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Top Business Technology Trends to Watch This Year

Staying relevant is a yearly challenge. Technology shifts, adapts, and evolves, and your business must, too. But 2024 looks even tougher than the last one for many CEOs. Almost 50 percent believe their companies won’t last another ten years if they keep doing what they’re doing – up from 39 percent in 2023.  

They’re looking to make a change, and P2P is here to help with some exciting business technology trends and potential opportunities you should prepare for in 2024. We believe that no matter your size, you can still adapt and thrive amidst all this change.  

More Opportunities for Non-Tech Workers with Generative AI  

Generative AI is breaking down barriers and empowering non-technical workers to step into roles that were once reserved for tech experts. In 2023, enterprises invested significantly in generative AI, and the effects will reshape the tech-talent market. With a lower entry barrier, non-tech workers can now contribute to technical work facilitated by generative AI. This shift is not about reducing the need for talent but about allowing employees to focus on high-value work. The lack of tech talent slowing down AI implementations is expected to ease as generative AI becomes more ingrained in tech stacks.  

P2P industry veterans can guide your team in incorporating generative AI tools into your processes, breaking down barriers for non-technical staff.  

CIOs Taking Charge as Total Technology Leaders  

In 2024, the role of Chief Information Officers (CIOs) will be central in coordinating technology efforts across departments, working closely with cybersecurity, data science, and AI executives. Their biggest challenges will lie in setting up the proper infrastructure, especially for AI, and navigating an expanding catalog of tech vendors. As businesses demand smooth digital experiences, the CIO becomes the linchpin for overseeing operational technology, digital solutions, and technology selection.  

P2P’s team of consultants can augment CIOs on this transformative journey to become the total technology leaders they are meant to be, one optimized process at a time. 

Cloud Technology Moves Closer with Distributed Cloud Solutions  

Distributed cloud is gaining ground, extending the reach of cloud services. As seen with McDonald’s partnership with Google Cloud, “hyper scalers” – companies that provide extensive cloud computing services – are installing hardware in various locations. This shift is a response to the increasing demand for data-hungry analytics operations. The trend towards private cloud and edge cases is becoming more prominent, reflecting the maturity of cloud technology. The need for proximity to where activities are happening is driving this distributed cloud evolution.  

P2P’s technical consulting can address challenges related to distributed cloud, fixing technical and operational issues for a smooth cloud evolution.  

Generative AI Excitement Cools Down, and Focus Turns to Results  

The hype around generative AI is expected to calm down in 2024, but the technology remains crucial. After gaining more experience, companies will focus on understanding where and how to adopt generative AI to ensure a return on investment. However, it’s essential to recognize that generative AI is not a one-size-fits-all solution and must be applied thoughtfully to address customer challenges.  

P2P business development experts can help you use generative AI to your advantage, identifying the use cases that will produce actual results.  

Companies Getting Smarter About Cloud Finances with FinOps  

As cloud deployments expand, concerns over costs are intensifying. FinOps practices, aimed at optimizing cloud spending, are becoming a game-changer. The big three hyperscalers – AWS, Microsoft, and Google Cloud – will actively support customers in this endeavor. Forrester predicts widespread adoption of the FinOps Open Cost and Usage Specification, offering a standardized framework for cloud cost management. Additionally, AI capabilities are emerging to assist in proactively identifying and resolving IT issues, complementing FinOps strategies nicely.  

P2P consultants can help you optimize cloud spending by setting clear goals for cost-effective solutions and AI for proactive issue resolution.  

AI Transparency Becomes a Priority Due to Regulations  

Regulatory scrutiny surrounding AI is increasing, pushing vendors to be more transparent about their AI-powered tools and services. Technology leaders recognize the risks of generative AI, such as privacy concerns and bias. With regulators signaling a need for clarity on how AI fits into laws, vendors can expect more in-depth questions and potential enforcement activities. The emphasis is on responsible and transparent AI practices.  

P2P’s advisory team can assist you in adopting responsible and transparent AI practices that align with all necessary regulatory requirements.  

Rising Costs in Software Due to SaaS Dominance  

The shift to usage-based Software as a Service (SaaS) is driving increases in software costs. Major vendors like Microsoft, Salesforce, and SAP have announced price hikes, impacting consumption and costs. While SaaS may offer best-in-class solutions and features, the rising costs pose challenges for businesses. The limited availability of on-premises options for many enterprise software categories reinforces the trend towards SaaS.  

P2P’s team of industry experts will help you navigate the SaaS landscape, ensuring cost-effective solutions and alternatives.  

Get Ahead of the Business Technology Trends with P2P  

This year is full of business technology trends, and strategically embracing them will be your key to staying ahead, and P2P will help you make that happen. We’ll be your guru, guide, advisor, and biggest fan, helping you stay ahead of the trends while accomplishing your goals! P2P – Make Our Experts, Yours! 

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