Technology Trends: Our 2024 Outlook

Author

Scott Albrecht

In 2024, technology leaders will navigate an environment reshaped by the 2023 AI revolution, with generative AI emerging as a critical driver of innovation and public engagement. As the initial excitement stabilizes, strategic leaders understand that it is essential for businesses, especially in competitive sectors, to reassess their models and strategies, considering generative AI’s potential for real-world impact.

Research from IDC highlights a notable return on investment in AI adoption, with an average ROI of $3.50 for each dollar invested. However, realizing this level of ROI necessitates addressing common challenges in technology projects, including a lack of skilled professionals, poorly managed and unstructured enterprise data, insufficient AI risk management strategies, and increasing technical debt in businesses.

Liberty Advisor Group specializes in helping clients identify where technology can most benefit their specific business models now and in the foreseeable future.  The use of innovative technology holds the potential to bring the correct data to the right place at the right time. While AI-powered assistants can help write emails or generate monotonous boilerplate, utilizing AI to secure a sustainable competitive edge requires organizations to comprehend AI’s potential effects on their business model, both to gain an advantage and to avoid potential disruptions.

This briefing will highlight the key technology trends driving the AI-centric tech agenda for the year ahead. As with any emerging technology, brilliance in the basics ensures a sturdy platform to evaluate and launch initiatives.

Democratization of AI and Generative Technologies

The democratization of artificial intelligence (AI) and generative technologies is at the forefront of technological advancements in 2024. No longer confined to the realms of specialized experts, AI is becoming accessible to a broader audience. This democratization empowers businesses and individuals to leverage the potential of AI in innovative ways, driving efficiency, creativity, and problem-solving across industries.

Generative technologies, such as natural language processing and image generation, are evolving rapidly, enabling machines to understand and create content increasingly sophisticatedly. This trend accelerates the development of AI applications and sparks a wave of creativity, pushing the boundaries of what is possible.

This trend is fueled by the inclusion of AI technologies in enterprise software, for example, Copilot with Microsoft 365 environment, Salesforce Customer Service AI, Amazon’s Supply Chain application, and SAP Joule. Additionally, cloud providers provide the necessary building blocks for companies to assemble their solutions quickly.

Data as an Asset and the Evolution of Maturity and Governance

Data remains a critical component of digital transformation, acting as organizations’ fundamental “reserve” currency. For companies, it is crucial to enhance their data governance practices to, at a minimum, prepare for AI demands and corresponding privacy, compliance, and ethics issues. As data regulations become more stringent, businesses must establish thorough governance frameworks, demonstrating responsible and lawful data lifecycle management.

In this era of continual digital transformation, the value of high-quality, well-governed data cannot be overstated. As organizations increasingly rely on data-driven insights to steer strategic decisions, the need for robust data governance becomes even more pronounced. Effective governance ensures data integrity and reliability and equips companies to navigate the complex landscape of AI implementation. With the growing emphasis on data privacy and security, businesses prioritizing comprehensive data governance will be better positioned to adapt to evolving regulatory requirements, thereby maintaining a competitive edge and fostering stakeholder trust.

Technical Debt Reduction at an Enterprise Scale

The challenge of accumulating technical debt has been a longstanding issue for enterprises, often restricting their agility and innovation capabilities. A 2023 Forbes article titled “Technical Debt Demands Your Attention” highlights that 70% of technology leaders consider technical debt a significant obstacle to organizational innovation. In 2024, forward-thinking organizations will undertake comprehensive efforts to identify, mitigate, and limit the expansion of technical debt, moving away from piecemeal assessments.

By prioritizing the reduction of technical debt, enterprises enable innovation, greater scalability, and improved readiness for upcoming technological changes. A proactive stance is crucial for organizations aiming to succeed in the rapidly changing digital environment. The focus will shift from a general approach to debt reduction to targeting specific areas of debt that most significantly impact organizational efficiency and growth.

AI Trust, Risk, and Security Management

The imperative for robust trust, risk, and security management escalates as AI increasingly permeates our daily routines and critical business operations. The responsible and ethical application of AI technologies will be a key focus for organizations as outside interests increasingly become aware and interested in the stewardship of these models. Establishing trust in AI systems is crucially dependent on their transparency, the ability to explain their processes and the adoption of robust risk management strategies.

The security aspects of AI systems are also gaining prominence. Given that AI applications process sensitive data and make impactful decisions, protecting against cyber threats and maintaining the integrity of AI algorithms is of utmost importance. In 2024, there will be a significant move towards creating all-encompassing frameworks for AI trust and security, thereby enhancing the safety and dependability of the AI landscape.

Conclusion

This year’s strategic focus for technology leaders should include embracing the democratization of AI, fortifying data governance in line with tightening regulations, and effectively managing technical debt to streamline innovation and organizational nimbleness. Additionally, as AI becomes more ingrained in everyday business practices, the importance of establishing trust, managing risks, and ensuring the security of AI systems becomes paramount. These shifts are not just technological but require a nuanced understanding of business models and processes, game theory, political environment, and legal and regulatory concerns.

Where We Come In

Are you keen to realize value, accelerate growth, drive operational efficiency while reducing risk? Liberty Advisor Group has extensive experience reimagining and discovering more innovative ways of doing business and delivering results.

What is your ambition for 2024? With our experience, we empower our clients to realize their ambitions.

About Liberty Advisor Group

Liberty Advisor Group is a goal-oriented, client-focused business and technology consulting firm based in Chicago. Since its inception in 2008, the firm has been committed to helping clients solve their most complex business issues, delivering tangible results that drive growth and reduce risk. Year after year, Liberty has been recognized for its people, culture, and hard work. In 2023, Liberty was named to Best Place to Work in Chicago by Crains’ Chicago Business,  Best Workplaces in Chicago™ in 2023 by Great Place to Work and Fortune Magazine

Author

Scott Albrecht

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