In the face of a promising yet still uncertain economic future, companies must be wise and adaptive with their budgeting strategies. According to Forrester‘s 2024 Planning Guides, the new year calls for innovation rather than retrenchment, as growth remains a priority for stakeholders. Artificial Intelligence (AI) emerges as a key investment area, offering a range of solutions to increase customer value, reduce inefficiencies, and spur creativity.
Focus Areas for 2024
Increase Investment
- AI Strategies & Tools for Customer Value: Forrester highlights the need for businesses to harness AI to enhance efficiency and effectiveness. This includes leveraging synthetic data and AI-powered TuringBots for building higher quality customer software, faster and at a lower cost.
- Digital B2B Buyer Engagement: The transformation in B2B buying practices demands updated go-to-market strategies. Seamless digital experiences are essential, allowing buyers to purchase products independently across various platforms.
Decrease Investment
- Redundant Cloud Environments: Although 78% of tech decision-makers foresee increased cloud investment, leaders must evaluate if adding new environments aligns with the broader IT design.
- Digital Service Providers: It is time to reassess provider partnerships to ensure alignment with customer-focused solutions that advance organizational strategy.
Experimentation
- Advanced AI Capabilities: The acceleration of generative AI opens doors to experimentation with autonomous workplace assistants to boost productivity and innovation.
- AI & Machine Learning Security: Security leaders must explore new frameworks and vendors in the AI and ML security space to maximize potential and minimize risks.
Expert Insight
Dane Anderson, senior vice president of international research and product at Forrester, sums up the planning guide’s essence: “Looking ahead to 2024, while the macroeconomic conditions look more promising than the year before, budgets are likely to remain tight. Given the continued economic volatility, leaders need to prioritize investments that create customer value, improve efficiencies, and create differentiation. Forrester’s Planning Guides provide detailed guidance on where to invest, pull back, and strategically experiment to grow and succeed in the coming year.”
Additional Resources
- Download Forrester’s 2024 Planning Guides for Technology Leaders, B2B Marketing Leaders and CX Leaders.
- Explore more insights from Forrester’s 2024 Planning Guides.
- Read more about the necessary investments, divestments, and experiments for Asia Pacific business leaders in 2024.
Also read: Ascott Unveils a Groundbreaking Flex-Hybrid Hotel Model: A New Era in Luxury Accommodation
Charting the Path Forward
The insights from Forrester’s 2024 Planning Guides present a clear pathway for organizations seeking to navigate the challenging landscape of the upcoming year. By embracing AI, reassessing current strategies, and being willing to experiment, businesses can position themselves for growth and innovation. The guidelines offer a strategic compass, pointing the way to success in 2024.
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