commerce Bahrainthismonth.com 56 December 2023 A New Year brings with it opportunities for a reset, growth and learning. Business expert, Pria Masson, delves into the key trends she expects to see leading the business industry in 2024. I was binge watching Downton Abbey a few days ago and Mrs. Crawley was “amused” at how each year, we toast at midnight no matter what is coming our way. To which, Old Lady Grantham says: “What choice do we have?” Indeed, looking forward is the only reasonable thing to do in December. Looking back may teach us, but looking ahead tells us where to go despite the lessons. So, this month, based on what I am currently reading, I talk about the four key trends that I think the world of business will experience in 2024. Operational ‘steps’ may turn into robust businesses. Find a problem, ease a process, or create a new product. These are the basic reasons to start a business. In a very connected world, finding a problem with a viable solution is less predictable than easing a process. This is where I think there will be increasing participation and innovation. For example, we needed digital payments, so payment platforms emerged. These need systems and processes in addition to infrastructure and so Payments-as-a-Service (PaaS) have emerged. Look at any industry, ordering food, delivering goods, making bookings, finding information – so many businesses are subsets of larger processes – a group that will inevitably grow. Tech is a part of business, but will be driven by experience. While listening to a podcast, the person speaking said he finds entrepreneurs who are in the age group of 38 to 50 the most interesting. His rationale fascinated me. He said that technology is an enabler, but it is experience that teaches us what the problems or ‘itches’ are to which we need a solution. That, to my mind, is the future. Where experience will drive technology offshoots of traditional ‘brick and mortar’ businesses. Take the latest phrase that is seen everywhere – generative AI. It is very simply, the ability of a machine to learn and create. However, the experience on what to create, what sort of experience needs it and what to do with all that data, those are likely to be the business ideas of the future. NEW YEAR NEW OPPORTUNITIES
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