As 2023 draws to a close, at OpenText, we’re reflecting on the year behind us, and the remarkable advancements made in how we use information to help organizations work smarter. But this is also an opportunity to look forward with anticipation to the limitless possibilities and shifts in the technology landscape that may impact your business. OpenText content services experts predict 2024 to be a pivotal year for how companies use intelligent information to supercharge innovation, boost employee productivity, and optimize business processes. When content-rich processes facilitate operations and insights (rather than create friction) through smarter information, the business outcomes are powerful. 

Let’s explore five content management trends that will help organizations work smarter in the coming year.

#1 - A solid information management foundation will lead to impactful AI gains

Who doesn’t want to tap into all that AI-powered work can deliver? Enhanced efficiency, cost savings and informed decision making? Bring it on!

While 34% of organizations are already tapping into AI to create new revenue channels, others have yet to reap such benefits.^[1] The challenge: the data isn’t ready. Fifty-four percent companies say a lack of resources, knowledge, products and organized data to feed AI are the biggest hurdles to benefitting from AI.^[2] And 72% of organizations say managing data is preventing them from scaling AI use cases.^[3]

Organizations with a solid information management foundation will be primed to benefit from generative AI in 2024—leveraging robust content services to ensure data is secure, available and accessible. From there, the possibilities to reimagine work and reach new heights of innovation are endless, using tools such as generative AI-powered intelligent assistants to help employees find content faster across diverse sources.

And with options to lean on AI experts, experiment with data (within a private generative AI environment) and structure data for maximum results, organizations can take the guesswork out of AI and see productivity soar in 2024. 

#2 - Public cloud SaaS solutions will help win the race for talent

Move over Gen Y, there’s a new workforce moving up the ranks! 27% of the workforce will be comprised of Gen Z by 2025^[4] and with the new demographic comes heightened employee expectations around user-friendly technology and work-from-anywhere flexibility. 

With organizations under pressure to combat employee churn and the growing phenomenon of quiet quitting (when employees do just the bare minimum to stay employed), improving the digital employee experience is paramount. Organizations that take action with public cloud SaaS productivity tools will make it easier for employees to do their jobs, stay engaged, and remain loyal to the company—winning the race for talent.

SaaS content management solutions can drive productivity with integrations that empower company-wide departments by meeting teams in their preferred applications and UIs—within Google Workspace, Microsoft Teams, Salesforce and other apps. Quick to deploy with out-of-the-box functionality, these solutions deliver content in context, supported by chat-based conversational search and translation if desired, eliminating the need to switch between applications. The result: a seamless user experience for employees of any generation.

#3 - Operational experience (as part of Total Experience) will set companies apart

Three hours a day! That is the average amount of time employees estimate they spend looking for information to do their jobs.^[5] These massive lags in productivity are due to digital friction: unnecessary effort by employees to use technology or data for work. And no one seems immune.

Ninety-five percent of organizations report digital friction is impacting the organization, with very real business consequences: lower efficiency (46%), increased costs (43%) and decreased employee satisfaction (40%).^[6] The same report also found 58% of enterprises lost business opportunities due to an inability to access data in a timely manner—jumping to 70% for companies with less than 5,000 employees.

Organizations have long been focused on customer experience, and employee experience took center stage as a result of the pandemic. But back-office operations have always taken a back seat – until now.  The reality is that organizations cannot achieve their employee and customer experience ambitions without first establishing a solid operational foundation. To reduce digital friction and achieve operational excellence, organizations will need to first optimize their operational experience, which means delivering information when and where it’s needed within critical business processes. If business growth is an organizational imperative, it can’t be fully realized without combining customer, employee and now operational experience into a total experience strategy. 

By connecting people, content and processes, organizations will remove productivity barriers within key roles such as finance, human resources and legal—driving desired business outcomes to maintain a competitive edge with improved agility, shorter lead times, increased customer loyalty and improved communications.

#4 - Regulated industries will accelerate modernization with pre-packaged cloud apps

Industries such as public sector, life sciences and healthcare have been traditionally slow to modernize technology and processes primarily due to security and budget concerns, continuing to rely on outdated systems and applications. But change is afoot with organizations playing modernization catch-up, leveraging pre-packaged cloud apps for a fast path to digital transformation and the cloud. And that trend will continue through 2024.

By taking advantage of industry-certified and integrated solutions, organizations can introduce automation and intelligent experiences to complex and regulated processes, such as bringing life-saving therapies to market or digitizing patient healthcare records.

