Navigating the dynamic terrain of 2024 demands foresight and adaptability from businesses like never before.
With consumer behaviors in flux and technology advancing at lightning speed, the year ahead offers both promise and potential pitfalls. Consider the growing demand for sustainable practices – are you prepared to adapt your operations to meet these evolving customer expectations?
In this week’s edition of Let’s Talk, our experts explore the pressing challenges confronting businesses today, including the customer experience revolution driven by AI, and unveil strategies to fortify your enterprise for the future.
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Matthew Addley, Industry Strategist, Manufacturing at Infor
“Of the nine Future of Work trends identified by Gartner for 2024, two of them involve artificial intelligence (AI). Generative AI (GenAI), in particular, is going to be key for businesses in future, enhancing decision-making processes, optimising operational efficiency and anticipating trends and consumer behaviour. Workforces are going to change, with the need for new roles and skills.
“Organisations have to prepare for GenAI if they want to future-proof their business and remain competitive. GenAI will yield some hard lessons and painful costs without sufficient risk management. Data governance, quality control and good employee judgement will be critical to navigate this, with training and education vital for success.
“We’re already seeing some spectacular results in logistics through an AI-driven approach. With machine learning trained on years of global network data, the supply chain is far more efficient and transparent, with proactive alerts that mitigate disruptions.”
Beni Sia, General Manager and Senior Vice President, APJ at Veeam
“Today’s cyber security threats are more frequent and pervasive than ever before. According to Veeam’s 2024 Data Protection Report, one-third of servers had at least one unexpected outage in the past 12 months, caused mostly by cyberattacks.
“A crucial element of futureproofing any business in 2024 is ensuring it is kept running despite these attacks or any other disruption. Businesses can tolerate downtime even less than before, and their constantly evolving environment means there is more to protect and make cyber resilient, including microservices and their SaaS workloads, especially as ransomware continues to grow and represent the biggest threat to business continuity.
“To build cyber resiliency and confidence in being able to bounce forward from any disruption, having the right data and ransomware protection strategy in place is key. Good data protection consists of three key requirements that keep a business running: Data security, data recovery and data freedom to backup and use data from anywhere. By collaborating with the right partners, businesses can give themselves the peace of mind that both applications and data are protected and always available.”
Jaquie Scammell, Founder of ServiceQ and author of The Future of Service is 5D
“To future proof your business you need to understand the role technology plays and the role humans play. A future in which humans work with robots but are not controlled by robots is a great harmonious vision to hold on to. Leaders need to look at the touch points of serving their customers that require technology and the touch points that need humanness. The sweet spot for the future is achieving efficiencies (technology) and creating connections (humans) for employee and customers.”
David Price, CEO at Employsure
“Invest in your workforce. When people feel valued at work, including through professional development opportunities, they are less likely to leave and more likely to work hard to achieve excellent outcomes for themselves and the business.
“Offer mentoring, training opportunities or financial reimbursement for professional development programs to enable your staff to excel in their roles.
“Focus on making your business one that is people-centric, and you will see better productivity and improved employee retention rates. Employee turnover is costly, especially for small businesses.
“When someone leaves your business, you’re not just losing an employee – you’re losing their experience and knowledge, and it can take several months for new hires to familiarise themselves with business operations, procedures, and functions before they become productive.
“Small businesses don’t have the resources required to compete with big corporations when it comes to attracting talent so how you present your business is key. Many employees recognise their worth and won’t settle for a stressful, negative working environment so make it clear what your business stands for and against.
“By making your business as positive and productive as possible, you are setting yourself up with strong foundations for future success.”
Trena Blair, CEO of FD Global Connections
“To ensure the future success of your USA expansion in 2024, commence with a Global Scalability Audit™ from FD Global Connections. This thorough evaluation will pinpoint operational strengths, weaknesses, and areas necessitating improvement. Armed with these insights, pivot towards adaptability, innovation, and localisation.
“Critical focus is required on optimising operations to enrich customer experiences by embracing cutting-edge technologies like AI, blockchain, and IoT. Cultivate a flexible, learning-oriented culture within your team to stay nimble amidst evolving demands.
“Prioritise sustainability and ethical practices to align with shifting consumer values and regulatory landscapes. Invest in renewable energy, eco-friendly packaging, and transparent supply chains to foster trust among environmentally-conscious American consumers.
