Business leaders optimistic for 2024 growth amidst tech challenges: Report

Amidst persisting challenges, business leaders are gearing up for the year 2024 with a notable sense of optimism for their organizations' growth, as per a new report by IT firm Capgemini shows.  

A newly released report from the Capgemini Research Institute, titled "Embracing a brighter future: Investment Priorities for 2024," provides insights into the investment plans of 2,000 global business leaders over the next 12-18 months. 

Key findings from the report indicate a positive outlook among business leaders, with 53% of surveyed Indian leaders and 56% globally expressing optimism about their organization's future. Aiming for growth, 82% of Indian business leaders plan to increase investments in digital tools and technologies in 2024. 

Aiman Ezzat, Chief Executive Officer at Capgemini, said, “Business leaders are beginning the year with an increased sense of confidence compared to 12 months ago, with technology and AI set to drive the next phase of the transition towards a more digital and sustainable global economy. It is good news that business leaders are increasing investments in a wide array of critical business areas from customer experience and innovation to talent and supply chains, and perhaps even more importantly sustainability. We have only scratched the surface of what digital tools and technologies, in particular AI, can achieve to reach these business objectives.” 

Globally, organizations are honing in on technologies like Gen AI, Cloud, and Cybersecurity. In India, the survey reveals ambitious investment plans, with 90% of leaders eyeing AI and Gen AI, 92% targeting Cloud, 73% focusing on Cybersecurity, and 71% exploring digital twins and immersive technologies for industrial applications. Furthermore, 58% of Indian business leaders view Gen AI as an opportunity to drive revenue and innovation. 

Another report by Accenture also finds that, 58% of C-suite leaders in India anticipate an acceleration in technology disruption in 2024. Notably, 88% see Gen AI as an opportunity rather than a threat, and 74% perceive it as more beneficial to revenue growth than cost reduction. 

The Capgemini report also sheds light on the cybersecurity landscape, with 50% of Indian leaders considering it a top risk to business growth, compared to 61% globally. Additionally, the scarcity of talent with the right skills has become a top concern for nearly six in ten organizations, a significant increase from the previous year. 

As organizations plan their "return-to-office" policies, 25% anticipate increased investments in office space, a notable rise from the 4% reported last year. Despite this, organizations express a belief in the endurance of flexible and hybrid work arrangements, the report said.