Industry-specific cloud apps provide a way to modernize systems by connecting data, content and applications and maximizing existing infrastructure investments while enhancing information availability, value and security. Plus, with the flexibility to address specific use cases and requirements, such as accelerating citizen services for government or integrating with electronic medical record systems for healthcare, organizations can add new capabilities as requirements change.   

#5 - AI will be a catalyst to zero trust information security program adoption

In a new McKinsey survey, 40% of organizations plan to increase overall AI investments due to advancements in generative AI. But not without trepidation, as 53% acknowledge cybersecurity as a generative AI-related risk, but only 38% are working to mitigate the risk.^[7]

Enter a zero trust approach to security and information governance. 

The increase in scope and scale of data breaches and data privacy regulations requires more effective solutions to protect sensitive customer and high-value data wherever it flows. The use of cyber-resilient data protection tools, with AI-powered insights, will provide end-to-end protection across the data lifecycle, allowing organizations to de-identify sensitive information to neutralize the effects of a data breach while permitting continued use of the data in its protected state.

As a result, organizations can be prepared for widespread use of generative AI while ensuring data protection and privacy—protecting data that matters most.

We can’t wait to see how companies will drive value across the organization in 2024 with the next generation of content services innovations.

Are you ready for the future of work? Get started with content services designed to master modern work with smarter information.

Learn more about content management

^[1] Gartner®, Board brief on generative AI, May 2023
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

^[2] OpenText Research, Enterprise Customer AI Preferences, September 2023

^[3] McKinsey Digital, The economic potential of generative AI: the next productivity frontier, June 2023

^[4] World Economic Forum, Gen Z and the end of work as we know it, May 2022

^[5] Foundry Research sponsored by OpenText, MarketPulse Survey: Digital Friction, September 2023

^[6] CIO, Digital Frictions Holds Back Businesses, 2023

^[7] McKinsey, Cybersecurity in the age of generative AI, September 2023

The post Top content management predictions for 2024 appeared first on OpenText Blogs.

In many ways, the year 2023 seems like a table-setter for a seismic 2024. We have two escalating regional wars with global impact, an economy that can’t seem to find its footing, and a looming U.S. presidential election that seems inevitably headed toward a rematch of two leaders with historically low levels of popularity. Added to all this was the emergence of generative AI, a shock to the system that promises to be the most transformational technology since the internet. Unless it turns out to be a minor blip.

Here's an overview of the trends I predict will most impact the public sector in 2024.

Government agencies will experiment with Generative AI in controlled environments

President Biden’s Executive Order on Safe, Secure and Trustworthy Artificial Intelligence released in October sent a strong signal to government agencies: AI is here, and we need guardrails, policies and operational insights to promote its positive use and counter AI used inappropriately. There were particular directives to the Departments of Homeland Security, Commerce, and Health and Human Services, but some of the broadest, most impactful elements of the EO aimed at agencies include accelerated hiring authorities for AI professionals and acquisition shortcuts for specified AI tools and services.

What this means is that 2024 will be a year of experimentation with the latest AI tools inside the confines of government agency networks. Generative AI, when applied within a government network, can assist employees with tasks such as “create an RFP for a perimeter security system” or “create a hiring announcement for a contracting official.” Over time, government employees will learn when to trust (and when not to trust) their generative AI companions (OpenText has introduced OpenText Content Aviator as our entry in this market), and you will soon begin to see generative AI chatbots on government websites.

Tools that can help government organizations become more comfortable with AI include intelligent capture, which automatically categorizes, tags and routes documents as they are scanned; and AI-infused FOIA search tools, which can automatically redact information.

Public sector unions will wield more influence due to the rise of AI

The idea of AI and humans working side-by-side will stir government labor unions into action. The pay gap between management and American auto workers, actors and writers led to work stoppages in 2023, which raised the profile of labor unions who made their case that the average worker deserves a better deal.

Public sector unions are poised to make similar noise in 2024. Transportation strikes have become common throughout Europe, so that there are apps to help travelers plan around rail and airport closures. While there exist constraints around most public sector union authorities (ex: there is generally no right to strike by armed forces, the security services, the judiciary, and police and prison officers), the presence of AI in public sector workplaces will prompt labor unions to head to the bargaining table to negotiate worker protections against loss of jobs as a result of AI.

AI will propel Total citizen experience, moving the public sector out of last place

Citizen satisfaction rates with government portals always finishes dead last when measured against other industries. I predict that 2024 will mark a major milestone, as government moves out of last place for the first time (don’t ask me what industry will replace it).