“Forge strategic alliances with local entities to adeptly navigate regulatory intricacies and cultural idiosyncrasies. Customise your offerings to meet the distinct preferences of the American market while upholding your brand’s core identity.
“Leverage data analytics and predictive modelling to anticipate market shifts and customer behaviours, guiding proactive decision-making and resource allocation. Establish a robust online presence and utilise digital marketing to engage diverse audiences across different US states.
“Above all, maintain a customer-centric approach by soliciting feedback and continuously refining strategies based on market insights. By embracing innovation, sustainability, localisation, and customer-centricity, your business can thrive amidst the dynamic landscape of the USA and beyond.”
Matt Loop, VP and Head of Asia at Rippling
“In a tough economic environment, businesses can be tempted to focus on the present, not the future. But with the rapid pace of technological change and rapidly shifting market dynamics, failure to make the required steps to future-proof your business now will set you back later. This starts with sensible investments, whether that be in training, your people or technology.
“One of the keys to resilience and agility lies in deploying scalable technologies that can adapt to evolving business needs and regulatory environments. Point solutions have a time and place, but down the line can become a hindrance if market conditions and business requirements change. You then need to invest more time and money in filling these gaps, and will be left managing a number of siloed solutions that don’t work harmoniously together.
“It is also increasingly crucial to embrace data analytics to empower strategic decision-making. By implementing a unified system that seamlessly collects and shares data between solutions, you are able to unlock invaluable insights and make impactful data-led decisions. This empowers companies to anticipate challenges and pivot their strategies accordingly, enabling them to not just survive, but thrive in a competitive market.”
Tristan Dakin, ANZ Country Manager at Wise
“Thousands of Australian SMBs have – and continue to – expand their operations globally as a means of future proofing their business. Yet, the struggles of international banking; which include everything from managing multiple currencies and navigating FX rates, to opening up foreign bank accounts and getting access to local account details to pay suppliers, prevent businesses from reaching their full potential. As we continue to enter eras of reformed digitalisation, with technology helping small and medium businesses reach new heights, many see their global ambitions stifled by an international banking system that is slow, clunky and riddled with hidden fees- ultimately negating any cost efficiencies brought about by implementing more digital tools. We encourage small businesses with big, global ambitions to look beyond the traditional banking scene, and instead, lean on organisations that are hyper focused on servicing their global financial needs.”
Rogier Roelvink, Customer and Industry Value Engagement Director at Oracle Infrastructure Industries
“Future-proofing any business can seem costly, especially in the architecture, engineering, construction, and facility management (AECFM) sector, where margins are tight, which can lead to procrastination. As a result, businesses should first prioritise return on investment; if ROI cannot be quantified, reconsider the investment. Evidence suggests future-proofing can provide immediate quantifiable benefits like cost reductions, safety enhancements, and performance improvements.
“Secondly, adopt a connected construction and engineering platform and ecosystem. The sector traditionally relies on standalone applications, but the future lies in AI and machine learning. To leverage these advancements, interconnected data and standardised management structures are essential. This entails connecting all applications in use to facilitate data sharing and utilisation. The number of required connections is directly and exponentially linked to the number of applications in use, making this time-consuming and expensive to achieve and maintain. Implementing a connected construction and engineering platform and ecosystem can help simplify things by connecting applications directly to the platform’s common data environment, requiring maintenance for only one connection per application to share and use the data and information across the ecosystem. But beware, not all platforms are created equal, and choosing wisely is essential to future-proof your business and keep it secure.”
Simon Berglund, Senior Vice President & General Manager APAC at Diligent
“Today’s leaders operate in a world of more — more risks to mitigate, more standards and regulations to meet, more diverse stakeholders to satisfy and more data to digest. So, Boards of Directors and C-suites must now deliver their obligations using a range of metrics broader than just financial – environmental, social, diversity, equity, inclusion, audit etc.
“Defining performance benchmarks and tying them back to their strategy is one of the greatest challenges leaders face when creating resilience, a core component of successful corporate governance.
“And successful corporate governance must acknowledge that risk never rests. It often lives in disparate data siloed in separate systems causing risk to seethe silently under the surface. This creates governance gaps and leaves leaders with an incomplete picture of their organisation’s state, impeding truly informed decision-making.
“To build resiliency for the future, to both withstand the unseen and realise opportunities, governance must seamlessly integrate people, processes and technologies. Successful organisations have learned that their chosen technologies must be able to connect multiple sources of data both internal and external, and allow the GRC professional to contextually surface curated insights to the Board that inform, educate and enable the Director to ask informed questions and make informed decisions.”
