VP, Business Banking Relationship Manager at Bank of America Amarillo
2023 was a dynamic year for businesses across all sectors. Artificial intelligence (AI) went from a novel technology to a more widely utilized business productivity tool. Many companies invested additional resources in sustainable business practices. And digital business solutions helped companies thrive. Here are predictions for what current and emerging trends will further shape businesses in 2024.
Digital tools will continue to unlock operational efficiencies
Businesses of all sizes and sectors are embracing digital innovation to automate tasks and streamline processes. The new year provides business owners with an opportunity to review their operations — and industry best practices — to identify how digital tools can help them expertly manage various aspects of their businesses.
The Bank of America Mid-Sized Business Owner Report found that 54 percent of owners plan to apply for a bank loan or line of credit within the next year, and among that group, 43 percent plan to use the money to invest in new technologies. For example, 87 percent of business owners said they plan to utilize more automation and AI tools during the year ahead, and when asked how they plan to use these tools, owners listed reasons such as assisting with hiring (45 percent) and streamlining payroll and bookkeeping (42 percent).