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8 Biggest Tech Challenges Businesses Will Face this 2024

Cybersecurity | Managed IT Services

Tech is constantly evolving; it’s inevitable. However, while many tech developments can open new avenues for growth and innovation, some can present new challenges for businesses worldwide, including yours. How your business reacts to those changes can determine whether they will disrupt or augment your operations. That’s why it’s vital to try and glimpse some of the main challenges looming in 2024. 

Intelligent Technical Solutions (ITS) is an IT company that has been helping businesses adapt to the evolution of technology for over two decades. In this article, we will delve into the biggest tech challenges businesses will likely face this year. It will serve as your roadmap to help you navigate the pitfalls so you can prepare for them. 

2024 Biggest Tech Challenges for Businesses 

Businesswoman interacting with a futuristic global tech interface for 2024 strategic planning

Here are some of the biggest tech challenges your business needs to watch out for in 2024: 

1. Integrating and Implementing AI

The past few years have been significant for artificial intelligence (AI) with the rise of generative AI tools, automation, and big data analytics. Unfortunately, implementing these innovations for your business can prove challenging. Firstly, AI is not a plug-and-play solution; it demands a strategic approach tailored to your organization’s unique needs. That means you must formulate a plan prioritizing key areas where the technology can drive the most value. 

In addition, to integrate AI into your business, you must manage its human impact. That means ensuring your team is ready for the change and that you have the right people to handle the technology. You may also need to ensure your existing tech is compatible with AI or that you’re willing to invest in upgrading outdated systems. Otherwise, AI will become more of a burden than an asset for your business. 

2. Addressing the Ethics of AI

As we’ve mentioned before, businesses using AI are on the rise. However, that brings another set of challenges into 2024: addressing the ethical implications of using it. First, you must address major ethical issues surrounding the technology, such as bias, transparency, and privacy. Second, you must address the concerns of AI taking roles originally meant for humans within your organization. 

3. Rising Cloud Costs

The cloud has become an indispensable service to many businesses across the globe. Unfortunately, due to inflation and an upward trend of storage costs, cloud services are getting even more expensive, and prices are still rising. In a report by International Data Corp, global spending on cloud computing is expected to surpass $1 trillion in 2024, with a compound annual growth rate of 16%. That means finding ways to cut down on your cloud spending will be crucial. 

To reduce cloud costs, you must understand that the cloud is not the optimal place for every application, workload, and data set. Try to only use cloud services where they can offer the most impact on your operations, and consider a more balanced approach that also relies on on-premises servers, co-location, and other non-cloud options. 

RELATED: Who is the Cloud a Good Fit for? [Video] 

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4. Securing Cyber Talent

As technology continues to evolve, there’s a growing demand for cybersecurity professionals. Companies are investing heavily in training and development programs to equip their workforce with the necessary skills to tackle cyber threats. The problem is there’s a significant talent gap in the cybersecurity field, making it challenging for organizations to attract and retain skilled professionals. 

Consider partnering up with IT professionals that offer managed cybersecurity services. They have trained and certified experts who can guide your business toward achieving your cybersecurity goals. 

5. Cybersecurity Against AI-Based Cybercrime

AI is a game-changing technology for many businesses. Unfortunately, the same is true for cybercriminals. With the advancement of AI technologies, fraudsters are becoming more sophisticated in their tactics. AI-enabled scams are predicted to become more advanced and personalized in 2024, using AI models to mimic trusted sources convincingly. These scams could include emails and messages that appear legitimate but are designed to phish for personal details such as social security numbers, financial data, and login credentials. 

You will need to amplify your efforts against these cyber threats by bolstering your current cybersecurity strategy and raising awareness of AI-based cybercrime within your organization. 

Tech professionals analyzing complex data to tackle 2024 business technology challenges

6. Safeguarding Data Integrity and Confidentiality

With the increasing volume of data being generated and stored, safeguarding data integrity and confidentiality has become a top priority. That involves implementing advanced cybersecurity measures, ensuring compliance with data protection regulations, and educating users about safe data practices. 

7. Navigating Evolving Tech Regulations and Compliance

Tech regulations and compliance are evolving rapidly to keep pace with technological advances. In recent years, regulations such as the FTC Safeguards Rule and the Cybersecurity Maturity Model Certification (CMMC) have undergone massive upheavals. Those caused major disruption as organizations scrambled to meet the updated compliance requirements. 

Regulations can change at any time. 2024 will be no different. It could bring changes to regulations that your organization needs to comply with. So, ensure that you’re always on the lookout for these shifts and updates so you can stay ahead of them. 

8. Leveraging Real-Time Data Analytics

The demand for real-time analytics capabilities grows as businesses seek to make data-driven decisions quickly. Real-time analytics allows you to provide valuable insights, drive decision-making, and enhance business operations. However, implementing real-time analytics requires efficient data processing and analytics pipelines, as well as robust streaming technologies. Unfortunately, those can be complex, difficult to scale, and costly. 

If you want to gain a competitive edge by leveraging big data and analytics, consider partnering with IT professionals who can help you with the process. MSPs that offer data analytics services can help you set realistic goals and provide insights to help you navigate the challenges of implementing them for your organization. 

Ready to Face Tech Challenges in 2024? 

Diverse business team collaboratively solving technology challenges on a laptop for 2024

Businesses in 2024 face many tech challenges. From integrating AI to addressing cybersecurity threats and navigating evolving regulations, a proactive approach is essential for success. Collaboration with IT professionals, such as managed service providers, can help provide the expertise needed to overcome these challenges, allowing you to take advantage of innovations freely. 

ITS recognizes the importance of staying ahead of tech challenges. Try our free IT Needs Analyzer, a tool that can help you determine the solutions to your technology challenges. Or, you can check out the following resources for more info: 

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