Andrii Bezruchko, CEO and Founder at Newxel
“Navigating the turbulence of 2024 demands a steadfast focus on cost efficiency and productivity. As we confront global volatility, the imperative to transform is not just necessary but critical to sustaining business viability. The cornerstone of effective transformation lies in refining our processes to ensure maximum efficiency and impactful outcomes. By embracing transparent and well-structured operational functions, we gain a clear understanding of each element’s impact on our broader business objectives.
“Reviewing and optimizing resource allocation highlights inefficiencies and clears bottlenecks, propelling our teams toward greater effectiveness. Agility has emerged as a crucial attribute in this landscape, with the velocity of business operations now mirroring the rapidity of customer demands. In this environment, immediacy is not just valued but expected.
“At Newxel, we embed a culture of continuous improvement into our company’s DNA to future-proof our business. This ethos ensures that our teams are motivated and result-driven, aligning closely with our customers’ evolving expectations. By fostering this adaptive and proactive culture, we position ourselves to survive and thrive amid the challenges of 2024 and beyond.”
Srujan Talakokkula, Managing Director, ANZ Commercial Business at Trend Micro
“In an increasingly digitised world, the broadening scope of our online activities has significantly widened the playing field for malicious actors, with nearly every organisation experiencing at least one cyber attack in the past year. To tackle this challenge, many organisations across Australia and New Zealand are investing in an abundance of security tools – 36 on average – but rather than mitigate the risks, are finding the disparate tools only create complexity.
“This partnered with the diminishing budgets of many CISOs in 2024, means managing and future-proofing an organisation amidst the ever-expanding attack surface is an uphill battle for many organisations.
“To effectively tackle these challenges and future-proof business, a complete visibility across the entire digital attack surface is key. It is vital that organisations adopt a centralised, scalable, AI-Powered platform approach to cybersecurity. By minimising the complexity of disparate systems, organisations can take more control of cyber risk management to effectively optimise resource utilisation and build resilience. As part of this, organisations can easily prioritise detection and response mechanisms while embracing zero-trust strategy to minimise the potential impact of breaches and reduce the risk of insider threats.
By taking a single platform approach, organisations can break down silos and gain visibility of threats to enhance overall security posture now and into the future.”
Mollie Eckersley, Head of Operations at BrightHR ANZ
“In 2024, the idea of future-proofing your business looks very different from what we would be thinking of pre-COVID-19. But that doesn’t mean businesses should be priming themselves for the next potential pandemic.
“The biggest takeaway from that global shutdown was the fact that businesses that were able to adapt quickly and roll with the punches survived. Resilience and flexibility are critical for businesses that want to future-proof their operations. That means that the best way to future-proof is by putting measures in place to improve your business flexibility.
“It’s also important to understand and study the market, your customers, and your competition. This improves your chances of identifying the next trend or crisis so you can stay ahead of the curve and become a market leader.
“Software is a saving grace to any business looking to adapt quickly. The right digital tools, automatically give businesses the flexibility to manage their operations from anywhere, access information easily, and create a central source of truth and communication for their teams.”
Mark Buckley, Vice President, Australia and New Zealand at Genesys
“Businesses need to anticipate market shifts, remain cognisant of evolving consumer behaviour patterns and re-evaluate how they are thinking about creating loyalty, with both customers and employees. When using technologies like Artificial Intelligence (AI), it is increasingly important to equip employees with the right toolset and training to be able to deliver experiences that exceed customer expectations. According to Genesys research, 69% of Australians believe a company is only as good as its customer service, and more than half (58%) agree they will choose an empathetic experience over a speedy resolution. Hence, to not just future-proof but also thrive, businesses need to advance a new era of experience delivery by investing in the right technology and providing Experience as a Service.
“One way is to orchestrate personalised and empathetic experiences by bringing together conversational, predictive and generative AI under one platform to power the most impactful customer experiences (CX) and employee experience (EX) capabilities. Tools like predictive engagement leverage AI to analyse visitors’ behaviour on websites, predict the outcomes they are trying to achieve and personalise engagements to help them achieve those outcomes. These platforms provide front-line staff with a full context of the customer’s journey, helping them better understand, predict and empathise with their needs. The result is a future-proof solution that can use data to make predictions or recommendations. In customer service, it’s often used to analyse customer behaviour and purchase history to determine preferences and predict future actions, while also meaningfully assisting businesses to identify potential issues that can be addressed pre-emptively.”
