A to Z of tech predictions in 2024: G-I

Dive into predictions for 2024 from G-I below, or return to predictions from D-F at https://www.techtradeasia.com/2024/01/a-to-z-of-tech-predictions-in-2024-d-f.html.

G is for globalisation

Source: Jumio. Ho.

"As Asia Pacific continues to position itself for economic growth and offer numerous business opportunities, organisations are expanding their businesses in pursuit of gaining more regional customers. However, the rising prevalence and scale of fraud and money laundering, combined with tighter and constantly evolving regulations, point to greater compliance challenges for companies in their future expansion efforts," said Frederic Ho, VP of Asia Pacific, Jumio.

"In response to the changing regulatory landscape across different markets, we can expect to see more organisations leveraging generative AI to automate and improve efficiency of their compliance processes and adapt to the dynamic shifts in the regulatory landscape of each country. This can be instrumental in enabling fast implementation while ensuring cross border regulatory compliance."

Iain MacLennan, Head of Trade and Supply Chain Finance at Finastra, said: "As we move through a post-pandemic world, which continues to face significant macro and geopolitical challenges, supply chains are increasingly fragmented and layered in complexity, and a continued reliance on paper remains. Fortunately, we are seeing the 'containership' of trade change course, with innovation in trade
happening at a faster rate than ever before.

"As more regions around the world pass their Model Law on Electronic Transferable Records
(MLETR) bills through parliament in 2024, a framework is being put in place to digitise paper
documentation. Such bills have the potential to decrease expense, minimise risks and provide
real-time trade and settlement, while serving as a foundation for more extensive digitalisation
efforts.

"Yet, trade digitisation still poses challenges. This will not be an overnight switch; it will take
years to develop a comprehensive and integrated approach that covers the entire trade finance
value chain. Note that the Digital Container Shipping Association has set 2030 as its target for
electronic bills of lading to reach 100%."

Finastra's Manish Joshi, MD, Lending, APAC added: "The roll out of MLETR has seen significant interest in the region thanks in part to efforts from multilateral organisations like the Asian Development Bank (ADB). Through close engagement with the ICC Digital Standards Initiative the ADB has made notable headway in promoting MLETR. Singapore was an early adopter among its regional peers and even completed the first cross-border electronic transferable record trade this year.

"With other dominant trading hubs in emerging Asia like India and China both expressing a desire to follow suite with their own plans, we expect the digitalisation of trade to accelerate in 2024."

H is for hybrid work

"The widespread adoption of hybrid work has led to the emergence of a new C-suite role—the Chief Hybrid Officer (CHO). Companies such as Meta, Doist and GitLab have already hired their own, and we will see more companies appointing CHOs in 2024 to oversee and optimise the hybrid work environment," said IWG in a statement.

"They will balance the needs of in-office and remote employees, ensuring productivity, and navigating logistical challenges effectively."

The company also noted that companies that invest in helping their people understand how AI can be a benefit to hybrid working, will reap rewards. "Preparing employees for unforeseen roles and technologies should become a priority for businesses, while helping them understand that using AI effectively can lessen time spend on administrative tasks, leaving more room for thinking and collaborating together," IWG stated.

Source: Ipsos. Respondents think more time will be spent at the office than at home.

Research firm Ipsos, on the other hand raised the possibility that hybrid work may be losing its attractiveness. Almost six in 10 respondents (59%) expect office workers to spend more time in the office than at home in 2024.

"This suggests that face-to-face engagements are becoming increasingly important," stated Ipsos in a summary about its Global Advisor Predictions 2024 report.*

I is for innovation

Source: NUS. Goh.

"Amid the prevalence of generative AI, there could be other innovations in 2024 that may be under the radar. These could be essential in powering the emerging growth areas in AI, automation, electric vehicles, and renewable energy. They may include improvements in semiconductors and hardware leading to faster computing power, better cybersecurity for an interconnected world, more efficient batteries for electrification, and improvements in energy efficiency and storage," said Goh Puay Guan, Associate Professor at the Department of Analytics and Operations, NUS Business School.

"We should also not forget process and systems innovation. Technology will be incorporated into businesses as part of digital transformation. Different technologies involving sensors, dashboards, data analytics, AI, automation, 3D printing and platforms will be brought together holistically for different business processes, manufacturing and supply chains, as part of the ongoing transformation to ensure resilience."

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Read predictions from J-L at https://www.techtradeasia.com/2024/01/a-to-z-of-tech-predictions-in-2024-j-l.html

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^Results of a 34-country survey conducted by Ipsos on its Global Advisor online platform and, in India, on its IndiaBus platform, between October 20 and November 3, 2023. For this survey, Ipsos interviewed a total of 25,292 adults aged 18 years and older in India, 18-74 in Canada, Malaysia, New Zealand, South Africa, Turkey, and the US, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.