The global and domestic economic and political landscapes going into 2024 are already creating a challenging environment for many businesses. The ongoing effect of globalisation on our economy, geopolitical shifts, continued technological advancement and renewed governmental focus on corporate governance will continue to put pressure on business continuity and resilience. To meet these pressures head on, companies will need to implement strategic plans that go beyond business continuity and allow them to respond to disruptive events, innovate proactively, and build resilience in the face of these ever-changing conditions.
We see the following as being some of the key threats to business resilience in 2024 and outline the steps businesses should be thinking about to weather them.
Maintaining financial health in the face of global and domestic pressures
Looking to 2024 and beyond, businesses continue to be at risk from global events, as well as customer behaviour, in the face of a continuing cost of living crisis and market volatility.
The use and development of Artificial Intelligence
Understanding and embracing technology is key to business resilience. However, balancing rushing in and adopting the latest technological advancement with taking the necessary steps to check that innovative technology is fit for purpose is essential.