The reasons for this are: (1) government is shifting from a silo’ed technology approach to a true enterprise, end-to-end approach (Forrester predicts that 30% of technology spending in 2024 will target cross-departmental citizen experience); (2) Generative AI-fueled bots will help create efficiencies with external and internal process flows, giving citizens answers to their inquiries faster and more accurately; and (3) any modest improvement will feel like a major breakthrough, given most citizens’ rock-bottom expectations around online government service delivery!

Advancements in analytics will help public sector agencies move forward in their drive for diversity, accessibility and inclusion

For far too long, government has measured its impact in terms of dollars spent versus whether the investments have actually benefited society. Analytics will help make government agencies make giant leaps forward to make larger societal impact. For example, comparing government grants, research, loans and benefits outlays against demographics data will help agencies ensure they are being fair and equitable with taxpayer resources. This is an important step forward to what will be a gold standard of government analysis – predictive analytics to help guide government investments where the funding will have the greatest impact.

Governments are also increasingly focused on how they interact with Indigenous populations. Ensuring accessibility and inclusion requires that governments find a technology partner who can help them create exceptional—and accessible—digital citizen experiences, no matter their technology or community needs. Te Puni Kokori, the New Zealand government’s policy advisor on Maori well-being and development, has embarked on a digitization effort in order to make records (they refer to these as “taonga,” which means “treasures” in Maori) more accessible to the indigenous community.

Industry-specific clouds designed to address specific government needs will proliferate

As the public sector has lagged behind commercial firms’ migration to the cloud, programs designed to provide a trusted marketplace of highly-secure cloud providers have continued to grow. FedRAMP was signed into law in 2023, fortifying this independent federal security organization for years to come to provide shortcuts and lessen risk for U.S. agencies procuring cloud services.

Similar programs for other public sector organizations are becoming standard, including Protected B for the Canadian government, IRAP for the Australian government, and StateRAMP for U.S. states. Each program contains hundreds of security requirements, as well as a commitment to provide in-country resources and cloud data sovereignty. At OpenText, we are committed to supporting government-specific clouds, designed according to specifications as outlined by federal governments worldwide. We recently received the “In Process” designation for our ITMX solution - our company’s third solution listed in the FedRAMP marketplace - demonstrating our commitment to providing government-specific cloud solutions.

After a debilitating attack, cyber security spending among global governments will grow exponentially

The global cyber security market has been growing at a rate of 11-12 % over the past several years. The zero-trust model, entering its fourth year since the National Institute of Standards and Technology’s (NIST) Special Publication 800-207, has become widely adopted globally and has established a solid framework for government to follow to secure its data and infrastructure.

With technological advancements fueling deepfakes and ever escalating and innovative cyber attacks, I predict there will be a major hack of a government agency that effectively shuts down operations for days, if not weeks, putting critical activities (such as payments to citizens or food or healthcare deliveries) at risk. This will serve as a wake-up call for governments to increase their cyber security spending by far more than an incremental budget increase from the prior year. National governments can pass laws with appropriate funding, and keeping government operating is a cause that will have all parties on board in support.

Learn more about how Public Sector solutions from OpenText can help your organization.

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In recent years, the manufacturing sector has experienced notable disruptions – including supply chain instability, product demand fluctuations, transportation issues, and workforce shortages. However, amidst these challenges, a crucial lesson emerged that highlighted how harnessing information effectively can yield a distinct competitive edge and enhance overall profitability.

As we anticipate the forthcoming year, here are my five industry predictions for the next 12-months:

AI enabled digital twins

Manufacturers have been building digital twins of their products and physical production environments for a few years now. In fact, digital twins have been used as part of the product design process for nearly 30 years, with the aim of removing the need for physical prototypes. The emergence of generative AI will transform how users interact with their digital twins. The manufacturing industry has a technological perfect storm ahead of it in 2024 as companies look to leverage the benefits of IoT, AI, Augmented Reality, and 3D engineering models. Generative AI will allow engineers and maintenance teams to literally have conversations with their products. The ability to monitor, control and adjust physical equipment through a 3D virtual representation will transform through life support models. AI will learn through the digital twin as to how the physical model should be operating in real life and based on historical data will be able to fine tune the physical equipment for optimum performance. We are just learning about the potential for generative AI, and 2024 could be a transformational year for the technology in the manufacturing industry

