions for 2024
What a year 2023 was. A ceaseless onslaught of crisis after crisis saw even the most brave of businesses bunker down to conservatism. Whilst this might have seemed smart, we all experimented with how Gen AI was going to change our lives and became amateur ‘prompt jockeys’.
Inherent in these two forces is massive divergence between the status quo and revolution.
2024 will see business unshackle and move fast. The onslaughts may not cease, but Boards and business know they can no longer spin their wheels without losing market share. It’s time to move, and move fast.
We expect to see the following business trends shaping the year.
Strategy: Explore the options
The Ai inflection point has arrived. And while that may change many things, it has not changed the age-old adage ‘fortune favours the bold’. Business knows wheels have spun in 2023 and now is the time to move. This requires leadership to think bold, move fast and be prepared to pivot.
Time to make up for lost time.
Growth: Inorganic growth through M&A
Organisations will seek rapid growth through acquisitions and strategic ventures with technology partners. The goal is market dominance after the lull of 2023 that sees competitors jostling for position. A merge of two businesses is not enough, it is about leveraging respective attributes in the creation of a new entity that provides competitive advantage.
Create distance from competitors.
Marketing: Double down on ROI
The role of CMO will continue it’s evolution. Rather than more experimentation with mar-tech, there will be a pivot to accountability. CMOs will need to meet revenue targets and will have responsibilities for business outcomes, so will double down on activity where ROI is proven and demonstrable.
Become a revenue centre.
Experience: Customer knowledge
Using data to inform your understanding of customer segments, and tracking sentiment at every touchpoint to ensure each interaction brings a smile. From personalised marketing to on time delivery to easy set up and efficient problem resolution, standing out is a matter of experience.
Knowledge is power.
Operations: Sustainability goals
We have seen that reducing environmental impact can create bottom line growth. And while business grapples with supply chain accountability, consumers are becoming adept at sniffing out green washing. Our research shows greenwashing can wipe 8% off business valuations.
Reengineer for authentic and marketable sustainability.
People: Soft skills and diversity
As more and more of work is automated, soft skills will increase in importance. Emotional intelligence, communication, interpersonal problem solving, high level strategy, thought leadership and of course, design thinking. All of this will be enhanced with the multitude of perspectives inherent with a workforce of diverse age, nationality, neurodiversity.
The human touch will offset the rise of machines.
We’d love to hear what you’re thinking.