How Technology is Transforming Businesses in the US in 2024

Technology is not only changing the way we live, work, and communicate but also the way we do business. In 2024, businesses in the US are facing unprecedented challenges and opportunities as they adapt to the new normal of a tech-driven world. Some of the key trends that are shaping the future of business are:

• Automation: Advances in generative AI, such as ChatGPT, have enabled businesses to automate various tasks and processes, from content creation to customer service. According to Gartner, generative AI will significantly alter 70% of the design and development effort for new web applications and mobile apps by 2026. Automation can help businesses improve efficiency, quality, and innovation, as well as reduce costs and errors. However, automation also poses ethical, social, and legal risks, such as bias, privacy, and accountability. Therefore, businesses need to implement AI Trust, Risk, and Security Management (AI TRiSM) to ensure the responsible and transparent use of AI.
• Simplification: As technology becomes more complex and diverse, businesses seek to simplify their operations and solutions by using tools and platforms that fit their specific needs and integrate seamlessly with their existing systems. According to G2, 82% of buyers stated it’s important that the software they purchase integrates with the tools they already have, and 84% of buyers would prefer to purchase one tool to solve multiple business problems rather than multiple products. Simplification can help businesses enhance user experience, productivity, and collaboration, as well as reduce maintenance and training costs. However, simplification also requires careful planning, customization, and governance to ensure the security, reliability, and scalability of the solutions. Therefore, businesses need to adopt Platform Engineering and AI-augmented development to build and manage their software solutions effectively.
• Consolidation: As the market becomes more competitive and dynamic, businesses seek to consolidate and rationalize their tech stacks by working with fewer vendors and products that offer more value and functionality. According to G2, 78% of buyers like to buy complimentary products from a single vendor, and 50% of buyers are likely to switch vendors if they find a better alternative. Consolidation can help businesses optimize their performance, agility, and innovation, as well as reduce complexity and redundancy. However, consolidation also involves trade-offs, such as vendor lock-in, compatibility issues, and loss of differentiation. Therefore, businesses need to evaluate the benefits and costs of consolidation and choose the best solutions for their goals and stakeholders.

These technology trends are transforming businesses in the US in 2024, but they are not the only ones. Other trends, such as 5G, cloud, IoT, blockchain, edge computing, and VR/AR, are also reshaping the business landscape in various ways. Technology is not a silver bullet, but a tool that can be used for good or evil, depending on how it is designed, deployed, and regulated. Therefore, businesses need to be aware of the opportunities and challenges that technology brings and embrace it with vision, strategy, and ethics. Technology is not the end, but the means to achieve the ultimate goal of business: creating value for customers, employees, and society.