2024 predictions for leaders! Don't miss them!

As we are stepping into the new year, we can expect that 2024 will be nothing but an exception compared to the last 1000 days.

2024 will be full of surprises, and despite my expectation for an unfortunate new wave of restructuring, the new year will be synonym of many surprises for leaders.

Despite the inflation moderation, we will still see a slower GDP growth in the largest geographies, including China which will be slowly recovering. The exception to this might be emerging markets which might know a quicker recovery, in particular as they are less affected by an electoral calendar.

With this, leaders will be facing new challenges, will have to adapt often and quickly to ensure a sustainable 2024 for their business.

Based on the above, here are some of my predictions for 2024:

Profitable Growth. Leaders will have to focus on Quality Over Quantity

In 2024, the mantra for businesses is shifting from expanding customer bases to enhancing the profitability of services. As reported in a recent Harvard Business Review article, companies with a focus on high-quality, profitable services see a 33% higher customer retention rate.

This approach aligns with the philosophy of Satya Nadella, CEO of Microsoft, who asserts:

It's not about being big, but being meaningful.

Leaders must recalibrate their strategies to prioritize services that deliver real value to their most profitable customer segments.

While top-line remains a priority, much more significant focus will be asserted on the bottom-line, and how to engage a transformational shift, leveraging new technologies such as Generative AI, to improve profit.

Mainstreaming AI - We're moving from Hype to Ubiquity

AI is no longer a futuristic concept but a present-day reality. Gartner predicts that by 2024, 70% of organizations will have operationalized AI architectures.

The shift is from asking "why AI?" to "how can we expand AI effectively?". Leaders will have to re-shape the way their teams are structured as well as their development paths, to have deep-rooted integration of AI across the boards, in an effective way.

As we are emerging from the hype and plug & play period for AI, leaders will have to look at the most impactful use cases and implement them to support the shifts that 2024 will be bringing upon us.The quicker and deeper the integration, the more likely, the businesses will be able to anticipate or adapt to take the proper decisions and action them.

Ethical considerations remain paramount, as emphasized by Sundar Pichai, CEO of Google: "AI needs to be developed responsibly and ethically." Leaders must therefore ensure their AI strategies are not only innovative but also adhere to ethical standards.

Empowering autonomy through embedded AI

2024 sees a significant transformation in leadership styles. Leaders are increasingly leveraging AI to grant autonomy to their business units, fostering innovation and agility. This trend underlines the importance of trust and delegation in modern leadership.

This prediction takes the previous one a step further as some departments will be able to build more autonomy thanks to the proper tooling box allowing them to derive from strategy to execution on all aspects of budgeting, go to market, operations and talent development.

The leaders that will be able to empower their teams the best will see a surge in creative productivity, allowing them to better focus on the larger vision.

Sustainability at the heart of the business strategy

Sustainability is no longer a siloed function but a core element of business strategies. As we have just wrapped up from COP28, with a rather alarming constatation and a large action plan, here is a call to action for leaders to embed sustainable practices in every facet of their organization, aligning with the ethos of sustainability pioneer Paul Polman, former CEO of Unilever, who advocated for integrating sustainability into the heart of business models.

The Rise of Blockchain and Crypto in Corporate Spheres

Blockchains and crypto currencies have raised a lot of controversy. And there was a point to that. But the market is coming to shaped regulations, and we see large players such as Blackrock, JP Morgan or Fidelity build solid long term strategies, it will be difficult to avoid the conversation. Customers will call it.

The corporate world is increasingly embracing blockchain and cryptocurrency, driven by successful models like Microstrategy's performance and new Bitcoin ETFs. Deloitte's 2024 Global Blockchain Survey reveals that 40% of businesses are looking to integrate blockchain for operational efficiency.

Many applications for blockchains have demonstrated efficient innovation to areas such as supply chain transparency and sustainability (think regenerative finance). This offers exciting prospects for leaders willing to explore these technologies.

In conclusion, 2024 will come with both great challenges but even greater opportunities. AI will continue to make its way into the corporate world, and the challenge for leaders lies in harnessing AI's power to drive innovation and efficiency while diligently navigating the ethical and regulatory landscape.

More than ever, 2024 will be about the ability to make the proper decisions to adapt to an ever changing global economy and corporate culture.

What do you think about these predictions ? Let us know your own ones in the comments 👇🏻