Reflecting on the strides made last year, businesses globally pivoted to a streamlined efficiency model in 2023, integrating resource management into their core strategies. 2024 promises to build on these foundations, spotlighting the roles of collaborative work management (CWM) tools and the strategic integration of artificial intelligence (AI).
This shift toward efficiency and work management has set the stage for 2024. The trends indicate a significant rise in IT budgets, with a notable portion allocated to the adoption of new work management software. By 2024, demand for CWM solutions is expected to reach new heights, driven by a growing acknowledgment of its role in enhancing efficiency, prioritization, and informed decision making.
2024 is the beginning of a phase that promises to reshape the fundamental ways businesses operate and interact with technology. Here are my top five predictions for 2024:
1. CWM tools will fly above the radar for executives
Recent data found that nearly half of business leaders anticipate IT budgets increasing, with approximately 30% of that budget going toward investment in new project or work management software. Next year, we’ll see more executive buy-in for CWM solutions as efficiency and prioritization remain top of mind. Key decision makers will look at intelligence, analytics, integrations, and the ability to improve workflows when evaluating tools to help their teams unlock new levels of productivity and make more informed decisions about their work.
The rise in popularity of CWM tools means providers will have to up their game to deliver an all-in-one solution that caters to a diverse range of business needs.
2. Successful CWM platforms won’t disrupt existing processes, but will instead match how we work
CWM tools will become more and more intelligent, but the most successful platforms will easily fit into existing workflows. This means speaking the language of specific teams and integrating with tools they are already using on a daily basis vs. relying exclusively on the UI of the platform, so they can get up and running more quickly. Intelligence also plays an important role here — beyond automating manual processes, the right tools will be able to understand unique workflows and suggest the right way of organizing work.
This approach will foster a more intuitive work environment, reducing the team learning curve and enhancing overall workflow efficiency. The ability to tailor these platforms to specific team needs will be a game changer, driving wider adoption across various industries.
3. Generative AI will result in a rise of citizen developers
As generative AI evolves and is implemented across industries, many organizations need citizen developers to assist IT teams in driving business agility and innovation. Building teams of citizen developers will help to bridge the gap between the needs of business users and the requirements of process automation, and allow people to craft workflows in their natural language without developing code or learning to use specialized tools. This will eventually reduce the need for specialized process automation software within multiple lines of business.
This trend could shape how businesses approach problem solving and process optimization, empowering employees across all levels to contribute with their industry knowledge and domain expertise.
4. AI will fuel more meaningful ways of working in 2024
Next year, organizations will shift from experimentation to working with artificial intelligence more meaningfully. AI will help companies analyze and connect many data sources, creating more transparency and providing critical insights that ultimately help teams make better decisions. Because employees are not spending hours digging through and tracking down information, they will have the headspace to focus on innovation and drive more impactful outcomes.
AI’s role in predictive analytics and decision support systems will become more pronounced, offering businesses a competitive edge through foresight and informed strategic planning.
5. Every CTO will need a strong data strategy in place for responsible AI
As AI plays a bigger role in business strategy, CTOs and CIOs will need to have an airtight data strategy to ensure their organizations are securely driving mass adoption of AI technology. This includes carefully sanitizing data to ensure that AI does not cause harm or unintended consequences. It will be imperative for IT leaders to set up guardrails for AI usage within their organizations and spearhead education initiatives to give peace of mind to both employees and customers.
This focus on ethical practices will be critical in maintaining public trust and upholding corporate responsibility in the age of AI.
Here’s a summary of how these predictions can boost your enterprise growth in 2024:
- Use collaborative work management tools to streamline workflows, improve project management, and enhance team communication
- Leverage AI technologies to analyze big data for strategic insights, leading to informed business decisions and market trend predictions
- Automate routine tasks with AI, freeing staff to focus on higher-value, strategic work that drives innovation
- Encourage employees to use generative AI to create custom solutions, bridge gaps between IT and business needs, and foster workplace collaboration
- Develop robust data strategies to ensure responsible and secure AI usage, maintain customer trust, and comply with regulatory standards
- Invest in training programs to equip employees with skills in AI and digital tools, ensuring the workforce is prepared for technological advancements
These predictions for 2024 are catalysts for a fundamental shift in how businesses view efficiency, innovation, and responsibility. The rise of intelligent CWM tools signifies a new chapter in executive decision making, where technology is an enabler in driving productivity and informed work decisions. 2024 presents an opportunity to embrace these trends and build resilient and innovative businesses.