According to a study conducted by Kin + Carta, which involved more than 800 business leaders from the UK and the US, 94% of these leaders actively incorporate Digital Transformation into their companies.
In 2024, companies face a series of challenges and obstacles, among which the adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning stands out. These technologies are not only fundamental for maintaining competitiveness and business efficiency but also represent a significant opportunity to drive innovation and growth.
In this context, Kin + Carta, a leading consultancy in Digital Transformation and recognized as the first B Corp certified company on the London Stock Exchange for its commitment to high social and environmental standards, conducted a comprehensive study. This study involved more than 800 business leaders from the UK and the US and identified key trends and patterns in the technology sector for 2024.
According to the consultancy, Digital Transformation is a key priority for companies, and 94% of business leaders consider it in their strategy. However, this digital focus entails significant concerns: cybersecurity is a source of anxiety for 24% of these leaders, while Artificial Intelligence is only so for 19%.
Investing in AI and Machine Learning is a priority for 15% of organizations, while 75% of leaders consider investment in Digital Transformation necessary in the next 12 months. Additionally, only 30% fully trust their company’s data, highlighting the need for accuracy and trust in data management, a foundation for the development of these technologies.
Therefore, it is not surprising that 91% of business leaders believe their companies are prepared for the digital future, and that the development of well-known initiatives such as process optimization and increases in efficiency are present in their plans.
“There is no doubt that technology is advancing rapidly, but the duty of organizations is with their operations, the quality of the data they use to make decisions and the building of skills and capabilities to own and take advantage of the new opportunities that technological advances bring. That’s where it is valuable to have a strategic ally like Kin + Carta, which also brings a more comprehensive view with its B System approach,” explained Alberto Domínguez, General Manager of the consultancy for Colombia.
It is worth noting that the technology sector in 2024 will not only face great challenges but also investment opportunities. The average cost of a data breach for organizations with private clouds is now US$4.2 million, reflecting the growing complexity of cybersecurity and the risks of corporate attacks.
Due to these concerns and the pressure of competition, 58% of business leaders plan to increase their spending on Digital Transformation initiatives compared to the previous year, indicating a strong conviction in the return of these investments.
Regarding change management, there is a notable increase in IT budgets worldwide. In North America, there is an average increase of 4.2% in the IT budget, while in Latin America, the increase is 2.4%. In the EMEA region, IT budgets increase by 4.4% and in APAC, the increase is 3.4%.
These budgetary changes are accompanied by expectations of revenue growth, ranging from 2.7% in North America to 5.2% in Latin America. These figures highlight reserved optimism and a strategic investment in technology to drive growth and innovation in a constantly evolving business landscape.
In conclusion, while organizations face a complex global reality, the commitment to Digital Transformation only increases for 2024. New technologies, such as AI and the need to keep our digital assets protected, involve a lot of work in the care and consolidation of information and data. The need for adaptation is fundamental in an environment of constant evolution and disruption.