Essential tech strategies for business growth

Technology is moving faster than most people can keep up. The rapid onset of AI and generative AI have enacted truly seismic change, with the potential to transform how we live and work for good. For business owners and entrepreneurs, the ubiquity of emergent tech means there’s a constant need for fast decision-making on the right course of action.

Despite the need for a custom approach, there are some tech trends that every business should be paying attention to, no matter what their size or model.

3 areas to prioritise in technology adoption

Enterprises everywhere need to focus on finding tech solutions that will make running their business easier, as well as helping them to tap new revenue opportunities. When it comes to technology, business leaders today need to prioritise three major areas:

  • Identifying the right tech to adopt – with so much out there, pinpointing the solutions that can deliver most value is key.
  • Reducing risk of being left behind by digital advancements – this can seriously impact growth and business longevity.
  • Investing in the right business infrastructure. This means creating a solid foundation for long-term tech integration – including IT support, software, and skilled employees.

5 trends that businesses should focus on for a smarter tech strategy

  1. Business will focus on cementing their approach to AI
    The explosion of generative AI last year took the world largely by surprise. Since then, there’s been time to evaluate, reflect, and educate stakeholders on the pros and cons of specific usage of AI and generative AI. For business leaders, 2024 will be the year to decide whether to adopt AI use – and what to use it for.

    In the year ahead, we’ll see more enterprises formulating AI policies, frameworks, guidelines, and governance.

    Laying the groundwork for this now will pay off later. Set clear parameters on both adoption and the limitation of exposure to AI’s risks. These will make sure everyone across the business is aligned on policy and tactics.
  2. Climate tech – and technology that drives sustainable operations – will be front and centre
    From tools to map energy or emissions reduction, to the use of data and IoT sensors, tech that helps identify more sustainable ways of operating is now a top priority for companies in general.

    Technology continues to be increasingly central to climate solutions, with more funding, interest, and uptake of available solutions. The market for tech solutions in this space is also becoming more competitive.
  3. Tech will play an even more crucial role in helping deliver superior customer experiences
    Tech-assisted customer service is an area that’s evolving extremely fast, with elevated consumer expectations moving with it. From AI chatbots to ever-more-sophisticated data analytics around the purchase and delivery journey, this year will see companies going big on customer experience to ward off competition from peers and capture customer loyalty.

    Customer experience should be at the heart of every enterprise’s growth and operations strategy. Investment in customer service tech so far has been uneven, with some companies pioneering future-forward tech-led strategies and others reluctant to make the leap. In 2024 and beyond, the gap will become far more apparent to consumers. Businesses could risk losing out if they don’t scale up in this area.
  4. From security to software stacks, the role of IT will evolve
    IT departments have their work cut out for them. Today’s companies need more sophisticated IT and tech strategies than ever, spanning IT solutions, cybersecurity, and more. From staying on top of the latest tech trends to facilitating hybrid working and choosing software that can impact business revenue, IT will matter more this year.

    Enterprises may not always prioritise a dedicated IT department, leading IT expertise to become the responsibility of a few key individuals or a single tech specialist. In such scenarios, businesses should focus on recruiting digitally minded talent capable of contributing to IT decisions that add value to the business.
  5. The ability to harness real-time data will continue to prove its worth
    For decades, the industry has acknowledged the importance of owning and leveraging real-time data. This capability enables the analysis of delivery patterns and customer trends, the tracking of critical and time-sensitive shipments, and planning around extreme weather disruption.

    Now, the power of real-time data is becoming more widely known, particularly as the adoption of generative AI continues. One of the concerns levelled at generative AI is that users are making mission-critical decisions based on old data. This year will see a change, with the growth of hyperscalers – large cloud service providers – about to tip the balance. These, twinned with AI models, are poised to revolutionise the analytics landscape, providing greater ability to use data to fine-tune in real time.

    For businesses, this can lead to increased speed, accuracy and cost-effectiveness of business solutions, as well as all-important access to customer insights at your fingertips. All of this helps improve customer experience – and ultimately makes businesses more robust.

This year will see technology at the forefront of every solid business strategy. The solutions in the past may already need overhauling if businesses are to prime their businesses for success and scalability. Crucially, today’s businesses need to move away from a one-size-fits-all approach in technology. Those that are bold, agile, and creative in their tech strategies will benefit the most, both now and in the future.