Happy New Year! What is ahead for 2024? I have some thoughts I will share with you today. We will decipher some of the loftier predictions in order to create a solid plan for how businesses can move forward in the year ahead.
In last week’s blog, I challenged everyone to try an exercise to look back to the past year to identify what went well and what didn’t go well. Some questions we considered were: Who led the technology charge? What new ideas do your employees have? How does this all fit in with what you are already doing?
With that information in hand, we can now look to the year ahead and I want you to consider one very critical question as we look forward: What are your business priorities? The answer to this question will be very different for different businesses.
Is it to find new customers? Is it to increase revenue from the customers you already have? Is it to turn followers into paying customers? Is it to create new corporate policies around managing employees? Is it to scale back business, among worker shortages?
Whatever your business objective is, my hunch is technology can probably help in some way. We all know gen AI is perhaps one of the most popular technologies of last year, and that trend will likely continue to next year.
The statistics are rather staggering, according to AIPRM, which suggests the global AI market is an economic powerhouse that is already worth almost $455 billion. We know the North American AI market is the largest in the world, with a share of roughly 36.84%. As we look to the future, it has the potential to continue to grow at a rate of 19% per year.
But remember, we are keeping that one question front of mind today: what are your business priorities? We see some of the best uses of AI include responding to email, answering financial questions, planning travel itinerary, preparing for a job interview, and for interacting with customers. In fact, AIPRM suggests the most common use of AI in business is for customer service.
As I suggested, I imagine technology can probably help in some way with our business priorities. After you identify your business priority, the next step is to identify how technology can help and consider two key questions.
First, look at the technology you already have. Are there systems and processes that can be improved for maximum efficiency that can help you meet your business objectives in 2024? Perhaps it is just a matter of shoring up what you already have.
Second, consider what else is out there. There are opportunities all around us. Some are free or low cost; some require loftier technology implementation. As you explore what exists, make sure to keep in mind that business priority. How will technology ultimately help you meet that very specific goal? That is the objective of today’s exercise.
With all this in mind, we now have a path to consider, as we move forward on that digital transformation journey. As we all know, digital transformation isn’t a destination, but rather it is in fact a journey. And yes, a long journey that requires a steady, calm hand at the helm. Let’s head into 2024 with a solid plan for where we are headed next. Remember we are all in this together.
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