5 Business Services Trends to Watch in 2024

Business services like HR and accounting keep businesses of all sizes running. Without them, many businesses will fail.

In 2024, business services are expected to undergo significant changes driven by various factors. These include advancements in technology, shifting customer expectations, and evolving market dynamics.

Companies will need to embrace digital transformation, prioritize customer experiences, and adapt proactively to sustain their businesses in this rapidly changing landscape.

Top 5 Business Services Trends to Watch

1. HR & Artificial Intelligence
2. Integrated FinTech & Accounting
3. Sustainable Businesses & Commercial Real Estate
4. Hybrid Work Continues
5. Supply Chain Technology Trends

HR & Artificial Intelligence

Artificial intelligence is impacting all areas of human resources. In 2024, HR leaders can expect more user-friendly, intelligent HR technologies that are empowered by artificial intelligence.

Generative AI is able to optimize HR tasks like payroll and data management to scale operations without adding additional resources; this will directly impact the time and cost that goes into these processes.

For example, the talent management platform, Lever, uses AI to connect managers with top talent. The system provides customized reports with data visualizations to help inform strategic hiring decisions.

With the rise in generative AI, there comes some concern. Organizations have to think about how data for their company can be used with generative AI while balancing considerations with ethics and compliance. HR leaders need to think about initiatives that account for the potential dangers of data privacy and security with the involvement of AI.

It's crucial for HR leaders to understand both the risks and benefits of AI to make informed decisions. Educating themselves about AI enables HR professionals to utilize its benefits effectively and communicate its value to all employees.

As AI continues to evolve, it is poised to reshape contemporary HR practices, save time, enhance decision-making, and ultimately create a more efficient and effective HR management system.

Integrated FinTech & Accounting

Accounting is not what it used to be. In this coming year, expect more integrated fintech solutions to rise in popularity in the world of accounting.

A study by Alloy states that around 85% of customer interactions within the world of fintech are expected to be automated by 2025. Automation can streamline accounting processes like data entry and reconciliation.

Integrated fintech solutions can deliver real-time data synchronization, providing accurate financial information companies might need for accounting purposes.

The combination of technological advancements, automation, and advisory services offered by fintech solutions empowers businesses to manage their finances more effectively and proactively.

Sustainable Businesses & Real Estate

As the impacts of climate change grow, so does the sense of urgency around sustainability and the environmental impact of the real estate market.

More institutions are prioritizing sustainable practices like utilizing renewable energy, focusing on eco-friendly spaces, and retrofitting existing buildings with energy efficiency in mind.

Other initiatives include waste reduction, water conservation, and green building certifications.

The actual implementation of sustainability practices may vary across regions and organizations. Nonetheless, the increasing focus on sustainability in real estate signifies its growing importance in the real estate industry's future.

Hybrid Work Continues

Remote work continues to be one of the biggest business trends even after the major impacts of the pandemic.

Location is becoming less of a factor for businesses in 2024. The original thought process of remote work impacting connectivity and business opportunities is out of the door.

With increased technology and signs that remote work positively impacts productivity, expect business models to account for more flexible work-from-home and hybrid work options next year.

It's important to note that the exact implementation of hybrid work practices may vary across industries and organizations. Some companies may adopt fully remote or fully in-office approaches, while others may continue with a hybrid model. The specific circumstances and needs of each organization will shape how hybrid work evolves in 2024 and beyond.

Supply Chain Tech Trends

Like with other business services, the supply chain industry is experiencing a disruption with new technological innovations in terms of artificial intelligence and demand planning solutions.

In the next year, we will see an increase in AI and transportation. No, we aren’t talking about self-driving cars for products, but more automated alerts and training to help combat reckless behavior from drivers.

AI-powered solutions can also analyze vast amounts of data, provide real-time insights, optimize demand forecasting, automate processes, and enhance decision-making.

Machine learning and other solutions will help provide transparency with more cutting-edge tracking models. Other tech solutions will directly impact inventory management, which will benefit budgets, storage issues, and more.

The Future of Business Services: Adapting for Business Success

The world of business services is undergoing a profound transformation as we head into 2024. From the increasing reliance on digital technologies to the growing importance of sustainability and AI, businesses must be prepared to adapt and embrace these trends in order to thrive.

The customer experience will continue to be at the forefront, with companies leveraging technology to personalize interactions and provide seamless service.

Additionally, data-driven decision-making and automation will streamline operations, improving efficiency and productivity. As the business landscape evolves, it is crucial for organizations to stay informed, agile, and forward-thinking in order to navigate the ever-changing trends in business services and seize new opportunities.

About the Author

Anna Peck Content Marketing Manager at Clutch

Anna Peck is a content marketing manager at Clutch, where she crafts content on digital marketing, SEO, and public relations. In addition to editing and producing engaging B2B content, she plays a key role in Clutch’s awards program and contributed content efforts. Originally joining Clutch as part of the reviews team, she now focuses on developing SEO-driven content strategies that offer valuable insights to B2B buyers seeking the best service providers.

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