Exploration Generates Progress
The Forrester Prediction article emphasizes the significance of adopting generative AI in 2024, drawing parallels to the exploratory spirit of early navigators. It encourages business leaders to proactively engage with this technological advancement, advocating for experimentation despite global socio-economic challenges.
The key message is to avoid inaction, embrace generative AI as a vital tool, and learn from past explorers to discover its value in enhancing and engaging employees and customers. It urges business leaders to learn from past explorers, be prepared for adjustments, and not wait for others to take the lead in discovering the value of generative AI.
In this summary, we extract key sights from Forrester’s latest predictions to provide you with a comprehensive understanding of the trends, shaping the business landscape in 2024.
Here are some interesting takeaways from the Forrester 2024 AI predictions report.
The Inevitable Infiltration of Generative AI into Consumer Experiences
The exploration of Generative AI (genAI) unfolds, addressing prevailing consumer concerns about its ethical implications and societal impact. Notably, Forrester’s findings reveal that 50% of US and 43% of French online adults perceive generative AI as a potential threat to society.
Despite these reservations, the forecast for 2024 suggests a significant shift in consumer behavior. A majority of skeptics are expected to embrace and enjoy genAI, often needing full awareness. This transformative technology is discreetly making its way into consumers lives as tech companies seamlessly integrate genAI capabilities into everyday platforms, apps, and tools.
Examples include Adobe Photoshop’s generative fill feature, Google Search’s Bard option, and LinkedIn’s AI-generated content for user posts. The narrative underscores the inevitable and subtle integration of genAI, challenging users to adapt to its presence in their daily interactions.
In recent headlines, the use of artificial intelligence (AI) has raised serious concerns as deepfake technology becomes more sophisticated. The controversy surrounding AI-generated photos of celebrities, including Taylor Swift, and a fake stand-up comedy special of George Carlin, highlights the growing threats of AI infiltrating consumers experiences.
These incidents, though criticized, are just the tip of the iceberg, signaling a broader challenge as AI technology advances faster than legal frameworks.
60% of skeptics will use (and love) generative AI — knowing it or not.
Marketers will become privacy champions
In 2024, marketers face a dynamic landscape with the enactment of four US state laws, an EU review of GDPR enforcement, and the introduction of Google’s Privacy Sandbox for Chrome users. To navigate this complex terrain, marketers are increasingly involving privacy counterparts in strategy discussions and campaign approvals.
However, a prevalent privacy talent shortage poses challenges, with privacy teams struggling to balance priorities and lacking marketing proficiency. To address this bottleneck, five major B2C brands plan to allocate a portion of their marketing budget to fund additional headcount for the privacy team and/or enhance the skills of existing privacy colleagues.
Smint.io as a GDPR-compliant company, it’s essential to stay informed about evolving privacy regulations, such as new US state laws and an EU review of GDPR enforcement in 2024. The identified privacy talent shortage may impact industry approaches, but this compliance positions us well.
By using GDPR adherence as a foundation for addressing privacy concerns and maintaining a proactive stance. Also, keeping a close eye on developments in privacy laws to ensure ongoing compliance.
At Smint.io we have made a deliberate choice not to track cookies or personal data on our website, diverging from the common practice in the SaaS industry. This decision is driven by our commitment to providing users with a seamless and privacy-focused experience, avoiding the annoyance of constant cookie banners.
Despite industry norms, we believe in creating a transparent and user-friendly environment.
CMOs at five large consumer brands will fund dedicated privacy resources.
Generational differences will alter B2B buying preference
In 2024, buyers aged 25 to 44 will dominate business buying teams, comprising 75%. Forrester’s data reveals that these buyers value personal interactions with product experts during face-to-face buying.
Anticipating a shift of Millennials into decision-making roles, it is predicted that 40% of younger buyers will consider person-to-person meetings with experts as their most meaningful interactions.
Successful sellers must align offerings with buyer needs early in the sales process and establish effective partnerships with representative experts.
By orchestrating person-to-person interactions, sellers can enhance buyer experiences, dedicating 25% or more of their work week to direct buyer engagement.
Smint.io’s mobile-enabled software aligns perfectly with the preferences of Millennials, who value seamless interactions and meaningful engagements. This positions our product well for the dominant role Millennials play in business buying teams, ensuring a positive user experience.
Highlighting its mobile features in marketing can further appeal to this demographic.
Beyond mobile accessibility, Smint.io portals stand as the single source of truth, eliminating the need for creating additional content silos. This ensures a centralized and unified hub for all content-related activities.
Also, the platform offers efficient collaboration, data accessibility, modular scalability, a user-friendly interface, and precise tracking options. These features cater to Millennial’s preferences for streamlined processes, data-driven decision-making, and customizable solutions, ensuring a positive user experience and contributing to the success of their B2B business operations.
Two out of five Millennial buyers will demand early access to B2B product experts.
Europe will lead hybrid work adoption
In 2023, the Netherlands leads Europe in supporting flexible work, with 74% of workers allowed to work remotely. The overall European average is 30%, with only 11% of European business leaders expecting a full-time office return. Comparatively, 28% of all US employees work remotely, while South Korea and Australia show 8% and 26%, respectively.
Predictions for 2024 suggest Europe will surpass the US in flexible working, reaching 40%, accompanied by anticipated legislation for flexible work in the UK and EU. This shift necessitates investment in collaborative models to empower the hybrid workforce in European firms.
Smint.io Portals serve as a versatile platform designed to seamlessly publish content from diverse sources, establishing a unified digital space as a single source of truth. This solution efficiently connects different content sources, swiftly consolidating them into a media center.
The result is enhanced content accessibility for businesses, enabling efficient publication and improved customer engagement. Additionally, this platform supports flexible work by facilitating remote collaboration, allowing workers greater flexibility in their working arrangements.
40% of European employees will work from home regularly.
APAC firms will struggle to operationalize customer trust
Customer trust is not just a slogan but a crucial imperative, given the decline fueled by factors like misinformation, lack of transparency, and privacy issues. Without trust, organizations risk disengagement from customers, employees, partners, and the public. It’s imperative for companies, especially in APAC, to genuinely embrace and embed customer trust in their culture.
Projections suggest that, by the end of 2024, about 25% of APAC’s major firms may voice commitment to customer trust, but only a limited 5% will actively measure and implement this commitment through organizational KPIs.
Smint.io being GDPR compliant and having undergone a SOC 2 Type 2 examination reflects our commitment to data privacy and security. This compliance not only ensures legal adherence but also reinforces trust with customers and stakeholders.
25% of APAC multinational corporations will adopt customer trust as a key mission, but only 5% will measure it.
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