IT Solutions Expected To Transform Businesses In 2024

Technology has advanced to such a degree that a business’s success almost entirely depends on it. Long gone are the days when technology could be used sporadically; now, technology shapes the entire premises by which companies deliver their services, form and maintain relationships with their clients and partners, and how they expand and grow. 

In 2022, it’s estimated that global IT spending reached $4.5 trillion USD, according to Statista, which is 3% higher than the year before. Spending looks to only grow even higher in the coming years. Therefore, it’s crucial that organisations stay clued into emerging technology trends and invest in digital solutions to stay ahead of the competition. 

To keep in step with change, it’s crucial for companies - across both the B2B and B2C terrains - to look ahead and consider how technology can be leveraged to their advantage. Several innovative IT solutions and trends look set to transcend business operations in 2023 and beyond, and this guide will highlight some of the most important ones to consider.

Top 5 business IT solutions to consider for 2024

1. Artificial Intelligence (AI) and Machine Learning (ML)

The combination of AI and ML enables companies to automate processes and gain valuable insights into their operations. By analysing large quantities of data, computer systems can make accurate, informed decisions, predictions, and recommendations. 

AI and ML aren’t new in the business world, but 2023 will see both technologies establishing more of a firm presence across industries. Not only can an AI/ML approach improve productivity, but it can be integrated with many existing legacy systems to provide short-term advantages to companies both large and small. However, despite this, it does require significant investment, with high deployment costs and technical proficiency to optimise. Therefore, it might be more prudent to consult a specialist AI consultant to ensure you are putting your resources to the best use.

It’s already evident with the emergence of ChatGPT and other AI-based bots that swathes of time and manual processes can be alleviated. However, despite the overwhelming response to this tool and the continually-raging debate on its presence in the market, expect this to kickstart a whole new series of technologies and innovative products coming in 2023. It’s not unreasonable to predict that ChatGPT and other AI tools will be utilised by many businesses across sectors, geographies, and regions. 

2. Cyber security posture and resistance

Cyber resilience is already a top priority for many businesses, but with the rising numbers and severity of cyber threats, the necessary precautions and steps businesses must take will also evolve and grow. It’s estimated that the global annual cost of cybercrime will surpass $8 trillion USD in 2023. With increasing threats in mind and for long-term security, it’s vital for firms to ensure their walls of protection are strong, be wise to emerging tech and invest in digital solutions.

Businesses will need to ensure sufficient protection of their physical assets, as well as their data, by implementing measures like multi-factor authentication (MFA), encryption, biometrics, and secure password strategies, among other cyber security measures. Furthermore, as cyber-attacks continue to become more covert, sophisticated and complex, it’s estimated that many companies will still fall victim to an attack or hack.

Cybercriminals are evolving their techniques to weave their way into secure business networks and systems, with numerous days passing before a threat is detected, on average. To combat these ongoing dangers, regulatory bodies and governments are implementing more stringent compliance requirements and legislation to protect customer and business data. 

Therefore, your infrastructure needs to be robust and constantly monitored for vulnerabilities. Many companies will, therefore, establish multi-skilled cybersecurity teams in-house, or consult third-party specialists to conduct exercises like penetration testing, to find loopholes in their estate and provide detailed advice on how to address these issues.

3. Cloud computing and migrations

Cloud computing involves the delivery of special services such as analytics, storage, project management, hosting, and others, via the cloud, as opposed to using on-premise equipment. 

Organisations are continually finding the need for increased flexibility and remote access to their resources, and cloud-based solutions provide that in spades, as well as evident cost savings in expensive, bulky hardware. In turn, this helps businesses ‌scale and adapt to changing market conditions more effectively. 

In 2023, it’s wise to assume more companies will migrate most or all of their operations to cloud-based delivery models. This trend will be driven by increased availability and convenience by cloud service providers, not to mention the increased need for remote working and collaboration by employees. 

Businesses can migrate their data and resources to the cloud in many ways, with their current infrastructure and setup - as well as their goals - dictating how that migration is executed. In many cases, it’s best to consult with a third-party cloud migration or development company to ensure optimum efficiency and minimal disruption. 

4. Internet of Things (IoT)

Including IoT technology in services and products allows businesses to offer more immersive and personalised customer experiences. 

This technology connects devices to the internet via a range of hardware, and as such, the devices communicate with one another, allowing data to be shared. Robust IoT setups can improve efficiency, save money, and give businesses valuable customer insights. The more devices that connect to the internet, the more sophisticated and deep the data that can be shared. 

In 2023, it’s likely that more companies will use IoT as a means of improving their operations and data security, and gaining a competitive advantage. Leveraging IoT effectively is not easy to do, despite the increasing readiness and availability of IoT-enabled devices to make operations easier and more streamlined within a business. Expect IoT to still be a hot topic going into this year.

5. Outsourced IT professionals and teams

With evolving IT challenges and obstacles, more companies will need to improve their approaches to addressing problems that cascade unexpectedly into their operations. 

Unfortunately, 2022 saw a huge shortage of skilled IT talent, making it incredibly difficult for companies to fill tech vacancies, and sadly, this year looks like that will continue to be a difficult hurdle to clear. This isn’t even accounting for wage growth and salary demands making it even more challenging for companies to fill these roles.

As a result, many companies will turn to outsourced IT professionals to supplement their threadbare IT teams. While the IT world itself is full of potential and products that disrupt markets and make consumer lives easier, the gap between demand and available IT professionals is growing increasingly further apart. Outsourcing bridges that gap, freeing up essential budgets for companies to utilise elsewhere, with managed IT companies offering flexible billing options for work completed. 

Looking ahead to the IT landscape in 2024

2023 has already shown first-hand that it’s going to be a turbulent, disruptive year. Business models are going to see continued technological advancements, exacerbated and hindered by sky-high inflation and interest rates, and the knock-on effect of a global conflict. 

However, in the midst of adversity is always potential for innovation, growth, and prosperity. 

With that in mind, being cognisant of these aforementioned solutions will help you steady the ship, and navigate what promises to be another challenging - but equally exciting - year ahead. You can make IT work for you by smartly leveraging technology trends to achieve your business goals and drive growth for your company.