Five Key Trends in Business for 2024

In order to keep their margins down and profits up, entrepreneurs will do well to keep their finger on the pulse regarding the trends that will have the greatest impact on their business in 2024. Penteris Partner Katarzyna Sawa-Rybaczek takes a look at five trends that will shape the market this year.

(1) Artificial Intelligence

The use of AI in business is now a reality. Marketing, data management, and customer service are just a few examples of areas where business owners can successfully employ AI. It is likely that AI will permeate even more areas of business with an increasing array of tools and possibilities.

(2) ESG

Environmental, Social, and Corporate Governance shot into public consciousness last year and will take a leading role in 2024, largely due to legislative changes undertaken by the EU. Businesses will have to align their practices with the expectations of consumers, who are increasingly willing to make environmentally-friendly purchasing decisions. Additionally, more companies will be required to report non-financial data.

(3) Cybersecurity

Increasing threats from hackers mean that entrepreneurs need to be more aware of the risks of phishing, ransomware, and identity fraud. The EU’s NIS2 Directive seeks to improve and strengthen cybersecurity standards across the region, meaning that businesses not in compliance will face heavy penalties.

(4) Customer Experience

A recent Qualtrics study shows that 65% of companies intend to increase spending on improving customer service (by up to 24% on average). The need to deliver tailored products and services to consumers will be heightened by advanced machine learning algorithms and AI-based solutions, allowing businesses not only to respond to the needs of individual consumers but also to predict them in real time based on historical and behavioural data.

(5) Work-Life Balance

An employee market and changing attitudes to employment among Generation Z mean that business owners will have to focus more than ever on assisting employees in their search for a work-life balance. Also, this trend will be reinforced by the EU work-life balance directive, which was implemented in Poland in April last year.