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  • Top Technology Trends of 2024 explained!

    Hello, fellow unofficial researchers! Are you often the go-to person among your peers for the latest industry updates? Do your colleagues dub you the in-house ‘numbers whiz’ or the ‘human Google?’ Well, this time of the year, you must be on a mission – to uncover the key focus areas your organization should track in 2024. Whether it’s to stay ahead of the game, steer your clients right or attract the crème de la crème talent, let’s dive in and explore together.

    You’re in the right place to learn everything you need to know about 2024 trends for organizations of all sizes.

    Let’s dive right in and discover everything 2024 has in store for all of us.

    Is Artificial Intelligence (AI) here to stay? 

    Let’s imagine we got a penny every time we talked about AI. We’d all be super rich! But while big tech companies like Amazon, Meta and Tesla are deep into using AI, many other businesses – regardless of their size – are only starting to learn the actual benefits of AI for their organization. And guess what? These early steps are paving the way for more advanced AI in the future.

    A report by Gartner’s 2024 worldwide forecast on IT spending found that although IT spending is set to rise by 8%, it won’t be because of direct spending on AI. The report also predicted that in 2025, there won’t be a lot of money splashed on AI either. Instead, the focus will be on using AI and automation to work more efficiently and cover for a lack of IT talent indirectly, in the form of embedded and add-on solutions. 

    IDC has predicted that by 2026, 25% of the G2000 organization will introduce or elevate the role of Chief AI Officer to the C-suite. Therefore, it is safe to assume that AI is here to stay, and the best way to prepare ourselves is to embrace it.

    If you are one of the organizations that are not directly investing in AI in 2024 and 2025, consider exploring the benefits of AI coming from peripherals such as Microsoft Copilot – an AI-driven productivity tool capable of processing data like never before. For example, it takes your scribbled notes and turns it into a business plan. Or it could transform your wordy business plan into a sleek PowerPoint presentation. Even your monthly sales stats buried in an email can find their way into a neat report. The possibilities of AI-powered tools like Microsoft Copilot are quite literally endless.

    Another way you can prepare for the AI era is to have clear boundaries as you would  in any new relationship. So set parameters regarding its usage and integration into your organization. The acceptance of AI will vary based on your company culture, and that’s okay. There’s no one-size-fits-all approach here. The key is to define clear boundaries and communicate those to everyone in the organization. That way, everyone’s on the same page about what role AI will play in their work.

    Business Intelligence (BI) – The real superpower of AI

    Business intelligence (BI) will also prove to be critical as businesses continue on their digital transformation journey. Why? Because combining new technologies with data-driven insights is not just a passing trend; it’s a must for companies trying to make informed decisions with predictable results in a constantly changing business world.

    BI can process a large pool of data to uncover hidden insights, increase visibility and help businesses make better decisions at lightning speed.

    What is an algorithm?

    An algorithm is a set of instructions that tells a computer or person how to solve a problem or do math. People use algorithms to help them with calculations and sorting information. Think of an algorithm as a mathematical formula that can generate accurate results.

    How does BI work and make recommendations for accurate decision-making?

    To explain simply, AI-powered BI tools are like robots that perform tedious tasks for people who want to study the data. These tools can help prepare the data, clean it up and analyze it using algorithms. This means people looking at data can spend more time thinking about important things, like interpreting data and drawing strategic conclusions from it. The more data these tools process, the better it will get at analyzing it.

    While AI undoubtedly plays an integral role in BI, it’s important to remember that there’s no algorithm for good judgment or experience. Therefore, AI must be combined with human insights for effective decision-making. Any organization that is planning to replace human intelligence and its ability to make decisions with just BI is setting them up for failure as not all decisions are based on just quantifiable data. Therefore, when planning for 2024 and beyond, the balance of human intelligence and BI will separate successful organizations from those who don’t fully realize the power of their data.

    Cybersecurity in 2024 appears different than previous years 

    Now, with the evolution of AI and the constantly changing technology landscape, the growth of cybersecurity threats is inevitable. According to cybersecurity ventures, the global cybercrime cost will reach $9.5 trillion USD in 2024. Where is this money coming from? It’s coming from our pockets in different forms. Whether it’s in the form of higher cyber insurance premiums, our tax money in the case of public sector organizations being compromised, or job instability if the organization we work at has to cut jobs or shut down the business as an aftermath of a cyberattack.