Sewing a digital thread through manufacturing information systems

The manufacturing industry is the most global of industries and yet it struggles to ensure that information is accessible anytime and anywhere around the world. Part of the problem is that manufacturers use multiple systems, from ERP, PLM, WMS, TMS and B2B integration solutions to digitize the supply chain. In 2024 we will see more extensive digital backbones being introduced across global manufacturing operations which in turn will allow digital threads to be established between manufacturing, engineering, and process-based information systems. Companies have struggled for years with siloed information but digital threads, through a combination of APIs and other application integration technologies will allow information to be exchanged seamlessly between different manufacturing systems. Digital threads will be critical to the successful deployment of an AI based solution as to obtain real time insights into manufacturing operations as all information needs to be aggregated into a central data lake for processing and analysis. Digital threads will provide manufacturers with the ability to extract valuable insights into their operations and allow processes to be optimized to meet customer and market demand.

Accelerated exploration of the industrial metaverse

Virtual Reality (VR) technologies have been around since the 1990s but has seen mixed adoption in the enterprise. This is mainly down to the technology used to project the 3D environments but also identifying valuable use cases for where the technology can be used. Augmented Reality (AR) has seen an accelerated interest during 2023 with the service support sector leveraging the technology for maintenance purposes. Meta quietly introduced the Metaverse nearly two years ago now and received a mixed reception. However industrial companies have been exploring interesting use cases for the technology. Taking industrial digital twins into the Metaverse will likely accelerate in 2024 as companies realise the benefits of using the Metaverse to test digital mock ups of products, to train service technicians in how to maintain complex equipment and for business leaders to test certain ‘what if’ scenarios to see how their business or supply chain operations will perform. There is a debate as to whether VR or AR will succeed but it really depends on the use case and which technology users feel most comfortable using. The Metaverse will likely define a new form of content management system as each 3D object will have data and other assets associated with it that will need to be managed in an efficient way.

Embracing ESG and SCOPE 3 emissions mandates

Consumers are forcing manufacturers to rethink how they design, build, and maintain their products. Manufacturers are starting to embrace the Circular Economy by designing new products so that they can be recycled more easily at end of life. Being able to monitor all processes and all external trading partners for ESG compliance will accelerate in 2024, especially as more countries follow Germany’s lead on ensuring that companies are accountable for how they source materials and goods to produce finished products. Developing more sustainable products and processes has been on the increase in recent years but consumer interest in knowing what goes into manufacturing today’s products is forcing manufacturers to comply with new ESG regulations. Manufacturers will become more accountable for emissions not only being produced by themselves but by their multi-tiered supply chains and the logistics carriers transporting raw materials to factories and finished products to their customers. Connecting all trading partners to a common business network will potentially help to track emissions across the supply chain but it may require new EDI document standards to be developed to allow emission values to be captured at each stage of the supply chain process. The technology is certainly available to help improve the monitoring and tracking of ESG and SCOPE 3 emissions and 2024 will see new supply chain technologies and processes emerge to achieve this.

Migration to industrial clouds

As manufacturers continue to globalize their operations, they need to connect to a central information management system to ensure they can access any digital asset as required. Manufacturers have been migrating to the cloud for many years but in 2024 we will see industry specific clouds accelerating across different sectors. So, whether you are operating in the automotive, high tech or process sectors, new industry-based clouds will appear that contain pre-built adapters to allow you to seamlessly integrate with any ERP, PLM or B2B environment. They will contain pre-defined process templates to ensure that information flows according to specific business rules used by a particular industry. Finally, they will embrace all the necessary standards to operate effectively in each industry, whether that is embracing ODETTE supply chain standards in automotive sector or IP protection regulations in the high-tech sector. Industrial clouds will transform how companies archive, integrate, and derive insights from industrial information flowing across their internal and external business ecosystems.

A prevailing theme knitting these predictions together unsurprisingly lies in the significance of technology within the manufacturing sector. As the industry continues to advance through its digital transformation, groundbreaking technologies – such as artificial intelligence, machine learning and the Metaverse - are poised to take centre stage. To maintain competitiveness, the manufacturing sector must expedite the adoption of these technologies and take a proactive approach in navigating the evolving landscape of modern manufacturing.

Learn more about how OpenText solutions for the manufacturing and automotive industries can help your organization overcome its challenges.

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In the ever-evolving landscape of healthcare, the focus is shifting from a fee-for-service model to a value-based healthcare system. This transformation places an emphasis on delivering high-quality care while controlling costs. To navigate this paradigm and shift successfully, healthcare organizations are turning to cutting-edge technologies.

