2024 Business Predictions

Every year, I review the past year's activities and then examine the potential future trends for the coming year. I publish these on LinkedIn and monitor how business is changing. Here were my predictions for this year.

1. Artificial Automation: AI-generated everything become a household word in 2023. I see it continuously improving and becoming more integrated into all business operations. This trend is driving efficiency but also raising questions about workforce displacement and ethics.

2. Sustainability: Companies are increasingly adopting eco-friendly and sustainable practices, not just as a moral obligation but also as a competitive advantage. This includes sustainable sourcing, reducing carbon footprints, and implementing circular economy principles.

3. Cyber Protection: As digital transformations accelerate, so does the importance of cybersecurity and data privacy. Companies will invest more and more in protecting their data and that of their customers.

4. The New Way of Working: The trend of remote and hybrid work will continue to grow, with more companies offering flexible work arrangements. This shift will impact office space design, technology investments, and employee engagement strategies.

5. Customer Centric: Personalization in marketing and customer service will become more sophisticated, leveraging big data analytics to provide more tailored experiences to customers.

6. Wellness: Businesses will increase focus on health and wellness, both in terms of products and services offered and in workplace practices. This includes mental health support, wellness programs, and health-conscious products.

7. Supply Chain Resilience: Companies are reevaluating and strengthening their supply chains to be more resilient against disruptions like pandemics, climate change, and geopolitical tensions.

8. DEI Reversal: DEI initiatives peaked in 2023 as they became more embedded in business strategies. Although companies have recognized the value of diverse perspectives in driving innovation and business success, I believe we'll see a significant change in business policy and procedure.

9. Hiring Overhaul. HR recruiting and hiring is at a tipping point -- everyone knows the process sucks. With the massive increase in AI in the process, I believe we'll see a massive overhaul in this area in 2024.

10. Social to Streaming. During the pandemic, everyone gravitated to social media and streaming TV. Now, social media is consumed by organic marketing, which is driving away users. Organic marketing efforts will begin the transition to streaming services in the coming year.