INDUSTRY TECH OUTLOOK4Building the TomorrowWith the general global economic downturn predicted to get worse before it gets better, companies are likely to remain cautious when it comes to spending and investing in radical new ideas in the near future. However, there are a number of technological and societal trends that are simply too big to ignore or put off until better days.The Boston Consulting Group asserts that "to be an industry leader in five years, you need a clear and compelling generative AI strategy today." AI and machine learning have been making waves for more than a decade and are thoroughly integrated into many of the products and services we buy from major companies. Now, generative AI puts the power to create and intelligently automate the customer experience - as well as internal operations - in the hands of nearly every organization.As it becomes increasingly feasible to automate technical aspects of work - coding, research, or data management, for example - the ability to leverage soft skills for tasks that still require a human touch becomes critical. For this reason, in 2024, we see organizations increasing their investment in developing and nurturing skills and attributes such as emotional intelligence, communication, interpersonal problem solving, high-level strategy, and thought leadership.We've been hearing about the skills shortage for several years now. Changes in hiring practices that emphasize selecting candidates with the specific experiences and skills needed for a role, rather than qualities such as educational attainment or age, are a part of the industry's response and will continue to be a strong trend. We will also continue to see increased investment in training and upskilling, particularly around disruptive technologies such as generative AI and skills that will be in demand in an AI-driven economy.Ensuring an organization is protected from whatever threat is around the corner. That could mean cyber attacks, economic downturns, environmental events, war, global pandemics, or the emergence of a disruptive new competitor. It's about taking what we've learned from companies that have survived and even thrived in turbulent times and using it to plan and prepare for what might happen tomorrow.ListingOne driver is clearly customer demand, as research continues to show that consumers increasingly prefer companies with a solid commitment to reducing their environmental footprint. On the other hand, as the green economy grows, we're learning that green solutions often lead to bottom-line growth. For example, Walmart dramatically reduced its spending on fuel and vehicle maintenance by transitioning to an EV delivery fleet. We'll also get better at spotting greenwashing, where companies pay lip service to environmentalism in an attempt to divert attention from environmentally unfriendly practices.Ensuring an organization is protected from whatever threat is around the corner. That could mean cyber attacks, economic downturns, environmental events, war, global pandemics, or the emergence of a disruptive new competitor. It's about taking what we've learned from companies that have survived and even thrived in turbulent times and using it to plan and prepare for what might happen tomorrow.
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