The economic downturn is expected to worsen before things begin to improve. This means that business owners and decision-makers are likely to utilise caution with regard to investment and spending on new ideas. But there are several huge trends, both social and technological, that are too significant to ignore.
Generative AI
Businesses without a robust generative AI strategy are ultimately going to struggle to compete with industry leaders within the next 5 years. As this Google article notes, generative AI can be used in countless ways, including automating both internal operations and consumer experiences.
Addressing the skills gap
The skills gap has been making headlines for years, prompting a significant shift in the way managers approach the candidate selection process when hiring. Age and educational attainment are now secondary to seeking out candidates with very specific skills and experiences. Additionally, throughout 2024 we will see much more investment in upskilling and training.
Sustainability
Customers prefer to interact with businesses that have a clear sustainability strategy. Collaboration with a data analysis company can help to identify audience expectations with regard to sustainability. Consumers are becoming much better at identifying greenwashing tactics, so meaningful change is imperative.
Personalisation
As consumers are also seeking out personalised experiences, businesses must work harder to understand their audience and tailor their services to those needs and wants. Working with a specialised data analysis company can help businesses to deep dive into their data in order to determine what their audience expects and how to deliver it in the most meaningful way.
The human touch
Soft skills have been overlooked for some time now, but we’re seeing the desire for the human touch increase across the board. Businesses are expected to increase investment in things like interpersonal problem management, thought leadership, and emotional intelligence.