For 2024 there are five technologies that are driving the delivery of value-based healthcare:

Intelligent document processing

Intelligent document processing (IDP) is a critical component of modern healthcare delivery systems, offering several advantages that significantly enhance efficiency, accuracy, and the overall quality of care. IDP integrates seamlessly into healthcare systems, automating the processing of documents such as patient records, insurance claims, and billing. This streamlines administrative tasks, reducing manual data entry and paperwork, which can be time-consuming and error prone. As a result, healthcare providers and staff can focus more on patient care rather than administrative tasks.

IDP systems digitize documents, making it quick and easy to retrieve critical patient information. Healthcare professionals can access medical records, test results, and other documents in real-time, allowing for more informed decision-making and faster response to patient needs.

Telemedicine – expanding access and efficiency

Telemedicine has rapidly gained traction in value-based healthcare as a means of expanding access to care and increasing efficiency. This technology allows patients to consult with healthcare providers remotely, eliminating the need for in-person visits in many cases. By leveraging telemedicine, patients can receive timely care without the hassle of long waiting times, or the costs associated with physical visits.

Telemedicine also supports the concept of continuous care management, a fundamental element of value-based healthcare. Through remote monitoring and virtual consultations, healthcare providers can track patients' progress, adjust treatment plans, and offer guidance in real-time. This approach not only enhances patient engagement but also reduces readmissions and prevents complications, leading to cost savings. Telemedicine helps bridge healthcare disparities by providing access to specialized care in remote or underserved areas. By extending the reach of healthcare services, telemedicine contributes to the core values of value-based care – improved outcomes and reduced costs.

Artificial intelligence (AI) and machine learning – transforming decision-making

Artificial Intelligence (AI) and machine learning are at the forefront of healthcare innovation, significantly impacting value-based care. These technologies have the potential to revolutionize clinical decision-making, optimize resource allocation, and predict patient outcomes.

AI-driven predictive analytics can identify patients at high risk for specific health conditions or readmissions. By analyzing vast datasets and recognizing patterns that may elude human practitioners, AI can help prioritize interventions and preventive measures. This targeted approach not only improves patient outcomes but also reduces the financial burden on the healthcare system. Machine learning algorithms can also enhance the efficiency of administrative tasks, such as revenue cycle management and claims processing. This automation reduces errors, speeds up processes, and ultimately lowers costs.AI-enabled chatbots and virtual assistants are being employed for patient engagement and education. These tools can answer questions, provide reminders, and assist with medication management, promoting adherence to treatment plans. In the context of value-based healthcare, improving patient engagement is pivotal to delivering better outcomes and controlling costs.

Wearable health tech and IoT devices – real-time monitoring and personalized care

The Internet of Things (IoT) has made its way into healthcare through wearable devices and remote monitoring technology. These devices have the potential to revolutionize the delivery of value-based care by providing real-time data on patients' health and activities.

Wearable health tech, such as fitness trackers, smartwatches, and medical sensors, can collect continuous data on vital signs, physical activity, and even sleep patterns. This real-time information can be transmitted to healthcare providers, enabling timely interventions and personalized care plans. For patients with chronic conditions, wearable devices can be a lifeline, helping them manage their health and avoid complications.

IoT devices also have applications in remote patient monitoring, allowing healthcare providers to track patients' conditions without the need for frequent in-person visits. This approach can prevent hospital readmissions and reduce the overall cost of care.

Total experience improves care quality and outcomes

Value based care relies on a personal relationship with the patient where we can educate and manage their treatment to improve outcomes. Healthcare organizations are investing in solutions that automate processes, integrate systems and manage information, enabling them to bring efficiency to clinical and non-clinical operations, drive personalized engagement and improve patient outcomes. Increasing engagement and encouraging allows patients to be advocates for their own health and intelligent educational outreach improves health and reduces care costs. With widespread clinician shortages and burnout total experience solutions improve clinician satisfaction, automating tasks and streamlining disease management and patient outreach efforts to allow clinicians to focus on patient care.

The transformation towards value-based healthcare is reshaping the way healthcare is delivered and managed. Enabling seamless data sharing, real-time monitoring, data-driven decision-making, and secure information exchange – all of which are pivotal to delivering high-quality care while controlling costs. As the healthcare industry continues to evolve, these technologies will play a crucial role in shaping the future of value-based care. Embracing these innovations is not just a choice; it's a necessity for healthcare organizations that aim to thrive in this new era of healthcare delivery.

