Top 5 Business Trends for 2024

One of the biggest challenges facing leaders of today, is the demands of tomorrow, so we have pulled together the Top 5 business trends to embrace in 2024.

AI – The enabler of the soft skills revolution

Nearly 70% of consumers believe most businesses will be using AI to improve the customer experience. Shopify reported e-commerce experienced 10 years growth in 3 months during the pandemic and with 5G coverage vastly improving data collection, the rise of big data will further enhance AI capabilities and impact. 

In the customer experience economy, making sense of client’s outlook and emotions places emphasis on the human touch, high levels of emotional intelligence, problem solving skills, thought leadership from the heart, all combined with a heightened level of personalisation delivering customised solutions to build stronger relationships.

Working from home – Keeping the team spirit alive

A recent work trends report found that only 12% of business leaders say they have full confidence in employee productivity, it follows that it’s predicted that most companies will be back in the office for 4 days a week. With ‘Zoomers’ replacing ‘Boomers’ in the workplace, employees are loath to return to stale workplaces and mediocre technology. Your space and coffee must exude ‘of the moment’ and create an organisational culture in which people can do their best work. 

Sustainable business – The importance of ethical consumption

A reported 62% of consumers are planning to change shopping habits to reduce environmental impact, a promising 85% have done something to become more sustainable in the past 5 years. Being a sustainable business is a package – embracing reuse and recycle, having a fully accountable supply chain, empowering innovation, hiring locally, and engaging with the community.

75% of millennials currently have the highest purchasing power and prepared to pay more for sustainable products, the need to be a recognised authentic and agile sustainable brand is fundamental to your sustainable competitive advantage.

Productivity habits and strategic capabilities – The rise of SQ

First we had IQ (your intelligence quotient), then EQ (your emotional quotient), now its all about your SQ (your strategic quotient)!

64% of businesses forecast that AI will be a driver of workplace productivity. ‘Deep work’ is the new cool, it is well recognised that personal productivity can drop 40% when we attempt to multi-task so ‘mono-tasking’ accelerated by AI is the way forward. But productivity should not be measured just in task completion but also in value creation. 

Access to quality learning, a greater emphasis on getting back in the room with colleagues enhances strategic capabilities. Elevating business acumen will drive demand for employees with a deep understanding, critical thinking mindset, capable of making decisions that have a direct impact on client success – demonstrating your strategic quotient!

Geopolitical headwinds – The resilience reboot

It takes versatility to lead in a volatile world, economic instability, electoral uncertainty and continual conflicts are the new norm. Cultivating ‘resilience’ is no longer a nice to have. In turbulent times loving work matters, as those who do are nearly 4 times more likely to be highly resilient. Resilience is not born of regulation, nearly 50% of organisations invest in ‘resilience’ as part of their strategic planning.

Resilience is not just about near shoring your supply chain, growing a profitable order book or investing in production capabilities, it is a key characteristic of high performing leaders, who from volatility see opportunity!

Simon Cossey is Dafferns’ Business Development Consultant and part of our Strategic Advisory Team.