10 Global Digital Business Forecasts for 2024 by GenAI

10 Global Digital Business Forecasts for 2024 by GenAI

  02 Jan 2024  

GenAI will be utilized to invent

GenAI can be used to collaborate on the development of digital services and products by identifying opportunities in the market and distributing resources from the company. The businesses that employ GenAI by this method can more effectively and efficiently launch new revenue-generating ventures and will experience faster-paced growth than their competitors that aren’t employing GenAI will have a difficult time matching.

2. It is Expected That the Pace of Investments in Digital Technologies Will Continue

Digital technology spending by businesses will grow by sevenfold faster than that of the economy by 2024 because companies are driven by the market’s demands to expand their digital business models as well as build the capabilities of digital technologies.

3. The Elevation of Ai Up to C-suite

Recent IDC survey revealed that just under half of CIOs believe that their company is planning to or has an individual leader who is responsible for AI around 50% of them believe that the person in charge will be part of the executive C-suite team.

4. Digital Native Businesses Will Embrace GenAI

Digital-native companies rely on technology to help them develop innovative business models and build their competitive edge. They will be the first users of GenAI and will make significant investments to increase their competitive edge.

5. Digital Business Platforms Help to Ensure to achieve success

Digital business platforms provide greater transparency into a company’s operations, providing more insight into the results of their investment. As businesses grow digitally they discover that measuring ROI to be easier and more likely to develop cutting-edge capabilities that will help drive successful digital revenue-generating initiatives.

6. AI Everywhere Can Supercharge New Digital Business Models

IDC anticipates to see that the combination of AI and machine vision GenAI and machine vision capabilities, as well as the provision of on-demand services via digital ecosystems will be given a brand new dimension. This will provide opportunities to develop new services and products for customers who will be drawn to these capabilities.

7. To Measure Success, You’ll Need to Develop New Kpis

The ability to determine what is most relevant to business is crucial for making strategic decisions. We anticipate seeing the introduction of new indicators for key performance (KPIs) adopted that represent an evolution towards the development and distribution of digital products services, experiences, and products that are the most important features of a modern business.

8. Digital-First is now the investment priority

CEOs increasingly demand their organization’s chief technology officer to focus on delivering more profitable business results and enhancing business agility and creating new revenue via digital services, products and experiences.

9. AI Will Impact Workflows and Drive Employee Retraining

The widespread adoption of AI could pose a challenge for employees who are seeing their overall working process and learning processes affected. To minimize negative effects and encourage acceptance, staff will have to learn new skills in order to function with GenAI.

10. Digital Technologies Will be Utilized to meet sustainability Goals

To reach their sustainability goals companies will need both business as well as IT leaders to make investment in digital technology that is dual-purpose: they must meet their digital goals and considering sustainability.