In 2024, healthcare companies will need to work with patients more closely and collaboratively to meet objectives. Many of the problems facing the market require both changes to behavior and business models; doing this during a period of scarcity and economic uncertainty is undoubtedly challenging.

Learn more about how OpenText solutions for healthcare can help you address challenges in your organization.

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The retail industry has always been at the forefront of technological innovation, constantly adapting to meet the evolving needs of consumers. As we step into 2024, retailers are poised for yet another transformative year, driven by cutting-edge technologies that promise to reshape the shopping experience.

From augmented reality (AR) to artificial intelligence (AI), here are the six most significant technology trends that will define the retail landscape in 2024:

Artificial intelligence (AI) and personalization

Artificial Intelligence (AI) continues to redefine the shopping experience. AI-driven algorithms analyze vast amounts of data, allowing for personalized product recommendations, targeted marketing campaigns, and tailored shopping experiences. Chatbots and virtual shopping assistants have evolved to understand customer preferences, offer product suggestions, and provide real-time assistance. AI enhances inventory management, optimizes supply chains, and forecasts demand, enabling retailers to stock the right products in the right quantities, reducing both overstock and out-of-stock issues. In 2024, AI will advance further, providing more personalized, efficient, and data-driven shopping experiences for consumers.

Omnichannel retailing and unified commerce

Omnichannel retailing remains one of the most significant trends in 2024. Customers now expect a seamless shopping experience across physical stores, websites, mobile apps, and social media. Unified commerce platforms are the key to achieving this goal. By integrating systems, including point-of-sale (POS), inventory management, customer relationship management (CRM), and e-commerce, retailers provide a unified view of the customer journey. In 2024, retailers will increasingly invest in unified commerce solutions to meet customer demands for a seamless shopping experience. The ability to purchase online and return in-store, receive personalized offers, and have a consistent experience across channels will be the norm.

Zero trust architectures

Retail is struggling against a dramatic increase in malware and ransomware attacks. Data indicates March 2023 surpassed prior ransomware attack records for the most incidents in one month, with nearly 460 attacks, a 91% increase month-over-month and 62% year-over-year. Exploited vulnerabilities (36%) were the most common root cause of ransomware attacks, followed by compromised credentials (29%).

Zero trust is a holistic security approach that provides the strongest possible defense, while ensuring that all identities can access the information needed, when it’s needed. A zero-trust framework ensures that identities are validated, and that access is managed dynamically. It centralizes policy management and automates enforcement, closing security gaps and making compliance and auditing much easier. Expect retail organizations to continue to accelerate their deployment of zero trust architectures to defend against increased attacks.

Sustainability and green technology

As environmental consciousness grows, retailers are embracing green technology to reduce their environmental impact and meet consumer demands for sustainability. In 2024, we will see a growing emphasis on eco-friendly solutions in the retail industry. Retailers are applying green technology to various aspects of their operations, including energy-efficient lighting, sustainable materials, and eco-friendly packaging. Supply chain optimization is also a focus, aimed at reducing carbon footprints and emissions. Transparency is key as consumers actively seek out brands that can provide verifiable information about the environmental impact of their products. Retailers who can meet this demand for sustainability will have a competitive edge.

IoT for supply chain transparency

IoT technology is gaining traction in the retail industry for its ability to enhance supply chain transparency. By recording every step of a product's journey, retailers can verify the authenticity and origins of their products. This not only ensures product quality but also builds trust with consumers. In 2024, expect more retailers to adopt IoT technology to create transparent and secure supply chains, which can be particularly valuable for food safety, luxury goods, and products with a sustainability focus.

Augmented reality (AR) shopping

The integration of Augmented Reality (AR) into retail has steadily gained momentum, and 2024 is poised to be a breakthrough year for this technology. AR enriches the shopping experience by merging the physical and digital realms. Consumers can now virtually try on clothing, visualize how furniture fits into their homes, or preview products before making a purchase, enhancing engagement, and reducing returns. In 2024, AR will become a standard feature for leading retailers, ensuring more immersive and interactive experiences.

To succeed in the evolving retail environment, businesses must adapt and embrace these technologies, providing consumers with more personalized, efficient, and sustainable shopping experiences. The year 2024 represents a significant moment in the journey towards a tech-driven, customer-centric, and eco-conscious retail industry. Those who seize these opportunities stand to thrive in the ever-changing world of retail.

At OpenText, we will spend 2024 continuing to focus on meeting the supply chain, sustainability, AI and customer engagement requirements of our customers. Learn more about how OpenText solutions for consumer goods and retail industries can help you overcome your challenges.

