Do you have your finger on the pulse of top business trends? In this article, we take a look at three business areas that will continue to change the way we do business in 2024.

1. Boosting productivity: Generative AI

Generative AI is a type of artificial intelligence technology that can create several types of content, such as text, imagery, audio, and synthetic data. It works by learning the patterns and structure of input training data and then generating new content based on that knowledge.

Because this technology is readily available and so easy to use, it can provide a big boost for productivity – and not just for content creators, but for business owners as well.

According to Goldman Sachs, generative AI could skyrocket global GDP by about 7% and increase growth in productivity by 1,5% in a decade.

Considering that generative AI can be used to create anything from marketing copy, summaries of text that can be used for pitch decks, or even be used to refine documents, it is worth considering how you will be implementing these tools in your business.

AI tools will become more widely available, and businesses will need to adapt to new technologies, emerging business models, societal demands, and different ways of working.

2. Becoming more mindful: An increase in sustainable technology

Sustainable technology is another trend that will be prominent in 2024. Companies are increasingly committing to sustainable practices, and research shows that consumers prefer companies with a solid commitment to sustainability.

It is important to understand what sustainable technology encompasses, especially when considering how it can impact the environment, governance and the social landscape.

How businesses could be embracing sustainable measures in 2024 include recycling and upcycling, as well as looking at using electric vehicles to reduce carbon emissions. Those in the construction industry will seek out “greener” solutions tech, while reducing waste and limiting their impact on nature.

3. The continued rise of cybersecurity

Cybersecurity is a growing concern for businesses, and it will continue to be a vital focus area in 2024. As businesses become more reliant on technology, they unfortunately become more vulnerable to cyber threats.

According to research, about one in every two businesses has fallen victim to cyber attacks in the last three years.

This means that businesses will now, more than ever, need to tap into security solutions that can safeguard their companies. Also, strict cyber security procedures will likely be seen across the world, and might even make use of AI to optimise business security.

A clear focus on AI and tech

Looking at these business trends for 2024, it is clear that artificial intelligence and technology will be key areas where company owners need to sharpen their skills.

Ensuring business safety and security should always be a key focus area, and can be easily achieved with the right mindset and tools.

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