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Category: Trends

Insights into 2024 business trends

With 2023 behind us and eyes fixed firmly on what opportunities 2024 will bring, Gillian Whelan, Country Manager of emagine Ireland, outlines five trends that will affect businesses this year.

Gillian Whelan, Dublin, Ireland

 

Nearshoring plugs the talent gap

Hiring and retaining talent will continue to be a universal challenge for businesses in 2024, particularly where resources are needed for a fixed period of time on specific projects.

High demand for skilled IT professionals, coupled with a limited resource pool, means some companies will find it increasingly hard to attract and retain talent with the right skillset at competitive rates. This makes it difficult for them to keep up with evolving technology, but keeping pace is essential.

Explore our offering:
Nearshoring as a service

Consultants and advisors i an office space seen from above

Offering a solution to this challenge, our nearshoring service allows us to supply clients with highly experienced consultants on a fixed-term basis. emagine's prominent market position and proficient team enable us to link top European companies with the finest available talent.

 

Cybersecurity

Cybercriminals of the world are becoming extremely advanced making it essential for businesses to invest in this area and the demand for specialists has dramatically increased. Building robust systems to mitigate cyber risks has risen to the top of the priority list for all organisations, no matter what sector they operate in.

The increased adoption of artificial intelligence (AI) will drive data breaches which demands improved data management and awareness among teams. In light of this, it is expected that employee cybersecurity training will undergo significant enhancements and intensification in 2024. Given that employees are often the primary targets of cyberattacks, it becomes paramount to ensure their vigilance against potential risks through more frequent and comprehensive training initiatives.

This proactive approach to employee cybersecurity training will not only bolster the organisation's defences but also empower employees to become more resilient against emerging cyber threats.


 

The increased adoption of AI will drive data breaches, which demands improved data management and awareness.

 


Enhanced intelligent products

In 2024, there will be a shift towards ‘smarter’ products through product and service innovation. Interconnectivity is not a new theme and businesses need to innovate to leverage cloud, AI, and, most importantly, data analytics, so that their products are as smart as possible.

In banking, for example, a lot of apps can look dated. Creating a user-friendly product will ensure customers have a seamless experience. It is also important to embed personalisation into all elements of the journey, as consumers value this level of detail in communication.

There is an opportunity for the developments in automation to filter down into banking in 2024 and businesses need to innovate the products and services they are offering clients to remain competitive.

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Regulatory changes and AI advancements

The level of adoption and integration of AI by businesses is rapidly escalating, as they seek to harness its potential for improving productivity. This trend is expected to accelerate in 2024, with companies exploring AI applications and employees leveraging AI to improve efficiency.

Despite the apparent advantages of this technology, there is still ongoing deliberation among legislators regarding the optimal approach to regulate this rapidly evolving field. It is anticipated that regulatory authorities will start to keep pace with these advancements. Developments in regulatory frameworks are likely to address the concerns and barriers related to AI adoption that many businesses currently face.

ESG signals the end of greenwashing

Over the past couple of years, the ESG agenda has taken significant strides in the business world. A company’s approach and action on ESG is genuinely affecting whether another firm will do business with them or not. Within many sectors, changes in consumer and investor preferences are also driving this change.

When ESG first came onto the scene, it was merely a tick box exercise, but it has evolved into something much more meaningful. Businesses must now be increasingly transparent about their activities and commitments so that potential clients know there is no risk of greenwashing.

We were proud that emagine was awarded the EcoVadis silver medal in 2023, for the firm’s performance against sustainable and ethical business criteria at group level. This was one of our greatest achievements of the year.


 

A company’s approach and action on ESG is genuinely affecting whether another firm will do business with them or not.

 


As businesses navigate the unfamiliar waters of 2024, these trends will serve as a guide for what is to come.

Embracing innovation, harnessing talent, implementing defences against cyber threats, navigating regulatory landscapes, and embodying authentic ESG values will be key areas in which companies can define success in the ever-evolving business ecosystem.

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