Top 5 Strategic Technology Trends Shaping 2024

As businesses prepare to navigate the digital age, it becomes paramount to align strategies with emerging technologies. Strateq Consulting encourages organisations to examine these trends in the context of their specific situations, integrate them into strategic planning, and leverage their synergies for optimal outcomes. The convergence of Artificial Intelligence (AI), industry cloud platforms, and ground-breaking technologies such as Digital Twin acts as a driving force, propelling resilience, optimising data utilisation, drawing in top-tier talent, attaining ESG objectives, fostering growth, and expediting digital business endeavours.

Artificial Intelligence (AI) continues to be a driving force behind the digital revolution, and its impact is set to reach new heights in 2024. The integration of AI-powered technologies into various facets of our lives is becoming ubiquitous. From chatbots and virtual assistants to predictive analytics, AI is reshaping how we interact with technology. By 2026, generative AI will significantly alter 70% of the design and development effort for new web applications and mobile apps (Gartner 2023).

AI is revolutionising the energy and construction sectors by significantly cutting costs and enhancing efficiency. According to Deloitte, AI and data analytics can lead to cost savings of 10% to 15% for construction projects, reducing budget and timeline deviations by 10-20% and engineering hours by 10-30%. The impact is massive, with the AI in the construction market projected to reach $151.1 billion by 2032. This reflects the industry’s recognition of AI as a game-changer, making processes more precise and resource-efficient.

Clean technologies emerge as a crucial trend in the digital transformation space, that has been growing rapidly in recent years. The focus extends to advancements and updated regulations in renewable energy (wind, solar, and geothermal), green transportation ( e.g. electric vehicles) , emissions reduction, Low-Carbon Construction, Circular Waste Management, Carbon Capture, Use & Storage. According to the International Energy Agency (IEA), global renewable capacity is set to expand by 50% by 2024. This surge in renewable capacity not only supports environmental goals but also aligns with broader objectives, including achieving ESG targets and driving growth through sustainable practices.

In parallel, sustainable technology plays a pivotal role in maintaining ecological balance and upholding human rights by aligning with environmental, social, and governance objectives. Digital technologies foster innovative sustainability solutions. For example, Artificial Intelligence and machine learning analyse data for sustainable strategies, whereas IoT tools enhance energy efficiency, Blockchain fosters eco-conscious supply chain transparency, and emerging technologies facilitate carbon capture. These digital advancements help businesses in achieving ESG targets, developing more environmentally friendly products and services, and contributing to global environmental goals. Gartner forecasts that “By 2027, 25% of CIOs will have their compensation tied to the impact of sustainable technology.”

Furthermore, the clean energy market is experiencing a substantial influx of investment. The World Economic Forum reports that global leaders have united to triple annual clean energy investment from its current $770 billion to a targeted range of $2.2-2.8 trillion by the early 2030s. This robust investment underscores the growing importance of clean and sustainable technologies in shaping the global economic landscape.

Industry cloud platforms are transforming the way businesses operate, and the collaboration between Microsoft and OpenAI stands out as a key driver of this transformation.

The Economist reports that OpenAI exclusively licences its cutting-edge AI technology to Microsoft, with the software giant seamlessly integrating it into products ranging from Word to Windows. As the world’s corporate elite gather at events like Davos, the influence of Microsoft and OpenAI on the business world is palpable. This partnership not only exemplifies the power of industry cloud platforms but also signifies the broader impact of AI on various sectors.

Moreover, the global industry cloud computing market is projected to reach $135.4 billion by 2026. This statistic underscores the increasing adoption of industry cloud platforms across diverse sectors, further emphasising their transformative impact on business operations.

Adding to transformative trends is the rising prominence of Blockchain technology. Blockchain’s decentralised and secure nature revolutionises data management, transaction transparency, and supply chain integrity. Integrating Blockchain into the strategic framework ensures enhanced security, streamlined processes, and unprecedented trust in the digital landscape. According to a report, the global blockchain market is expected to reach $39.7 billion by 2025.

The impact of blockchain extends beyond financial services, as industries such as energy, healthcare, supply chain management, and government services are increasingly adopting this technology. For instance, the global blockchain in energy market size was valued at USD 0.66 billion in 2022 and is expected to hit around USD 203.27 billion by 2032, growing at a CAGR of 77.3% between 2023 and 2032 (Precedence Research 2023).

Revolutionising Industries: Intelligent Process Automation and Digital Twins

Intelligent Process Automation (IPA) and Digital Twin Technology stand as catalysts for revolutionising industries. Creating virtual replicas of physical systems, these technologies empower businesses to optimise processes, enhance decision-making, and drive innovation. According to a study, the global digital twin market is projected to reach $48.2 billion by 2026.

The adoption of Digital Twin Technology spans various sectors, including manufacturing, healthcare, and smart cities. In manufacturing, digital twins are projected to generate $1.1 trillion in value by 2030, according to a report by ABI Research. This illustrates the significant potential of Digital Twin Technology in reshaping industrial processes and enhancing overall efficiency.

Strateq’s 5 Steps To Successful Digital Transformation

1. Discover:

To lay the foundation for success, we begin with a thorough assessment across all facets of your organisation. According to industry reports, organisations that conduct comprehensive assessments before digital transformation are 27% more likely to achieve their objectives. Our data-driven approach involves evaluating strengths and weaknesses, assessing digital capabilities and maturity, and gauging readiness for change. This discovery phase provides valuable insights, enabling us to offer tailored recommendations for improvement.

2. Define:

Building on the assessment findings, we move to the define phase. Here, we formulate a robust digital strategy that aligns with your business objectives. Companies with a well-defined digital strategy are 50% more likely to achieve positive outcomes from their transformation efforts, as reported by industry studies. Additionally, we establish a digital governance framework to ensure effective oversight and prioritise digital initiatives based on their impact and relevance.

3. Design and Build:

In the design and build phase, our expert team engineers effective digital solutions tailored to your specific needs. We focus on designing software functionality that aligns seamlessly with your business processes. Projects with a well-defined scope and design phase are 28% more likely to be completed on time and within budget, as indicated by project management research. Throughout the development process, we maintain a commitment to precision and excellence, ensuring the success of your digital transformation program.

4. Deploy:

Implementation is a critical phase, and we recognise the importance of change management. We provide tailored deliverables, including SMART objectives tracking and custom software implementation. This ensures a streamlined change management process, minimising disruptions and optimising the adoption of new digital solutions. Organisations that invest in proper change management during digital transformation experience a 31% higher success rate in project implementation, according to change management studies.

5. Drive:

In the drive phase, we shift focus to ongoing digital program management. This involves continuous risk management, updating digital strategy, and comprehensive digital audits. Our ROI assessments track the success of initiatives, ensuring sustained growth in the digital era. Companies that actively manage and monitor their digital initiatives achieve an average 20% higher return on investment compared to those with less rigorous oversight, as demonstrated by ROI analysis in the digital transformation space.

Strateq Consulting’s 5 key steps provide a holistic and data-backed approach, empowering construction organisations to thrive in the digital age. Our commitment to excellence ensures that each step is not just a milestone but a significant leap toward a digitally transformed future.