A CEO’s outlook for 2024: 4 insights for business and technology leaders

Note: This article originally appeared on the Stratosphere Networks website.

Jackie Joyner-Kersee, a renowned American track and field athlete and six-time Olympic medalist, once said , “It is better to look ahead and prepare than to look back and regret.” With 2024 barely underway, there’s still plenty of time for thoughtful preparation to position your business for success in the next 12 months and beyond.

Considering how fast technology evolves and the potential impact political and economic trends could have on the business world, it’s impossible to say for sure how the upcoming year will unfold. However, based on my decades of experience as an entrepreneur in the IT space and insights from industry analysts, I can offer a few predictions.

If you’re wondering what to focus on as you fine-tune your approach to running your business in 2024, here are a few prominent trends to keep in mind.

1. Generative AI will continue to transform customer service (as well as other aspects of business operations).

Bolstered by behind-the-scenes generative AI tools for customer service agents, the global average CX will improve this year for the first time since 2021, according to Forrester’s 2024 predictions . AI is expected to help agents achieve the following:

• Higher first-contact resolution rates
• Answering questions more efficiently
• Making customers feel respected
• Communicating clearly and effectively

At Stratosphere Networks, we have plenty of experience with contact center solutions and have already observed the impact AI can have on CX for companies across various industries. In 2024, we’re also excited to see generative AI make a difference in departments beyond call centers.

Our current AI portfolio includes solutions for not only customer service and contact centers but also various other use cases:

• Workflow automation
• Sales and marketing
• HR
• IT support
• Facilities

This year, AI will drive significant gains in efficiency in addition to cutting costs and improving both customer and employee experiences. By 2025, 90 percent of companies worldwide will rely on genAI as a workforce partner, according to the Gartner 2023 IT Symposium/Xpo? Keynote Insights .

2. Companies that focus on AI trust, risk and security management (AI TRiSM) will come out on top.

Enterprises that implement TRiSM controls to AI applications are expected to achieve enhanced decision-making by weeding out 80 percent of illegitimate and faulty information, according to the 2024 Gartner Top 10 Strategic Technology Trends .

AI TRiSM is critical for companies that want to stop the pitfalls of artificial intelligence projects from outweighing the benefits, Gartner VP Analyst Bart Willemsen stated during a November 30 webinar on the 2024 strategic technology trends.

Here are just some critical considerations, according to Gartner .

• Flawed datasets can lead to biased AI models.
• Third-party AI tools can present confidentiality risks: “Your users could be accessing confidential data within others’ AI models, potentially creating regulatory, commercial and reputational consequences for your organization.”
• Risk management procedures are a must to ensure AI model operations are compliant, fair and ethical.
• Controls are necessary for proper model and application development, testing, deployment, and ongoing operations.
• Companies leveraging AI must comply with regulatory frameworks. The National Conference of State Legislatures has more info on AI legislation .

There’s plenty of fear, uncertainty and doubt (FUD) surrounding this rapidly evolving technology. If you’re feeling lost and don’t know where to start, we offer free assessments and can identify ways to start small (e.g., by automating mundane, high-volume tasks like password resets carried out by your IT support team). Contact our advisors to get started and move forward with confidence.

3. Cybersecurity will become a battle of the bots (AI versus AI).

Security experts have predicted that AI will play a part in a significant data breach and/or cyberattack in 2024, and generative AI tools will help cybercriminals carry out highly personalized phishing campaigns , according to the SC Media article “Biggest AI trends of 2024: According to top security experts. ”

However, experts also anticipate that AI will assist cybersecurity professionals and mitigate the effects of the ongoing cybersecurity talent shortage . As of 2023, the worldwide security workforce deficit reached nearly 4 million, according to the most recent (ISC)2 Cybersecurity Workforce Study .

AI can assist with tasks such as brainstorming, code writing, and identifying vulnerabilities – empowering overworked security pros to reach new levels of productivity and focus on high-value tasks, according to Kaspersky and Channel Futures . This year, the conflict between cybersecurity professionals and hackers will reach new levels of intensity as bots join humans on both sides of the virtual battlefield.

4. Younger buyers’ preferences will transform the B2B sales process.

The number of millennials (people born between 1981 and 1996) in the workforce is expected to grow by 4.5 million from 2019 to 2029, according to the U.S. Bureau of Labor Statistics (BLS) . As of 2023, Forrester found that millennials and Generation Z constituted 64 percent of business buyers.

As younger and more tech-savvy generations rise through the corporate ranks, business-to-business sales strategies also must change. These more tech-savvy purchasers are more likely to prefer self-service options, such as supplier websites and app stores, according to Forrester. They also tend to prefer third-party resources to information provided directly by suppliers.

If you’re in the B2B space and want to succeed in 2024 and beyond, you must adjust your sales strategy in 2024 if you haven’t already done so. Gartner has predicted that 80 percent of B2B sales interactions between buyers and suppliers will happen via digital channels by 2025. Additionally, 25 percent of purchasers want to gather all the details they need via the internet before connecting with a sales rep, according to research conducted by CMSWire .

We’ve already adjusted our approach at Stratosphere Networks to account for prospective buyers who’d rather handle things by themselves than engage with a salesperson. Subsequently, we’ve deployed a self-service chatbot on our site and have started offering free assessments and marketplace reports covering solution categories like Contact Center as a Service (CCaaS) and cybersecurity .

If you’d like guidance from IT industry experts as you chart your course for 2024, our technology advisors would be happy to help. We’ve worked in tech for over 20 years and can leverage the latest market research and access to advanced tools and niche solutions to construct a comprehensive IT roadmap supporting your organization’s objectives.

Our team can not only streamline the process of identifying solutions that align with your specific requirements but can also ensure smooth deployment with our white-glove project management and implementation services.

Take the first step toward a successful 2024 today by calling 877-599-3999 or emailing [email protected] .