    So, what’s the best way to protect ourselves from cyberattacks in 2024?

    I took the time to get a few recommendations from Konica Minolta’s cybersecurity experts on ways to get ahead of threat actors. In 2024, here are the top 6 areas they predict businesses of all sizes will see an increase in: 

    • Zero Trust Security
    • Security leaders working closely with the CEOs
    • Adoption of proactive threat detection tools
    • Tech products with security-by-design
    • Cloud security
    • Insurance premiums and change in the ways the policy is underwritten
    • Zero Trust Security

    Zero Trust Security is a concept that will come to life in 2024. Under the zero-trust framework, each user and device gets verified before granting network access to your organization. Defensive security measures such as multi-factor authentication, utilizing methods such as face recognition and fingerprint scans, will become more widespread in 2024, enhancing your system protection.

    • Security leaders working closely with the CEOs

    In 2024, CEOs can expect to share more facetime than ever with their Chief Security Officers (CSO) or Chief Information Security Officers (CISO). They might discuss important topics like security budgets and how physical or corporate security is connected to cybersecurity, especially with the increased use of AI that could lead to advanced identity spoofing.

    A practical and measurable conversation between the CEO and their CSO or CISO should focus on a thorough risk assessment and implementing suggested changes. Another area of focus should involve other key stakeholders by giving them visibility into ongoing security activities. This not only promotes a positive culture of transparency, but also ensures that security remains a top priority for the entire organization.

    • Tech products with security-by-design

    International government authorities such as the Cybersecurity and Infrastructure Security Agency (CISA), National Security Agency (NSA), Federal Bureau of Investigation (FBI), Canadian Centre for Cyber Security (CCCS), National Security Center UK (NCSC-UK) and other international partners are advocating software manufacturing giants to implement secure-by-design and secure-by-default principles for their products.

    Secure-by-Design suggests the manufacturer must include customer security as a mandatory requirement and not just a nice-to-have technical feature. The Secure-by-Default section advises manufacturers to eliminate default passwords, implement single sign-on, provide secure logging and prioritize security over backward compatibility. Progress in this work will result in security as a shared responsibility between the customer and manufacturer, making these products more secure out of the box.

    • Adoption of proactive threat detection tools

    AI-powered automation, like Managed Endpoint Detection and Response (MEDR), assists already stretched-thin security professionals. It does this by handling many of the manual tasks in cybersecurity, allowing humans to focus on more important and strategic work. Tools like MEDR help fill the gap in talent and make the workload more manageable for security experts.

    • Cloud Security must go hand-in-hand in your 2024 cloud adoption roadmap

    Businesses will continue to shift their services and systems towards the cloud because of its efficiency, affordability and anytime, anywhere access. As a result, the demand for cloud security will increase. And organizations –  regardless of their industry and size of the business  – must pay keen attention to address issues like secure data storage, data privacy and identity and access management. Businesses that ignore cloud security will suffer from data breaches and damage their reputation.

    • Cyber Insurance

    Cyber insurance is pushing businesses of all sizes to focus on cybersecurity due to a surge in cybercrime post-global pandemic, rising by 600%. This shift happened quickly as insurance companies faced a significant increase in cyber-attack claims. A low-hanging fruit to get the most out of your cyber insurance is for your organization to collaborate with your trusted external security partner – like Konica Minolta – to understand the fine print of your insurance policy and its terms with the underwriter, offering a straightforward way to enhance your protection against potential cyber threats.

    Is your organization ready for 2024 and beyond?

    As your organization progresses on its digital transformation journey, you’ll likely see yourself increasingly relying on Managed IT services to keep up with the tide.

    Keeping in mind the trends we’ve just explored, Managed IT Services Providers who are well-versed in integrating AI into business operations will be better positioned to navigate these opportunities proactively, respond to changing markets, and effectively meet your expectations.

    Speaking of reliable MIT service providers, did you know Konica Minolta has a dedicated IT Services Division that is renowned for its wide range of award-winning IT Services, premier security and compliance, and industry-leading technical expertise? Now you know!

    So, fellow unofficial researchers – you are now armed with the knowledge that’ll set you to be the go-to person for all things 2024 trends among your peers. Let’s get out there and make this year count by staying ahead of the herd!

    And know that Konica Minolta IT experts are on standby when you need them.

    January 25, 2024

    From Our Experts, Technology