AI’s new inflection point and other 2024 tech-related predictions

The ICRC unveiled a new drone that uses artificial intelligence to locate mines and other explosive remnants of war – Copyright GETTY IMAGES NORTH AMERICA/AFP POOL

Propel Software is used by Fortune 500 leaders in the high tech, medtech, manufacturing and consumer goods industries. CMO Dario Ambrosini has pulled insights from Propel’s customers and industry partners and is sharing top themes and predictions that will shape 2024.

A change in the direction for AI

How will artificial intelligence develop in the year ahead what will adoption rates be like? The availability of big data has played a crucial role in fuelling the AI boom and the signs are that adoption will become easier for those companies that have prepared sufficiently. Ambrosini predicts: “The AI inflection point for manufacturers will arrive in 2024. Those with modern tech stacks will find it easier to leverage AI to drive true impacts to both top and bottom lines.”

The era of continuous business transformation kicks off

Nothing stands still and in 2024 the pace of change will continue to be rapid. Ambrosini considers: “Gone are the days of static business processes and tech stacks that are updated every few years or even decades.”

Filling the void, notes Ambrosini: “Instead, manufacturers are embracing continuous transformation where they identify a need or pain, deliver a solution using an agile approach, and quickly move on to address the next problem.”

The pendulum swings back toward platforms

Platform solutions, in terms of integrated software offerings, are on the rise, thinks Ambrosini: “The current momentum has squarely shifted toward platforms that – compared to best of breed solutions built on different platforms – offer better user experiences, superior economics, and common data sets.”

High tech manufacturing explodes

Technology requiring the most sophisticated scientific equipment and advanced engineering techniques has always been in high demand. Is this a new era for advanced technology? Ambrosini thinks so: “We’re on the dawn of the largest expansion in high tech manufacturing the world has ever seen.”

Mexico becomes the new China

Where is the next geographical hotspot for business reinvention? Ambrosini locates this as middle America: “Mexico has reached an inflection point on high value-added manufacturing capabilities for industries such as aerospace, medical device, automotive, consumer products, and textiles.”

Sustainability is the new efficiency driver

Environmental concerns make business sense, observes Ambrosini: “The chase for environmentally friendly products is more than about saving the earth. It’s about finding new markets and buyers that drive revenue growth while improving efficiency that delivers sustainable profit growth.”