Rob Malkin, Senior Regional Director of ANZ at Bentley Systems
“Regardless of industry, development projects often grapple with resource constraints, tight timelines, and supply chain disruptions. However, many of these obstacles are exacerbated by outdated manual processes and poorly automated systems, resulting in fragmented data, inefficiencies, and increased risks.
“Adopting a technology-first approach can transform the way you deliver and manage assets, mitigate risks, and maximise efficiency to ensure your business is future-proofed against evolving demands. By leveraging digital tools like artificial intelligence, you can unlock predictive analytics and automation, facilitating proactive decision-making and optimisation across all aspects of your operations.
“Virtual reality enhances training, design visualisation, and collaboration, driving productivity gains and expediting project timelines. Meanwhile, digital twin technology offers enhanced supply chain visibility, streamlined logistics, and improved coordination by providing real-time insights and simulations, addressing challenges related to inventory management, procurement, and distribution, as well as empowering proactive asset management and predictive maintenance.
“Embracing digital innovation not only streamlines processes but also drives transformative change, positioning your business at the forefront of industry advancement.”
Tom Walley, Global Managing Director of Flight Centre Travel Group (FCTG) at Corporate Traveller
“In the evolving business landscape, future proofing requires recognising the blend of work and leisure. Our findings at Corporate Traveller show Australian business travellers almost double the global average nights away in bleisure stays, highlighting a shift towards flexible work-life integration. This increase, fuelled by the pandemic’s impact and flexible working trends, underscores a significant change in how we approach business travel.
“The transition towards bleisure offers mutual benefits for employees and employers, enhancing satisfaction and retention without additional costs. It reflects a broader shift in work culture, where adapting to employees’ evolving needs becomes essential for competitive advantage.
“To stay ahead in 2024, companies should embrace flexible travel policies that accommodate bleisure, signalling a commitment to employee well-being and work-life balance. This strategic embrace of changing workforce expectations isn’t just a trend but a forward-thinking approach to building a resilient, adaptable, and inclusive business model.”
Charles Ferguson, General Manager, Asia Pacific at G-P
“Against the backdrop of unpredictable market conditions, companies must now prepare for disruption to be part and parcel of everyday operations. In order to thrive now and into the future, it’s crucial to shift away from traditional business models and look globally for growth, particularly when it comes to the talent. This requires Australian business leaders to create a holistic business environment that supports an ‘everywhere workforce’ – one where people can seamlessly collaborate and thrive regardless of their geographic location.
“People and businesses have realised that a job is not restricted to a specific location and some types of work can be done from anywhere. Tapping into global talent pools is not only a way to increase diversity within your employees, but also a survival strategy. An ‘everywhere workforce’ means businesses can reduce over-reliance on a specific type of talent, and have better access to the skill sets and customers they need. When employees are equipped with a broader range of skills and are dispersed across multiple locations, businesses are no longer forced to weather the conditions of a specific market, which can lead to increased resiliency against frequent business disruptions.”
Tony Burnside, Vice President and Head of APAC at Netskope
“In the current cyber threat landscape, future-proofing a business is increasingly linked to cybersecurity. While larger organisations may have the resources to weather cyber incidents, in many cases it simply puts small companies out of business. A study published a few years ago showed that 60% of small businesses that suffered a cyber incident in the US went out of business within six months. Threat actors like to target small businesses due to lower levels of preparedness to cyber incidents, and lower cyber awareness among staff.
“Small businesses wanting to future-proof their operations should consider managed security services providers who can assess their IT and cloud environment, identify any weaknesses and potential improvements, and support ongoing cybersecurity management. Taking cyber insurance should also be considered. Finally, the government has published cybersecurity standards called the Essential Eight to help companies with cybersecurity, and often publishes content for small businesses.”
Jo Scard, CEO and Founder at Fifty Acres
“Now more than ever, it’s important to understand that every staff member has different needs. We have all heard the adage around generational differences. That generation Z are looking for something else entirely from that of generation X, but in its simplest form, it’s about inclusivity. Whether that is for parents to split the day up and undertake their school run, or emerging leaders taking time for university study. It is an employee marketplace, and ensuring that work and life can balance together is one of the easiest ways to future proof your business in 2024.
