New businesses are emerging yearly in North America, with reports suggesting that between March 2020 and March 2021 alone, roughly 1.1 million new small businesses opened in the United States. With rising geopolitical tension and inflation rates, it’s a volatile time to be running a business. Therefore, companies are facing a crucial moment when they need to adapt and reflect to meet the challenges posed for 2024.
Most critically, technology will play a role in resolving these challenges, as well as taking advantage of the opportunities in the marketplace. We’ve previously seen US brands like Chipotle utilize RFID technology to counter the lack of visibility in the supply chain. Other technologies need to be considered as we move into the new year, including open-source software and green cloud computing.
Technologies to Consider Utilizing in 2024
WireGuard® is a type of open-source software. Known for enabling high-speed performance and promoting a low-attack surface, Some VPN brands use WireGuard® and OpenVPN, two of the best open-source dedicated IP VPN protocols. Open-source VPN protocols make their source code accessible to the public for scrutiny. By adopting transparent practices, one can attain software that is both stable and secure. This transparency is what makes open-source VPNs significantly more reliable.
Promoting a low attack surface is crucial as cybercrime has increased rapidly over the years, with roughly 230 million ransomware attacks reported globally in the first half of 2022. Since all businesses are at risk of cybercrime, learning about technologies that provide protection must be considered moving into 2024.
2) Green Cloud Computing
In North America, consumers are increasingly concerned with whether brands meet ESG targets. For example, a PwC report discovered that more than 80% of consumers believe companies should follow ESG best practices, and this was demonstrated when North American retailer Dick’s Sporting Goods began restricting gun sales in 2018, causing the stock to climb 14%. However, meeting ESG targets will also involve incorporating sustainable technology. Currently, US company Microsoft is one of the leaders behind the trend of green cloud computing, which has the goal of reducing energy consumption and cutting down carbon emissions. According to Microsoft, the company is doing this by focusing on areas such as optimizing device lifespan and predicting hardware failures.
3) Quantum Computing
Many businesses are looking to speed up the process of their operations, which is why many leaders in supply chains are looking at technologies for increased visibility and transparency. As mentioned, restaurants like Chipotle track ingredients from suppliers in real-time, which helps reduce steps taken by warehouse workers and logistics operators.
At the same time, companies will look to quantum computing in the new year for the same reason. Quantum computing can carry out extensive calculations at the same time by using quantum physics, such as quantum superposition and entanglement. For now, banks and financial services are among the early investors in quantum computing, but this is likely to expand in the new year.
There is a mixed atmosphere surrounding 2024, with many optimistic about the opportunities in the market, but there are concerns from 2023 that will carry over. However, one imperative thing is that technology will enable these opportunities and help solve the challenges. It is, therefore, crucial for North American companies to study these technologies before moving into Q1 2024.