Some of the Top Trends to Look Out for in 2024!

As we navigate through the ever-evolving macro, business and tech landscape, it’s crucial to identify and embrace the trends that will shape the future. Chazey Partners CEO, Phil Searle, shares insights into three technology trends and three people-centric trends that will influence businesses in 2024.

Three Technology Trends

Trend 1: Generative Business Services

In his insightful analysis, CEO of HFS, Phil Fersht, underscores how Generative Artificial Intelligence (Gen AI) is ushering in a much-needed transformation in business operations. The opportunity and need for Global Business Services (GBS) to align with the very latest technology cannot be overstated; failure to do so may lead to customer frustration and a consequential decline in GBS effectiveness and relevance. As an example of our work in this space at Chazey Partners, our collaborative efforts with clients includes the creation of large language models (LLMs) infused with proprietary client data and specific external sources, for more effective and fast business intelligence and analytics. This groundbreaking approach involved the centralization of data and reporting tools and capacity, while at the same time decentralizing the ability to access and extract significant value from those tools and that data.

Gen AI is not exclusive to large organizations. The current suite of tools empowers small and medium-sized enterprises to unlock the full potential of their data and information services.

However, the widespread adoption of Gen AI necessitates a meticulous understanding and resolution of key risk factors. These factors include addressing false certainty, potential hallucinations, bias, and the challenge of not being able to elucidate the process and relevance behind the AI-generated answers—an imperative akin to needing “intelligence on top of the intelligence.”  As we navigate this transformative landscape, organizations must proactively tackle these challenges to ensure the seamless integration of Gen AI into their operations, as part of redefining the future of business services.

Trend 2: Automated FTEs

Traditional labor arbitrage models are evolving, with a major shift towards improving efficiency and effectiveness through new operating models and use of automation. This is also characterized by the more to the “automated FTE” (Full-Time Equivalents), using technologies like Robotic Process Automation (RPA). RPA streamlines connections between systems, reduces manual efforts, and improves performance and turnaround times.

Trend 3: Cybersecurity Can’t Be Delegated

In a world where attackers often target the soft underbelly of organizational security—its people—delegating cybersecurity solely to the IT department is no longer sufficient. Ransomware and phishing attacks are on the rise, emphasizing the need for comprehensive strategies that go beyond software solutions. Education, backup solutions, and pre-emptive strategies are critical components.

Three People Trends

Trend 1: Work-from-Home Expansion

The work-from-home (WFH) trend, accelerated by the global shift during the pandemic, is evolving. Organizations are re-evaluating traditional operating models and identifying activities suitable for remote work whilst also determining where on site/office presence may be required to foster collaboration, people development and company culture. Clear outcomes, performance measures, and defined roles have helped to make certain activities more conducive to WFH.  To remain competitive in talent acquisition, organizations are continuing to acknowledge what might be termed “adapted WFH” as an expectation for many workers.

Trend 2: Multi-shoring

Resilience in supply chains has become a focal point post-pandemic. The return to near-shoring, along with virtual and physical office models, emphasizes the need to avoid reliance on single locations. Organizations are building resilience through a mix of near-shoring, offshoring, and a combination of virtual and physical offices, as well as comprehensive Business Continuity Planning (BCP).

Trend 3: GBS as a Career Path

Global Business Services (GBS) has evolved from more transactional and administrative skills and services to offering multifunctional and more professional and technical services, as well as access to the latest skills and tools.  GBS now stands at the forefront of new technologies such as Gen AI and machine learning.  Individuals seeking practical experience in these technologies are increasingly turning to GBS, making it a prominent career destination.

But GBS leaders also need to focus on career development planning and appropriate rotations between and within functions and business units.  This has sometimes been too limited and not as attractive to GBS team members are perhaps should have been.  Now is to the time to re-look at this and ensure that GBS both attracts and develops the best talent.