2024 Key Technology Trends – Sia Partners
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The introduction of Chat GPT and other Large Language Models (LLMs), Generative AI (Gen AI) stands out as the dominant conversation in 2023.
“The best way to predict the future is to create it.” This quote is credited to both Abraham Lincoln and Peter Drucker.
The continually evolving need for a focus on Cybersecurity and Data has been highlighted due to GenAI’s unparalleled growth and potential for misuse. In addition, technologies like Extended Reality are now hitting a level of maturity, allowing businesses to improve the customer experience.
As CIOs and their teams begin to adapt their technology portfolios to these new realities, we assessed our work with clients and researched leading voices in the industry to explore the most important trends we believe will impact organizations. Our aim is to help senior executives shape their 2024 priorities and determine how they will use technology to sustain growth and create a technology-driven competitive advantage.
Generative AI is increasingly recognized as a powerful technology catalyst, playing a transformative role across various industries by reshaping processes. Gen AI unlocks new possibilities by taking assistive technology to the next level, reducing application development time, and offering enormous potential to increase productivity by automating activities.
Gen AI can help to build a more empowered workforce, assisting employees to work more effectively and efficiently.
We recommend organizations invest in understanding the technology, provide ongoing education, and navigate the rapidly accelerating landscape of Gen AI which brings huge potential for business improvement.
AI Augmented development has the power to transform software creation by shifting the focus from coding to aligning efforts with strategic goals and measurable outcomes.
With AI’s support, the entire software development lifecycle can be streamlined, covering feature definition, code generation, and testing. While this doesn’t eliminate the need for software engineers, it envisions a future where the product team creates a functional product for A/B testing, subsequently refined by the engineering team for scalability.
It is crucial to recognize that AI-augmented development goes beyond code writing—it’s about aiding developers in constructing impactful software that contributes to organizational success.
Intelligent applications have the potential to revolutionize the structure of work by introducing optimization, advisory services, and decision-support functionalities into the process-centric workflows of enterprise business applications.
These applications utilize a spectrum of advanced AI techniques, including machine learning, natural language processing, and computer vision, to:
A LLM is a sophisticated AI system that has learned from a vast amount of text data. Training enables the AI to understand and then generate responses in conversations and requires:
Regulatory and ethical considerations must be proactively addressed and accompany the development of Gen AI solutions in business. During the design phase, key aspects to address include:
Countries are seeing the need to develop regulations to help manage the impact of AI on society. For example, the European Union (EU) AI Act aims to regulate AI as part of its digital strategy for improved development and utilization. AI offers various benefits, including enhanced healthcare, safer transport, efficient manufacturing, and sustainable energy. In April 2021, the European Commission introduced the first AI regulatory framework, categorizing AI systems based on their risk levels, with corresponding levels of regulation.
Cybersecurity remains a key concern for organizations in 2024. Security resilience is confronting a new world where everyone and everything is connected. Businesses are operating as integrated ecosystems with boundaries between the corporations, customers, suppliers and partners all blurring. Key trends to watch for:
Because of an increase in cyber-attacks and continuously evolving global regulations such as the Digital Operational Resilience Act (DORA), organizations are increasingly concerned with data privacy and regulatory compliance. CIOs need to ensure compliance with data protection regulations and avoid potential legal and/or reputational damage.
Gen AI is driving a greater need for data, making data an even more critical asset.
Helping to address environmental concerns, a paradigm shift is taking place in favour of sustainable technologies. This shift involves a new approach to the IT lifecycles of services from design to disposal. As such, sustainable technology must become a key factor in corporate strategy and management responsibility.
Extended Reality solutions can reduce costs, increase revenue and productivity, and improve employee and customer experience. CIOs should consider adopting Extended Reality to unlock new business value and create new content and services. As the world continues to become more virtual, Extended Reality will play an even larger role in our personal and professional interactions. Examples include augmented reality training and the creation of unique customer interfaces.
By 2024, it is estimated that Blockchain will reduce bank infrastructure costs by $15-20 billion annually. CIOs should investigate how Blockchain can provide end-to-end visibility, reducing fraud and errors. Additionally, decentralized finance (DeFi) applications are gaining traction with an estimated $200 billion in value to be unlocked. Firms are turning to Blockchain to replace slow, centralized, and less secure systems.
Web3 is a fundamental development in digital technology that blends Extended Reality and Blockchain capabilities to improve the user experience, safeguard personal data, and allow users to own and govern their assets. By increasing interactions and delivering customized experiences, Web3 will unlock opportunities for improved communication, entertainment, and business development.
“When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar”
George Westerman, MIT Sloan Initiative on the Digital Economy
Sia Partners works with organizations across the globe. In an increasingly connected world where businesses are global and operating 24/7 in multiple eco-systems, we believe the IT organization is uniquely placed to offer a strategy to leverage opportunities offered by new technologies to create competitive advantage, enable higher productivity, enhance the customer experience, and positively impact the bottom line.
Organizations cannot risk standing still. We recommend CIOs carefully review these key trends and work with their stakeholders to determine how these trends can unlock additional value for your organization.
Partner | Lyon
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Partner | Philadelphia
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Managing Partner | Calgary
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Sia Partners integrates this data in its client database to send you marketing communications (invitations to events, newsletters and new commercial offers).
This data will be kept for 3 years before being deleted and you can withdraw your consent to the processing of your data at any time.
To learn more about the management of your personal data and to exercise your rights, please consult our Data Protection Policy.
