As the dust settles and organisations worldwide grapple with the impact of cutting-edge technologies on the future of business, the question of what lies ahead remains a common concern. Examining how the business world reacted to the most disruptive technologies in the past two years provides good indicators of what 2024 will look like.
We've combined our findings with knowledge compiled by trusted resources to create a list of some of the most visible trends surrounding technology in the business world. Several insights stand out right away:
Generative AI will expand.
Automation will become even more democratized.
Hyperautomation will be geared towards sustainability.
SMBs will increase automation efforts.
Ethical considerations and governance for RPA will be enforced.
People won’t be replaced by AI but by those who know how to use it.
Vertical-specific RPA solutions will be on the rise.
Generative AI's Massive Expansion
Generative Artificial Intelligence, differentiating itself from conventional AI, creates new data rather than analyzing existing data. Gartner predicts that by 2026, around 80% of enterprises will have embraced Generative AI models, a massive rise from 5% in 2023. Brands like ChatGPT and Midjourney have surged in less than 18 months, pioneering new possibilities across various industries. From generating text and visual content to molecular structures and financial market simulations, Generative AI will consistently reshape numerous sectors in 2024.
Increased Availability of Automation
Companies are increasingly relying on technologies like RPA, and the demand for automation will steadily grow throughout the next 12 months. This stems from the need to provide employees with the necessary resources to remain competitive, efficient, and work at their full potential. No-code solutions like Atomatik have played a pivotal role in this growing trend. The effects of growing RPA and automation use extend beyond the reduction in human error and shorter times-to-completion. No-code RPA platforms make automation available within organizations on a larger scale, empowering non-IT employees to lead automation initiatives and achieve new levels of performance.
Hyperautomation Aligned with Sustainability
Sustainability is a global concern across all industries, and in 2024, hyperautomation is expected to play a crucial role in global initiatives to combat climate change through thoughtful process optimization. Automation strategies will incorporate sustainability data, leading to projects aimed at tracking and reducing the carbon footprint.
SMBs Intensifying Automation Efforts
Given that 90% of global companies are small/medium-sized businesses, the automation market will significantly expand towards these organizations with more accessible solutions. Easy-to-use process automation tools like Atomatik are powerful ways for small and medium-sized businesses to gain a competitive advantage or avoid falling behind bigger players in their industry.
Enforced Ethical Considerations and Governance for RPA
In 2024, security and compliance will remain a priority for both automation providers and companies employing process automation. Specific measures like stronger encryption, thorough audit trails, and better access management will be implemented to address the evolving threat of cybercrime. These efforts will not only tighten security but also build public confidence in automation as a driver of benefits for society.
Contrary to initial fears of job displacement, tools like Machine Learning and Generative AI will be a massive support for human employees, rather than replacements. Skills in leveraging these technologies will be a determining factor for current and future employees, making the adoption of these new tools mandatory for career safety and growth.
Rise of Vertical-Specific RPA Solutions
Industry-specific RPA solutions tailored to sectors such as healthcare, manufacturing, or retail are gaining prominence. These solutions offer quicker implementation, deployment, and a more straightforward learning curve for organizations in specific sectors.
Shared Development with No-Code Solutions
No-code and low-code automation solutions will continue to experience substantial market growth in 2024. Empowering teams directly with tools like Atomatik fosters agility, scalability, and cost-effectiveness, creating a shared development approach that enhances productivity and collaboration.
Conclusion: A Year of Transition and Growth
The next twelve months will be a time of adaptation to the newer ways of working enabled by the fast development and rate of implementation of cutting-edge technology. It will also be an important year for the maturing of the relationship between the business world and these new tools. Fear levels will likely drop as the massive potential of AI, generative AI, and other technologies stacked together becomes much more visible and appealing.
Accurately predicting the future remains a challenging attempt as the accelerated rate of development exceeds the adaptation capacities of most sectors. However, in 2024, organizations that shy away from using newer business technologies will likely endanger at least part of their operations. The race to become digital has yet to reach peak speed. It is a time of hefty transitions, interesting to say the least, and hopefully, the lessons learned by the end of 2024 will guide companies toward a harmonious future of healthy growth.
If you want to learn more about how Atomatik can help your organization, book a 30 minute call with our sales team.