“As a virtual agency, with hybrid tendencies, this is made all the more easier for our staff who are not forced to battle the commute each day, with choices around working from home, or a co-working space. We know that our business is only as good as the people in it, and taking care of those people must be of the highest priority to help our success. Close to 15 years in, it is apparent to us that staff not only want to feel valued, but understood in terms of their work/life balance needs – and these differ for everyone.”
Fabian Calle, Managing Director, Small and Medium Business, ANZ at SAP Concur
“Business leaders must adopt a strategic mindset when futureproofing their enterprises, particularly when it comes to finance tasks. The rapid pace of change in today’s business environment makes it crucial to implement flexible planning and management strategies, such as integrated management platforms that leverage artificial intelligence (AI) and automation technologies.
“These platforms empower executive leaders to make more informed and strategic decisions while improving operational efficiency, so finance teams can navigate economic challenges with greater agility and effectiveness.
“A key aspect of this involves integrating travel and expense (T&E) management solutions as a priority.
“Smart T&E management solutions give finance leaders access to predictive analytics tools that play a critical role in spend management. These tools are pivotal in optimising operations and facilitating informed decision-making. They offer detailed insights and forecasts to identify cost-saving opportunities and enhance budget allocation.
“Digital transformation extends across all business operations, making it vital for companies to adopt new technologies and evolve their business models, particularly in optimising finance processes. Modernising T&E management in 2024 can enhance businesses’ financial operations, fostering agility, efficiency, and readiness for the future. Adopting smart T&E management solutions, underpinned by technology and analytics, is key to achieving this goal.”
Kavita Herbert, CEO & Founder at BackBone
“In the current economic landscape, it’s not merely about survival; it’s about the strategic agility to thrive in the face of unpredictable financial climates! I believe to effectively navigate these capricious waters, traditional models of expansion, characterized by increasing headcount, need to be supplanted by a leaner, more agile approach where efficiency and strategic alliances are paramount!
“In this vein, it’s crucial for businesses to reject the outdated zero-sum game in favor of a cooperative mindset. This pivot recognizes mutual benefit as a force multiplier in the quest for market success. Forging alliances Vs working in isolation enhances overall resilience and opens up new opportunities for growth! Engaging in partnerships that leverage each other’s strengths & require fewer internal resources, enable companies to operate with greater flexibility, responding to market trends with the speed and creativity of a startup while leveraging the scale of their combined networks!
Such collective approaches also protect small businesses from traditional high operating cost & liability issues and offer a buffer against the cash flow disruptions that can arise from delayed payments or economic downturns.
“This is not just a strategy for the times; it’s a fundamental reimagining of how businesses operate that’ll fuel long-term sustainable growth!”
Dan Lawyer, Chief Product Officer at Lucid Software
“Future-proofing a business goes beyond implementing the latest technology. It is about modernising how people work and fostering strong team alignment. Our recent Workplace Alignment Survey found that 37% of Australians believe their teams lack alignment, underscoring the urgency for leaders to address this issue. While having a strategy to navigate rapid digital transformation is important, it’s only effective when embraced by the team. Providing the necessary training and encouraging a positive learning environment is essential in ensuring team members are aligned and able to excel with new processes. Leaders should establish clear goals that serve the ultimate vision of the business by solving technological issues, inefficiencies, culture gaps, and productivity. Visual collaboration plays a vital role in this process. With solutions like Lucidspark, teams can facilitate effective communication and create a shared understanding of goals and strategies to better prepare for the challenges of the future.”
Lauren Hamilton, Head of Marketing at Smart Commercial Solar
“Achieving energy independence is paramount for businesses looking to future-proof their operations in 2024.
“Energy costs are on the rise, and the threat of outages and supply disruptions looms large. While solar power plays a significant role in our energy future, it’s not a standalone solution. Businesses must adopt a holistic approach, integrating solar with other solutions like battery storage and electric vehicle (EV) chargers. This comprehensive strategy ensures resilience against rising costs and grid instability.
“The experience of regions like South Africa highlights the importance of such measures. By investing in renewable energy and storage solutions, businesses can not only reduce their reliance on the grid but also contribute to a greener future. With the rapid rise in electric vehicle ownership, installing a network of EV chargers now prepares businesses to meet the needs of staff and customers, positioning them as leaders in sustainability and innovation.