Your data are used by Sia Partners to process your contact request. Please note that you have rights regarding your personal data. For more information, we invite you to read our data protection policy
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
SEC Climate Disclosure Rule – Final Rules
Is the Oil & Gas industry ready for climate…
Oil & Gas Q4 2023 Insights
The introduction of Chat GPT and other Large Language Models (LLMs), Generative AI (Gen AI) stands out as the dominant conversation in 2023.
“The best way to predict the future is to create it.” This quote is credited to both Abraham Lincoln and Peter Drucker.
The continually evolving need for a focus on Cybersecurity and Data has been highlighted due to GenAI’s unparalleled growth and potential for misuse. In addition, technologies like Extended Reality are now hitting a level of maturity, allowing businesses to improve the customer experience.
As CIOs and their teams begin to adapt their technology portfolios to these new realities, we assessed our work with clients and researched leading voices in the industry to explore the most important trends we believe will impact organizations. Our aim is to help senior executives shape their 2024 priorities and determine how they will use technology to sustain growth and create a technology-driven competitive advantage.
Generative AI is increasingly recognized as a powerful technology catalyst, playing a transformative role across various industries by reshaping processes. Gen AI unlocks new possibilities by taking assistive technology to the next level, reducing application development time, and offering enormous potential to increase productivity by automating activities.
Gen AI can help to build a more empowered workforce, assisting employees to work more effectively and efficiently.
We recommend organizations invest in understanding the technology, provide ongoing education, and navigate the rapidly accelerating landscape of Gen AI which brings huge potential for business improvement.
AI Augmented development has the power to transform software creation by shifting the focus from coding to aligning efforts with strategic goals and measurable outcomes.
With AI’s support, the entire software development lifecycle can be streamlined, covering feature definition, code generation, and testing. While this doesn’t eliminate the need for software engineers, it envisions a future where the product team creates a functional product for A/B testing, subsequently refined by the engineering team for scalability.
It is crucial to recognize that AI-augmented development goes beyond code writing—it’s about aiding developers in constructing impactful software that contributes to organizational success.
Intelligent applications have the potential to revolutionize the structure of work by introducing optimization, advisory services, and decision-support functionalities into the process-centric workflows of enterprise business applications.
These applications utilize a spectrum of advanced AI techniques, including machine learning, natural language processing, and computer vision, to:
A LLM is a sophisticated AI system that has learned from a vast amount of text data. Training enables the AI to understand and then generate responses in conversations and requires:
Regulatory and ethical considerations must be proactively addressed and accompany the development of Gen AI solutions in business. During the design phase, key aspects to address include:
Countries are seeing the need to develop regulations to help manage the impact of AI on society. For example, the European Union (EU) AI Act aims to regulate AI as part of its digital strategy for improved development and utilization. AI offers various benefits, including enhanced healthcare, safer transport, efficient manufacturing, and sustainable energy. In April 2021, the European Commission introduced the first AI regulatory framework, categorizing AI systems based on their risk levels, with corresponding levels of regulation.
Cybersecurity remains a key concern for organizations in 2024. Security resilience is confronting a new world where everyone and everything is connected. Businesses are operating as integrated ecosystems with boundaries between the corporations, customers, suppliers and partners all blurring. Key trends to watch for:
Because of an increase in cyber-attacks and continuously evolving global regulations such as the Digital Operational Resilience Act (DORA), organizations are increasingly concerned with data privacy and regulatory compliance. CIOs need to ensure compliance with data protection regulations and avoid potential legal and/or reputational damage.
Gen AI is driving a greater need for data, making data an even more critical asset.
Helping to address environmental concerns, a paradigm shift is taking place in favour of sustainable technologies. This shift involves a new approach to the IT lifecycles of services from design to disposal. As such, sustainable technology must become a key factor in corporate strategy and management responsibility.
Extended Reality solutions can reduce costs, increase revenue and productivity, and improve employee and customer experience. CIOs should consider adopting Extended Reality to unlock new business value and create new content and services. As the world continues to become more virtual, Extended Reality will play an even larger role in our personal and professional interactions. Examples include augmented reality training and the creation of unique customer interfaces.
By 2024, it is estimated that Blockchain will reduce bank infrastructure costs by $15-20 billion annually. CIOs should investigate how Blockchain can provide end-to-end visibility, reducing fraud and errors. Additionally, decentralized finance (DeFi) applications are gaining traction with an estimated $200 billion in value to be unlocked. Firms are turning to Blockchain to replace slow, centralized, and less secure systems.
Web3 is a fundamental development in digital technology that blends Extended Reality and Blockchain capabilities to improve the user experience, safeguard personal data, and allow users to own and govern their assets. By increasing interactions and delivering customized experiences, Web3 will unlock opportunities for improved communication, entertainment, and business development.
“When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar”
George Westerman, MIT Sloan Initiative on the Digital Economy
Sia Partners works with organizations across the globe. In an increasingly connected world where businesses are global and operating 24/7 in multiple eco-systems, we believe the IT organization is uniquely placed to offer a strategy to leverage opportunities offered by new technologies to create competitive advantage, enable higher productivity, enhance the customer experience, and positively impact the bottom line.
Organizations cannot risk standing still. We recommend CIOs carefully review these key trends and work with their stakeholders to determine how these trends can unlock additional value for your organization.
Partner | Lyon
View profile
Partner | Philadelphia
View profile
Managing Partner | Calgary
View profile
Sia Partners integrates this data in its client database to send you marketing communications (invitations to events, newsletters and new commercial offers).
This data will be kept for 3 years before being deleted and you can withdraw your consent to the processing of your data at any time.
To learn more about the management of your personal data and to exercise your rights, please consult our Data Protection Policy.
Your data are used by Sia Partners to process your contact request. Please note that you have rights regarding your personal data. For more information, we invite you to read our data protection policy
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