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The life sciences industry has seen monumental change over the past few years. From the Covid-19 pandemic to a spike in investment, coupled with rising inflation and economic instability, the industry has been drenched in uncertainty and unpredictability.

However, life sciences leaders remain optimistic about the year ahead.

Here are four trends that will continue to impact the industry in 2024.

Mergers and acquisitions will march on

As scientific breakthroughs, changing market dynamics and the demand for new approaches to medicine reshape the sector, pharmaceutical companies are redefining how they approach mergers and acquisitions. Sanofi, for example, is set to separate its consumer healthcare business to enable greater management focus and resource allocation to the needs of the biopharma business in support of R&D investments. M&As will shift towards smaller and more specialist deals with the spotlight firmly on personalized medicine, putting the consumer directly in the spotlight. This is a continuation of recent successful deals such as Merck’s $11 billion acquisition of Prometheus Biosciences to Pfizer’s $43 billion purchase of Seagen. These transactions highlight a continued market emphasis on expanding capabilities in specific areas such as immunology, oncology, and gene therapy, and we expect this trend to continue.

In equal importance, the approach to technology during these transactions holds a significant standing, as it can either enhance or deplete the value gained from an acquisition. Companies with well-managed IT departments supported by innovative technology, for example, will have a distinct advantage, as they can leverage information effectively with more document control to determine more profitable deals during the M&A process.

Venture capital investors will continue to carefully observe the industry, recognizing the potential for substantial returns on investments and the opportunity to support companies that will shape the future of healthcare. As the pharma landscape evolves, the role of venture capital investors will remain crucial in supporting innovation and driving positive change in the industry.

The adoption of artificial intelligence and generative-AI

As biopharma undergoes a digital transformation, the pharmaceuticals industry is expected to harness the power of new technologies such as artificial intelligence (AI). In the past, large pharmaceutical companies have been criticized for being slow to embrace innovative technologies, however, with an expected $4.5 billion investment in the digital transformation of manufacturing facilities by 2030 and over $3 billion on AI by 2025, the pharma industry is set to turn to technology to personalize treatment, facilitate data handling and analytics to generate actionable insights and drive outcome-based care.

Let’s look at traditional drug discovery, a hugely time and cost exhaustive area, as an example of huge potential for AI. Typically, nine out of 10 new drugs in development will fail; it takes 10-12 years on average to produce a new drug; and it can cost more than $2bn to take a medicine from conception to regulatory approval. With AI technology, to smarten and speed up the work of clinical development by making faster decisions on a medicine’s potential by predicting drug efficacy, side effects, and more, cutting time and improving success rates. Moreover, AI has the potential to inform clinicians of what drugs not to pursue, focusing resources back on projects that are more promising, ultimately improving patient care in the long-term.

From lifesaving drugs discovery, manufacturing, clinical trials, drug target identification, diagnostic assistance, personalized treatment, and more – artificial intelligence in pharmaceutical has the potential to be a game-changer.

Moving to the cloud

In the past year, numerous life sciences companies have taken significant steps towards embracing a cloud-first approach to technology transformation. However, there exists a subset that still lacks a comprehensive grasp of the genuine value proposition offered by the cloud, let alone the methods to fully leverage its benefits.

Persisting use of outdated, disparate systems has resulted in siloed information, operational inefficiencies, and security vulnerabilities. These systems fall short in meeting the demands for seamless access to information and collaborative endeavors, regardless of time or location, and siloed information hinders insights, hurting innovation and efficiency. To optimize the advantages of cloud integration, supplementary elements of a cloud-first strategy must be integrated. These encompass cloud automation capable of scaling to meet critical business requirements, coupled with an integrated information management framework hosted on a flexible platform, enabling the extraction of invaluable insights spanning the entire spectrum from pipeline to patient. Ultimately, to accelerate life-saving therapies development, companies need to harmonize and integrate systems and applications to unlock their information’s full potential.

Cybersecurity is still a focus

It is imperative to acknowledge that cybersecurity will remain a pivotal challenge in 2024 with potential difficulties embedded in legal liabilities and regulatory penalties. To protect their organizations, the pharmaceutical industry is under mounting pressure to embrace a heightened importance on privacy and security, emphasizing a more stringent "zero trust" approach. This approach involves the systematic validation of every user and device, regardless of location or network, before granting access to sensitive data or systems. It acknowledges that trust should not be assumed, even within an organization's perimeter, as threats like data breaches and ransomware attacks become more sophisticated and diverse. By adopting a "zero trust" approach and implementing robust security measures, businesses can significantly mitigate the potential damage from breaches and enhance their resilience in the face of cyber threats.