“Through proactive measures, businesses can navigate the complexities of the energy transition and emerge stronger and more sustainable in the years to come.”
Mark Griffiths, Commercial Director ANZ at On Device
“In today’s marketing and advertising world, the abundance of data may suggest a clearer understanding of media efficiencies and effectiveness for brands. However, the sheer volume of data doesn’t always translate to deeper insights. A fragmented landscape with varying measurement solutions often creates a lack of clarity. True value only emerges when data is harmonised seamlessly across all channels, offering a comprehensive view. At On Device, we advocate for brands to futureproof by integrating brand lift studies into their measurement toolkits. These studies serve as early indicators of future success, especially for brands running cross-media campaigns. By amalgamating insights from various channels, brands gain a nuanced understanding of media combinations, leading to enhanced optimisation. It’s crucial for brands to leverage these advancements in 2024 and beyond, aligning media metrics with tangible business outcomes to secure their future.”
Neil Modi, Business Development & Marketing Manager at Intellectual Technology & Communication (IT&C)
“In today’s fast-paced business world, safeguarding your company’s future is a top priority. But what does that really mean? It’s about leveraging strategic technology solutions to empower your organisation for long term success.
“Think of technology as the ultimate adaptability booster. By using automation and data insights, you can respond quickly to changing market trends and customer demands. No more getting caught flat-footed!
“Efficiency is key, and the right tech streamlines processes, eliminates redundancies, and supercharges your workforce. Imagine doing more with less – Now that’s the power of Tech.
“But it’s not just about internal efficiency. Technology personalises the client’s journey, fostering deeper connections and brand loyalty. From AI tools to data driven marketing, tech helps you understand and connect with your clients on a whole new 2024 level.
“Finally, at IT&C Data is king. Technology empowers you to harness valuable data insights to guide strategic decision making. This ensures your company stays aligned with market trends and client preferences. IT&C’s recipe for long-term success!”
Mel J Cuturich, CEO & Founder at Diva Enterprises
“In an ever-changing business landscape, future-proofing your enterprise is crucial for long-term success. As we navigate through 2024, it’s essential to adopt strategies that ensure your business remains resilient, adaptable, and financially secure. One key aspect often overlooked is the prevention of coercion and the hidden challenges that can undermine your organisation’s stability.
“To safeguard your business, start by fostering a culture of transparency and open communication. Encourage your team to voice concerns and share insights, creating an environment where potential issues can be addressed proactively. Regularly review your financial processes, contracts, and partnerships to identify any areas of vulnerability or undue influence.
“Investing in the education and empowerment of your workforce is another critical step. Provide training on financial literacy, legal rights, and the subtle signs of coercion. By equipping your employees with the knowledge and tools to recognize and respond to potential threats, you strengthen your company’s resilience from within.
“Additionally, seek guidance from experienced professionals who can offer strategic advice tailored to your unique business needs. From financial advisors and legal experts to strategists in organisational psychology, developing resources can help you navigate complex challenges and make informed decisions.
“By proactively addressing the shadow side of business and prioritising the well-being of your team, you lay the foundation for a future-proof enterprise in 2024 and beyond.”
David Ogilvie, CEO at David Ogilvie Consulting
“Understand how your inventory management policies underpin your whole operation. Ensuring you understand your customer and their demand patterns allows you to ensure you have deployed your capital most effectively. It will help you ensure you have the right products available in the right place, in the right quantities, and at the right time when your customer demands them. To achieve this, most companies need to improve their agility and discipline in their inventory management processes.
“This can be achieved by auditing your current inventory policy settings and ensuring they are appropriate for the current economic climate. For instance, when the middle east war took hold, many shipping lines have been avoiding the Suez Canel, significantly extending lead times. Most organisations have not adjusted their inventory policy systems to account for this.
“Undertaking our Inventory Policy Audit™ will allow you to ensure you have the correct settings to accommodate the current economic climate.”
Oskar Rutten, CEO and Founder of Zuna
“In today’s world, all businesses rely on technology – from hospitality to construction and every industry in-between.
“Yet not all businesses are future-proofing their systems to avoid dealing with the long-term implications of a cyberattack.
“We have seen time and time again how cyberattacks can damage relationships with stakeholders, including clients, as well as fracture reputations – a nightmare situation for a business of any size.
“Businesses must be agile, adaptable and resilient. This begins with investing in strong cybersecurity practices.
