With a new year looming, here are 7 key challenges to expect for 2024,
and what to do actually do about them.
This time last year, few could have predicted the remarkable pace of change we have all witnessed in 2023: huge advancements in generative AI, the metaverse, augmented reality, and so much more. These topics dominated the news, puzzled sceptics, and had business leaders around the world scratching their heads as to what it all meant for their businesses. For those of us who don’t own a crystal ball, here’s the fun bit: last year may well have been just the appetizer for even bigger things to come. This is what we can probably expect – and how to prepare – in 2024.
- Cybersecurity & Data Protection
- Cloud Computing
- Tech Talent Shortage
- Ethical AI
- Green Tech & Sustainability
- Big Data
- Regulatory Compliance
Cybersecurity & Data Protection
IBM puts the average cost of a data breach at 4.45 million USD – an average from over 500 organisations across 16 countries. Even more shockingly, 82% of breaches involved data stored in the cloud, be it private and/or public. Cyberattacks are expected to become increasingly sophisticated and complex (thanks, AI) and virtually any organisation, regardless of its size, is vulnerable. With cybersecurity being one of the major IT challenges for 2024, it is vital for CEOs to invest in robust cybersecurity measures to safeguard their data and systems, and to stay informed and educated on the new regulations and standards that are emerging globally.
Cloud Computing
Cloud computing is now an essential part of modern business, enabling companies to scale operations and increase operational efficiency while reducing costs. But there is a catch: around one in every 3 dollars spent in cloud computed ends up “going to waste” – likely due to the fact that cloud services are still complex and that most companies lack of expertise and proper training to deal with it. Additionally on the list of cloud challenges for 2024 come compliance and governance, as well as managing multi-cloud. A solid cloud strategy is definitely in the stars for CEOs in the coming year.
Tech Talent Shortage
The MIT’s Technology Review Insights reports that 56% of companies complain of an overall shortage of candidates for IT and Tech jobs, while 64% say candidates lack the skills or experience desired. The message is clear: attracting, retaining and upskilling their tech workforce will continue to be a challenge in 2024. Korn Ferry goes a step further and predicts the tech talent shortage to reach 8.5 billion dollars in unrealised annual revenues by 2030. Staying competitive in 2024 means investing in training and development programs to equip employees with the necessary skills for handling emerging technologies such as artificial intelligence (AI), machine learning (ML), and blockchain – or in other words, prepare their workforces for the future of work.
Ethical AI
Bias in AI is not exactly new but it is becoming more and more relevant. As such, an important item in the list of tech challenges for 2024 is to implement governance frameworks for AI systems to ensure organisations operate responsibly and ethically. This also implies that CEOs and IT leaders will have to make important decisions regarding tech infrastructure and train their staff in the ethical uses of AI.
Green Tech & Sustainability
The IDC forecasts worldwide spending on purpose-built sustainability services to reach 65 billion dollars by 2027, as the pressure for change grows stronger than ever before. In fact, some publications are calling 2024 “the year of green and sustainable tech”. Far from being limited to renewable energies, this broad trend encompasses everything from more energy-efficient devices, better pollution control systems, more sustainable data centres and supply chains. At an organisational scale, these challenges for 2024 imply more sustainable practices at both human and technological level.
Big Data
Ever heard the phrase: “the problem is not how to get data, the problem is what you do with it”? Turns out, both problems are true. A 2020 report by report from Seagate and IDC found that businesses only used 57% of all the data they collected – and that most companies only stored about half of data within their capabilities. That means only about a fourth of the data generated was actually being used. Later assessments still predict that 40 to 90% of data is unused, depending on the industry. At a first look, it is obvious that one of the biggest challenges for 2024 regarding big data is how organisations manage and analyse it – or rather how they don’t. Sure, AI and ML can help leverage insights from big data. But to truly gain a competitive edge, decision-makers need to look at the bigger picture – from how data is captured to how it stored, managed and accessed.
Regulatory Compliance
The regulatory landscape surrounding technology is constantly evolving – in just the last few years, the EU alone has seen a sweeping law for online privacy take effect, associated with concerns about data privacy, anti-competitive practices, and the overall impact of technology on society. At this point, companies of all sizes feel prompted to address these concerns and demonstrate responsible data stewardship practices. Training programs, clear compliance policies and procedures, and holding employees accountable for their compliance responsibilities will be key in 2024 and the coming years to stay compliant.
Facing the IT & tech challenges for 2024 with a reliable partner
Many of the IT and tech challenges for 2024 involve reconciling the conflicting needs of various departments and teams, such as balancing innovation and risk, aligning investments with business goals, breaking siloed operations of different departments, and fostering collaboration, and ensuring a smooth adaptation to recent technologies while protecting ethical and responsible development. An experienced partner can play a pivotal role in helping businesses navigate these complex technology challenges and get on track to achieve business goals.
Get in touch with Near Partner and let’s navigate the challenges for 2024 together.
