My 2024 Vision: Our evolving Technology landscape

As we step into the year 2024, I would like to share my insights on the trends and themes that I believe will significantly impact CXO's in an increasingly digital world. These predictions aim to provide a comprehensive understanding of what you should be aware of in the coming year.

Shifting from "Why" to "How" with Gen AI

In 2024, businesses will increasingly focus on the practical implementation of Generative Artificial Intelligence (Gen AI) within their operations. Unlike in 2023, where skepticism prevailed, companies are now actively exploring how to integrate Gen AI into their strategies. With a surge in Gen AI startups and market leaders showcasing disruptive applications, it is evident that AI should no longer be questioned but included as a crucial part of business strategies. Early adopters will learn valuable lessons about integrating AI, including addressing challenges such as data quality, security, value realization, and operating models. CIOs and strategy officers should prioritize these aspects in their 2024 business plans, as those still questioning "why" by the end of the year will find themselves trailing behind competitors who have already tackled the intricacies of AI integration and pushing ahead withthe expansion of implemented use cases.

The Maturation of Cloud Infrastructure: A Costly Affair?

While cloud infrastructure is now considered mature according to various technology research firms, debates regarding its suitability for holistic IT infrastructure will intensify in 2024. Many businesses initially hoped for financial flexibility through cloud adoption but are now realizing its limitations at scale. Customized applications and those not designed with elasticity in mind pose challenges, prompting organizations to explore private cloud or on-premises dedicated infrastructure for cost predictability. The cost dynamics will be increasingly challenged as new software releases prioritize compatibility with cloud infrastructure, which combined with associated exponential growth of data volumes will drive rapidly increasing cloud costs unless alternative solutions to support the growing volumes of data. Businesses, therefore, will need to recalibrate their cloud strategies to balance elasticity and cost management effectively.

Balancing Software Vendor growth and IT Cost Reduction

In 2024, a potential disconnect may arise between software vendors and CIOs during renewals for mature software platforms. Software providers face the challenge of delivering profitable value in a saturated market, while CIOs seek to consume fewer licenses or services as their organizations become more efficient through digitization. While this isn't a new issue the intense pressure to drive efficiency post the pandemic is higher than ever. This presents a dilemma: CIOs want the same software product but with reduced licensing volume, while SaaS providers aim to increase sales to meet growth targets. To address this, businesses should consider vendor rationalization by leveraging more functionality from fewer software partners, which can reduce overall spending. However, this transition may take time. Alternatively, a full Request for Proposal (RFP) process to replace software vendors is an option, but it requires a mature IT architecture with clear integration points to be able to swap out key components whilst avoiding significant project time and implementation costs. In 2024 CIOs are striving for IT efficiency to support evolving business demands with an increasing Digital first objective and invest in emerging technologies like Gen AI.

Rise of Hybrid Digital Skills

The digital landscape has witnessed the emergence of specialized roles in recent years, such as Software development, Ai Ops, automation, analytics, and digital design. However, as software becomes more configurable and automated, the differentiation in digital talent will shift toward individuals who possess hybrid skills. These professionals will excel in working across various technologies, digital domains, or acting as effective business translators. Roles like "Prompt Engineer" for Generative AI highlight this trend, where expertise in data, understanding the business value of insights and service design are equally important. While this blending of roles is not new - as we saw with the evolution of DevOps where successful teams operate seamlessly from development to operations – it is a pattern that will continue to expand. As digitalization becomes mainstream, the ability to offer unique value through blended skills will become increasingly valuable, except for specialized roles such as cybersecurity, which will gain even more importance.

The Growing Significance of Cybersecurity

Cybersecurity will take center stage in 2024, as data breaches and system compromises continue to make headlines, affecting government organizations, businesses, and consumers. With the introduction of AI, security threats are becoming more sophisticated and in 2024, we may witness warnings that our security measures are in the all inadequate (AI powered hacking tools can break +70% of passwords in a day). Hackers now have tools that enable them to engage in more sophisticated attacks, from impersonating individuals to orchestrating personalized engagements at scale. AI-powered attacks can target thousands of potential victims simultaneously, posing a significant challenge. Organizations must conduct comprehensive security assessments to ensure their systems, processes, and personnel can operate securely. The responsibility for security will also be a prominent theme, as businesses grapple with the question of who should be accountable as evidenced in the recent 23andMe court case of the business vs's its clients in a recent security breach. Regardless of the answer, implementing two-factor authentication and using complex, unique passwords for key digital services will be crucial in safeguarding sensitive information.

In conclusion, 2024 promises to be a transformative year in the tech industry, with AI playing a pivotal role in both positive and negative aspects. Understanding AI's role in business, society, and personal life will be essential for harnessing its potential while safeguarding against its threats. I hope you find these predictions insightful, and I look forward to hearing about any additional trends you anticipate in 2024.

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