Three Trends in Business Strategy in 2024

As we begin the new year, it’s a good time to reflect on the progress made over the last 12 months and look ahead to those areas that will shape progress this year. 2023 continued to be a year marked by outside forces for many companies, with a volatile economy at the top of the list – making companies more cautious. Trends in investment have shifted, causing companies to tighten their belts or rethink their growth strategy.

Technology trends also heavily influenced companies, with AI taking center stage for both its promise and potential. The rise of generative AI reinvigorated the focus on transformation, bringing new possibilities around automation and the use of big data. 

Geopolitical forces also continued to shape the business landscape, as did the influence of social media. Companies are still learning how best to navigate the pull to engage in broader social conversations, finding ways to connect with customers and stay true to the mission and vision of the business without alienating or offending others. It’s a tricky path, especially for global companies working across regions and cultures, but we expect to see more of this in 2024, especially as the US and nearly 40 other countries face an important election year.

Here at StrategyBlocks, we often get a bird’s-eye view into the trends shaping business strategy across a myriad of industries. As we look into the year ahead, here are three areas on our radar. 

What’s next for generative AI?

It’s hard to talk about predictions for the year ahead and not include AI. No other technology has taken the world by storm since the advent of the internet itself. The initial headiness of ChatGPT is wearing off, however, and with it comes a multitude of questions about how AI can provide real and lasting value to organizations.

One of the biggest issues currently being grappled with is how to regulate the technology and ensure that AI is used ethically. What role do humans play now and in the future? Governments and technology experts are taking different approaches, based on local laws and cultures, but ultimately everyone is looking for the best way to allow the technology to flourish, without causing harm. 2024 will be a big year for legislation and building regulatory frameworks that will influence how AI proliferates.

2024 will also be the year where we see expanded expectations for what AI can deliver. Early versions of generative AI have demonstrated remarkable capabilities in writing, language and even image creation. Experts caution, however, not to assume that the technology is more powerful than it is. The human in the loop is still an integral part of AI, one that can ensure it is used responsibly. With that in mind, experts are hopeful for what lies ahead. Expectations include that the future of generative AI includes drawing on additional human capabilities, like our senses, rather than focusing primarily on language and images, as well as creating more interactive experiences – the ability to have AI take care of physical tasks for us. We’re also waiting for the day when AI will move beyond responding to commands, and instead present possibilities or solutions we haven’t even thought of yet!

Exploring ideation both inside and outside the organization

Earlier this year StrategyBlocks released SB6, the latest version of our enterprise strategic management platform. We overhauled the interface and homepage for our users and introduced a proprietary ideation feature that has made it easier for organizations to facilitate greater engagement in business strategy by harnessing input from every level of the business. 

The new platform has been well received, not just from our customers but from the industry as well. We were awarded the gold distinction in the prestigious Globee® Awards for Information Technology and the 2023 Stratus Award for Cloud Collaboration, and we’ve been shortlisted, pending announcement of the winners, in the Cloud Awards for Best Software as a Service.

SB6, and its proprietary ideation feature, were developed because of our understanding of the common concerns that are facing organizations of every size – namely, how best to communicate about strategy and track its progress, how best to report back to the executive team and board, and how best to navigate changes and growth within the organization through the lens of strategic execution. While we knew the ability to engage employees at all levels of the organization would be important, we didn’t fully recognize how much the ideation feature would be embraced. 

As we head into a new year, this focus on ideation is trending upward. Organizations have captured the value of receiving input from multiple stakeholders, and many are now looking outside of their team members to leverage idea generation. For example, as a city planner, what value might be available from harnessing the ideas of the citizens in your town? For a global company, what strengths can be added to your strategic vision by understanding the insights that come from customers in various regions around the world?

There is still much to determine about how the contributions of external parties can contribute to an organization’s strategy in meaningful ways. We believe 2024 will be a catalyst for tapping into new resources and thinking more broadly about strategic vision and purpose. We’re excited to see how ideation is explored and leveraged in the coming year.

Balancing transparency with protecting your IP

Among the organizations we work with, we are seeing that transparency is becoming ever more important. With that transparency comes a crucial question—how do you share your performance with stakeholders while still protecting your IP and PPI?

This trend toward greater transparency will require executive teams to be especially strategic with whom they choose to partner, how they define stakeholders and how they share information. It is worth first identifying opportunities that will come from being transparent and then identifying potential risks. Having a solid understanding of possible threats to your intellectual property and putting necessary safeguards in place first can help direct you toward an appropriate level of transparency.

Risks aside, we will see enormous benefits from a trend toward transparency, including the opportunity to build greater trust with stakeholders, demonstrate your company’s value, distinguish it from other players in the market and better leverage the insights of outside experts.

We anticipate great things ahead in 2024 and we’re looking forward to following these three trends and more. Are these topics your company is focused on as well? What other trends are you keeping a close eye on? We’d love to hear from you!