What can businesses expect in 2024?

New year—new challenges. 2023 was the year in which AI became a mainstay. Companies scrambled to devise their AI strategies. Employees became skilled in using tools such as ChatGPT. What will the new year bring?

Predicting specific trends ahead of time always involves a certain degree of speculation. However, new movements don’t appear out of nothing. By observing the current business landscape, you will get some hints. 

The space is dynamic. Not every indication will lead to a strong new trend. And we also have to be open-minded as new tendencies can always emerge. It’s crucial to stay connected with top influencers and stay on top of the latest industry information. 

Here are some potential angles businesses should prepare for in 2024:

Sustainable and Purpose-Driven Business: The emphasis on sustainability and social responsibility is likely to continue and potentially even increase. Consumers and investors favor businesses that demonstrate a commitment to environmental and social issues.

Digital Transformation: The acceleration of digital transformation is expected to persist. Laggards in the field will increasingly struggle. Founders will need to figure out how emerging technologies, such as artificial intelligence, blockchain, and the Internet of Things can be leveraged to enhance products and services. Do we have the skills internally or how can we acquire them?

Flexible Work Models or Back to Office? While flexible work arrangements will stay in some form, founders need to adapt their business models to accommodate distributed teams and changing expectations among the workforce. Who needs to work in the office and when?

Artificial Intelligence and Automation: AI will penetrate even more areas of the business. Founders need to do AI audits to evaluate where automation can boost productivity. AI consultants will provide external help.

Cybersecurity: As we increasingly rely on external tech and automated processes, cybersecurity will become even more of a concern. Startups that offer innovative cybersecurity solutions are expected to be in demand. Companies need to know at any time who has what access to their most critical data.

Data Privacy and Security: This is related to cybersecurity. Data regulations will require robust data protection and privacy solutions and companies need to cater to that. They have to train internal staff to stay vigilant and be compliant at all times.

Collaborative Tools and Project Management: With the rise of remote teams comes an increase in collaborative tools and project management solutions that facilitate effective teamwork. There will be a cost to bring the organisation up-to-speed, but productivity gains should be considerable.

Diversity, Equity, and Inclusion: Founders will face growing expectations to prioritise diversity, equity, and inclusion within their organisations, to reap the benefits of diverse and inclusive workplaces.

Keep in mind that these are general trends and that the landscape may vary based on industry, geographic location, and other factors. So what trends are you spotting in your sector? What do you expect from 2024? 

About the author:

Thanit Apipatana is a Bangkok-based entrepreneur, investor, and advisor with a keen interest in philanthropy, real estate, F&B, education, sports, and venture building. Thanit Apipatana has advised companies in the region including Singapore-based proptech company Mogul.sg and Thai-based Life Below, a project that is looking to catapult the Thai beer market to a new level with liquid yeast.