Learn more about how OpenText solutions for life sciences can help your organization.

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The word ‘rollercoaster’ best sums up 2023.

We’ve experienced economic, geopolitical, technological, and societal challenges over recent months with the ongoing cost-of-living crisis, high interest rates, inflation, global conflicts, catastrophic weather events, the rise in artificial intelligence such as ChatGPT, to name only a few. All of these elements have put pressure on the financial services industry (FSIs), pulling its focus in different (and often complex) directions to solve problems that didn’t exist a year ago. 

But with it brings an air of optimism as FSIs start to adapt their way of working to meet the changing needs and demands of today’s modern customer. Yes, it is challenging – but it is also exciting as we enter a new era of banking and insurance.  

As we move into 2024, below are my seven predictions for the year ahead: 

Continued emphasis on digital transformation

To-date, 69% of FSI leaders claim that digitalization initiatives are accelerating, and expected to transform the industry by 2026, as the financial services industry continues its journey towards digital modernization. With the increased adoption of AI, machine learning, and automation, FSIs can not only enhance the overall customer experience, but also optimize processes and workflows and drive operational efficiency for better business outcomes.   

Rising importance of cybersecurity

Cyber breaches are becoming increasingly sophisticated. In fact, ransomware attacks on financial services increased from 55% in 2022 to 64% in 2023. The USA has been labelled as one of the four top countries affected. With the goal of minimizing (and ideally preventing) future attacks as financial institutions become increasingly digital, protecting against cyber threats will be a top priority. We expect to see a high level of investments in robust cybersecurity measures, and the development of advanced threat detection and prevention technologies will be crucial. 

Evolution of payments

In 2021, global social commerce sales reached $492 billion – a figure that is expected to nearly triple by 2025 to $1.2 trillion. With the rise of mobile payments and digital currencies, there will be a continued shift away from traditional cash and card transactions. However, that’s not all. Social commerce – the use of social media platforms such as TikTok, Facebook, Pinterest and Instagram to promote and sell (including the checkout process) products and services – has already started to revolutionize the shopping experience again. Social commerce is more interactive than traditional ecommerce, for example, and this gives FSIs a wealth of new opportunities to boost its customer-centric strategy. This new social evolution of digital commerce is one trend that financial organizations simply can’t afford to miss out on - and one that won’t be going anywhere, anytime soon. 

Personalized financial services

Moving into 2024, personalization is key, and this is particularly important when it comes to targeting and retaining a Millennial and Generation Z customer base. Advances in data analytics and AI will enable financial institutions to offer personalized services tailored to individual customer needs, accurately and efficiently. From customized investment advice to personalized insurance solutions, the focus will be on delivering highly targeted and relevant offerings. 

Sustainable and ESG investing

Increasing awareness and concern about environmental, social, and governance (ESG) issues will drive the demand for sustainable investing. This isn’t a regional issue. It’s global. In fact, 71% of Germans, 80% of Austrians and 81% of Swiss believe that insurance companies should promote sustainable behaviors within their products, with transparency notably gaining an increased level of importance. The vast number of consumers expect insurance companies to ‘walk the talk’ by putting words into action, including embedding aspects of sustainability more strongly in their products. Financial institutions will start to further integrate ESG considerations into their investment strategies and offer more options for socially responsible investments. 

Open banking and collaboration

More than eight in 10 small business owners are looking for faster and easier access to capital loans and 81% are looking for personalized loans tailored to suit their business, a recent report by Mastercard claimed. Moving into 2024, this trend is unlikely to change as open banking initiatives start to gain traction, leading to increased collaboration between traditional financial institutions and fintech companies to provide the solutions consumers and business owners require. This partnership between traditional FSIs and its younger, more agile sibling within fintech will result in innovative products and services, enabling customers to have better control over their financial data. 

Regulation and compliance

Unsurprisingly, the financial services industry will face continued regulatory scrutiny and compliance requirements to ensure consumer protection, data privacy, and maintain financial stability. And striking the right balance between innovation and regulation will be crucial. 

Continued digital transformation initiatives, empowering employees with the tools and systems to deliver exceptional customer experiences, ESG, securing the organization from threat factors, implementing AI and analytics, delivering personalized engagements and evolving and modernizing payments will be the differentiating factors for the financial services industry in 2024. 

Learn more about how OpenText solutions can help, banking and insurance organizations improve customer experiences and win business. 

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