In the fast-paced world of technology, CIOs and tech leaders are gearing up for a transformative year ahead. As 2024 unfolds, several key trends are set to shape the tech industry landscape. From the rise of Generative AI to the evolving role of the CIO, let’s delve into the seven major trends that will dominate the tech scene this year.
Generative AI empowering non-technical talent
In 2023, companies heavily invested in Generative AI, paving the way for extensive implementation. As we move into 2024, these efforts are expected to revolutionize how organizations approach the tech talent market. Generative AI, with its lower barriers to entry, is enabling non-technical workers to harness its capabilities.
Keyur Ajmera, CIO at iCIMS, emphasizes that Generative AI transforms work, allowing early career employees to engage in high-value tasks. This shift may not necessarily reduce the need for tech talent overall but could profoundly impact specific roles like IT help desks.
CIO as the ‘total technology leader’
Consumers and employees now expect seamless digital experiences and tech-enabled operations, placing the Chief Information Officer (CIO) at the center of these expectations. In 2024, CIOs are expected to be more prominent in coordinating technology across various business units and collaborating with cybersecurity, data science, and AI executives.
The concept of a “total technology leader” encompasses oversight of operational technology, digital solutions, and technology selection, including the critical role of infrastructure setup, especially for AI support.
The march to the cloud continues, with an increasing focus on distributed cloud and edge computing. Enterprises recognize the importance of deploying cloud resources closer to data-intensive analytics operations. This shift reflects the maturation of cloud technology, with hyperscale cloud providers extending their reach.
Distributed cloud extends the cloud’s capabilities and provides proximity to data activity, enhancing efficiency and responsiveness.
Generative AI generated significant excitement but faced slow adoption in 2023. As organizations gained more experience, the focus in 2024 shifted toward understanding how to achieve a return on investment (ROI) with Generative AI.
Early adopters like Zillow expect continued momentum in identifying new use cases and business value while recognizing that it is not a one-size-fits-all solution.
Getting the balance right involves leveraging AI where applicable and understanding its limitations in solving user experience problems.
Maturing FinOps practices
With the expansion of cloud deployments, concerns about cost optimization are on the rise. The big three hyperscale cloud providers have committed to helping customers optimize spending. In response, the FinOps Foundation, a nonprofit trade group, is developing cloud billing and financial management standards, including the FinOps Open Cost and Usage Specification.
Cloud budget management is expected to benefit from emerging AI capabilities, enhancing proactive identification and resolution of IT issues.
As the use of AI becomes more pervasive, regulatory scrutiny is increasing to ensure responsible and ethical AI usage. Technology leaders are increasingly aware of the risks associated with generative AI, such as privacy concerns and bias. In 2024, more clarity is expected regarding how AI technology aligns with existing laws.
Regulators are signaling their intent to provide clearer guidelines and enforcement activities, emphasizing the need for transparency and responsible AI usage.
The shift to usage-based Software as a Service (SaaS) is becoming entrenched in enterprise software solutions. Major vendors like Microsoft, Salesforce, and SAP have announced price hikes, and add-ons like Generative AI contribute to increased consumption and costs. The limited availability of on-premises options further accelerates this trend.
SaaS offers access to best-in-class solutions and features, making it an attractive choice for many organizations despite potential cost increases.
