The Trends That Will Define 2024
West Monroe
We’re a global business and technology consulting firm passionate about creating value with our clients.
Welcome to 2024—and oh, what a year it might be.
What’s top of mind for business leaders at the start of this year? According to our research, blossoming tech advancements, a keen eye on interest rates, ongoing geopolitical tensions, and the months-long critical presidential election. All will have an inevitable impact on everyone reading this.
While taking a pulse of the overarching themes that will define the year ahead, we also homed in on the topics that will matter most for our clients and their industries: Energy & Utilities, Healthcare & Life Sciences, Manufacturing, Banking, and Private Equity.
Across all industries, the following themes showed up:
But the core theme from our annual Industry Outlooks: Organizations that thrive in 2024 will seamlessly integrate data-driven technologies, navigate market dynamics with adaptability, and prioritize sustainability for long-term success.
Deep-Dive: Banking
Perhaps no other industry had as turbulent a year in 2023 as banking, which will continue to face challenges from higher interest rates and industry fragmentation. Regional banks will be forced to confront identity crises amid consolidation threats and stricter regulations. This makes adapting to new technologies and data enhancements crucial in a competitive market. That could—and likely will—require a cultural shift toward digital to enhance the customer experience and ensure regulatory compliance.
Read more in our 2024 Banking Outlook.
Deep-Dive: Energy & Utilities
The arrow is pointing up for utilities on the forefront of clean-energy goals, and they must navigate the challenges by adopting innovative strategies. Efficiency gains through decentralized power supplies require coordination, and addressing transmission infrastructure needs is crucial. Progressive utilities that digitize operations will drive savings, improve customer engagement, and set themselves up for future decarbonization and electrification efforts.
Read more in our 2024 Energy & Utilities Outlook.
Deep-Dive: Consumer & Industrial Products
Data is plentiful in manufacturing, but organizations are still figuring out how to extract value from it. Digital-first strategies
Read more in our 2024 Manufacturing Outlook.
Deep-Dive: Healthcare
The ever-evolving healthcare industry will be defined by a critical theme: navigating significant cost pressures. Embracing advanced analytics
Read more in our 2024 Healthcare Outlook.
Deep-Dive: Private Equity
Dealmaking naturally slowed in private equity last year, but don’t expect that to continue. An uptick in deals mean recognizing data as a value creation lever—with successful firms increasingly monetizing portfolio data for growth and new revenue streams. Though at times considered an afterthought, there will be a heightened focus on addressing cybersecurity gaps within portfolios during diligence and post-close.
Read more in our 2024 Private Equity Outlook.
Some of us have our 2024 planned out. Others are just trying to make it to the Fed’s first interest rate cut. No matter where you fall on that scale, 2024 is shaping up to be a transformative year for the organizations and people who embrace innovation and digital strategies.
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