Brought by post-COVID expectations and modernization, 2024 was the perfect year to change business operations around the globe.
While most drastically changed their ways to sustain their business, some used these memorable business strategies to redefine their offerings, target goals, and success outlook.
AI in All Business Operations
Business firms have made AI a cornerstone in 2024 to revolutionize the functioning across sectors. Even Amazon has used AI-based tools to optimize the supply chain, which has resulted in saving costs and quicker delivery times. For those leaning towards data as their source of improvement, some also use AI-assisted predictive analytics to further improve their inventory management and customer experience.
Employee Well-Being
VCPost earlier reported that an Australian employee sued its employer for work setup, but it's only the first of many lawsuits businesses need to anticipate if employee well-being is not prioritized. Having in mind that employee satisfaction has a relation to productivity, companies had to focus on well-being initiatives. This year, companies also had to adopt hybrid work models, which paved the way for a better work-life balance and accommodated the different needs of employees.
Sustainability Requirement
What started as a buzzword in the early years, sustainability is now a business necessity in 2024 in almost all countries. Even giant companies like Apple had to redirect some of their expenses towards investments in renewable energy projects and eco-friendly practices. The goal is to appeal to the environmentally conscious consumer, which now includes most of their target market; Gen Z and beyond. As a result, these companies were able to win trust and loyalty with their strategies aligned with the global sustainability goals while diminishing their footprint on the environment.
Strengthening Customer Relationships
This year's theme is, the customer may be always right. With that, companies are now seeking a customer-centricity strategy to be placed at the heart of their operations. It's also cheaper as all they have to do is send personalized rewards programs based on customer behavior or improve after-sales support.
Looking Ahead to 2025
There's so much to learn for the future from the business strategies in 2024. If companies can harness innovation and focus on both sustainability and people—customers and employees alike—they are guaranteed a future that promises an excellent ride in a highly unpredictable corporate industry.
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