While not every sector anticipates significant growth in the new year, some confront strict budget cuts and the urgency to swiftly identify efficiency savings. Julie Mercer, the UK office lead at Nous Group, notes that the UK’s education sector, in particular, grapples with several challenges, requiring organizations to make tough strategic decisions.
Amid geopolitical tensions, supply chain disruptions, rising costs, and a tight labor market, businesses are cautiously entering 2024, and consultants emphasize the key to thriving in the coming year, particularly in the face of uncertainty, lies in leveraging technology.
Struggles in education sector
While not every sector anticipates significant growth in the new year, some confront strict budget cuts and the urgency to swiftly identify efficiency savings. Julie Mercer, the UK office lead at Nous Group, notes that the UK’s education sector, in particular, grapples with several challenges, requiring organizations to make tough strategic decisions.
“In this environment, the ability to work collaboratively and bring staff on what can often be an unsettling journey will be a key leadership challenge across industries. We are already seeing this play out in the higher education sector and it’s only set to intensify,” Mercer said.
Mercer added that continued industrial relations difficulties and heightened uncertainty regarding student recruitment and retention underscore a rising imperative to overhaul the business model, all while acknowledging that staff members are increasingly experiencing destabilization due to sector pressures.
Productivity crisis
Despite ongoing efforts to address a productivity crisis, several pivotal trends have also surfaced, offering significant growth opportunities in 2024, notably fueled by the escalating enthusiasm surrounding the potential of machine learning and generative AI in the last 12 months among British companies.
Considering this perspective, it’s unsurprising that numerous experts in the consulting sector view AI as a defining factor in the upcoming year. Will Gosling, the UK consulting growth leader and partner at Deloitte, suggests that this trend will create opportunities for consultants as clients seek to maximize the value of their technology investments.
“Technology leaders everywhere will continue to be under pressure to deliver value and growth for their business,” said Gosling.
Widespread adoption
Mark James, a senior architect at Airwalk Reply, foresees that the widespread adoption of AI technologies will have a significant impact in the upcoming year, streamlining routine tasks and enabling companies to concentrate on more high-value activities.
Anticipated developments encompass the growth of AI-driven chatbots and virtual assistants equipped with advanced natural language processing capabilities and an improved grasp of customer preferences. James also envisions a transformative impact from AI on financial operations functions in the year 2024.
James also predicts that the ethical use of AI will continue to gain momentum in 2024. Companies are expected to prioritize the development of trustworthy and transparent AI systems, taking into account factors such as fairness, bias, and responsible data handling.
Furthermore, regulatory bodies may introduce guidelines to ensure the ethical deployment and utilization of AI within the finance sector.
Bill Gates’ insights on AI
Bill Gates explores AI’s potential
Microsoft co-founder Bill Gates delves into the transformative power of artificial intelligence in a detailed six-page blog post, highlighting its potential impact on healthcare, education, and the workforce.
Gates particularly emphasizes AI’s revolutionary role in healthcare, citing ongoing projects addressing medical challenges like antibiotic resistance, high-risk pregnancies, and HIV risks. Despite the early stages of these initiatives, Gates expresses optimism about their future impact. His commitment through the Bill & Melinda Gates Foundation, renowned for global health contributions, underscores his belief in the intersection of AI and medical research.
The Gates Foundation, pivotal in advancing medical research and vaccine development for underserved regions, envisions AI broadening the scope of research, expediting discoveries, and enhancing healthcare intervention effectiveness.
Anticipated AI growth
The synergy between artificial intelligence and education is poised for significant expansion in the coming years, according to a report by think tank Technavio. The report, titled “Artificial Intelligence Market In The Education Sector Market 2023-2027,” highlights the rising importance of integrating AI into education to enhance learning outcomes.
Technavio’s research projects a transformative leap in the education sector over the next five years, with AI contributing to a projected net increase of $1,100.07 million by 2027. These robust growth estimates, indicating a compound annual growth rate of 41.14 percent, reflect the rapidly accelerating pace of AI adoption in the education sector.