“A key prevention strategy that we recommend to our clients, is developing a culture of vigilance around cyber risks, by prioritising routine staff security awareness training. This ensures your team is equipped with the skills to avoid, identify and respond to potential threats.
“The risks are always changing, so it is essential to undertake active monitoring, penetration testing and auditing to identify your vulnerabilities and address them as they evolve.
“If this seems complex and overwhelming, engage a cybersecurity consultant to provide you with tailored solutions to help you navigate and thrive in the digital revolution.
“By investing in your business’ cybersecurity now, you will save time, money and other resources down the track.”
Lisa Vincent, Founder/CEO at HowToo
“We’re on the cusp of a monumental AI-driven shift in productivity, innovation, and business transformation. Speed is crucial; winners will be the ones who are agile and quick to seize opportunities. Talent is key; those with the best responsiveness will thrive. Technology is fueling this transformation, but people secure a business’s future. Future-proofing in 2024 means prioritizing your people:
- Foster a dynamic workforce: Curiosity, empathy, and problem-solving skills are essential.
- Cultivate a culture of continuous learning: Embrace talent fluidity, upskill/cross skill, experiment and learn from failures.
- Empower your team: Equip them to adapt swiftly to evolving roles amid technological advancements. AI innovation is frontline; empower teams to leverage it throughout the business.
“It’s not just about AI; it’s about embracing the human drive behind it. Fast and effective innovation will come from the businesses with skilled, agile, top talent.”
Brad Young, Chief Grout Officer at The Grout Guy
“Future proofing comes down to three key things for me: managing cash flow wisely; truly listening to our customers; and leveraging technology.
Talking about cash flow feels cliché, but it’s as critical as ever. It’s the oxygen for any business’s survival, especially if you want to be able to navigate through uncertain economic times. You need to be able to know the financial status of your business on any given day.
“This then leads to data. It’s the roadmap for making informed decisions. Whether it’s predicting leads, fine-tuning advertising strategies, or calculating the cost per lead or acquisition, you need to be able to have this information at your fingertips no matter where you are.
“Another key aspect of technology is automation. Automate as much of your business process as possible without losing a human touch. This ensures ultimate efficiency in your business.
“Thirdly you need to focus on listening to your customers and adapting to their evolving needs. Know what their problem is and then provide the best, most efficient solution possible.
“And don’t overlook the importance of conducting an annual SWOT analysis for uncovering what your market needs and staying ahead of the game.”
Alison Lee, Head of Marketing at ipSCAPE
“Harnessing the power of Artificial Intelligence (AI) across your customer service department’s processes is integral to future-proof your business in 2024 and beyond.
“In a competitive environment, it is integral for organisations to be as efficient and productive as possible. Leveraging AI will ensure that your Sales and Service teams are spending more time productively engaging customers and less time on administration.
Call Summarisation for Sales teams also uses AI to transcribe and summarise sales calls, automatically updating the record in your CRM such as Salesforce.
“AI has the ability to understand human speech and recognise intent which enables this emerging technology to efficiently respond to the customer or route their call to the most appropriate agent who can resolve their query.
“Contact centre solutions such as SCAPE, enables organisations to seamlessly adopt AI into their customer service processes. SCAPE provides over 150+ Neural Voices for organisations to integrate into their IVR workflows, allowing customers to interact with a Virtual Agent and resolve their own queries, without the assistance of a human agent. This AI-driven feature helps organisations future-proof their contact centre operations while also reduce costs and provide customers with 24/7 access to support.”
Chris Dahl, Co-CEO at Pin Payments
“In today’s business landscape, surviving is a challenge most startups face, with roughly 90 percent of businesses failing globally, according to a report by Startup Genome. So, what separates those that succeed?
“Surviving is not about predicting the future, but about future-proofing your business from the ground up. The past four years have put many businesses to the test with wavering economic conditions, and adaptability has been key to survival. If we understand why businesses typically fail, as leaders we can start to implement stronger future-proofing strategies. The top five causes of startup failure include:
- Creating a product or service with no market need
- Cash-flow issues or running out of funds
- The wrong staff or poor management of employees
- Too much competition and no product/service differentiator
- Pricing and cost issues, including finding the right price point
“If we take these 5 startups’ failures and build them into our future-proofing strategy, to ensure we have a business with a market need, cash flow is healthy, staff are engaged and the pricing is right, the chances of success will be much higher.”
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