As the year 2023 comes to a close, it gives us an opportunity to reflect. What are some of the trends that have impacted the infrastructure industry during the year, and what can we anticipate as we move into 2024?
The Need for Sustainability
The urgency of addressing climate change is not new. However, the costs associated with climate-related catastrophes have been steadily increasing. This impact is particularly pronounced in the energy sector, where innovations in green technology are on the rise.
Businesses face the complex challenge of changing their traditional ways of doing business and confronting new regulations and models head-on. They must make sustainability a standardized element of new infrastructure development. To succeed, businesses need to not only be innovative but also work smarter, faster, and better.
We expect this challenge to persist into 2024, and more businesses will need to make changes to meet the increasingly demanding sustainability goals.
Increased Emphasis on Digital Transformation
Big Data Analytics and resource management software are here to stay. The ability to collect, analyze, and share data in real time is essential for modern businesses.
Many businesses struggle to find the right software systems to integrate into their operations, hindering their ability to adapt to modern demands.
There is a growing trend among businesses to implement digitalization in every aspect of their operations. Despite some hesitancy from businesses to invest in it, there is increasing pressure to further integrate digital transformation into organizations.
"Digitalization provides the means to identify efficiency shortfalls, address them, and improve performance." - Michael Salvato, VP for Infrastructure Advisory Services
Post-pandemic Models Are Here to Stay
COVID-19 has transformed business models across the board.
Firstly, it has increased the costs and demands for safety equipment and protocols. The importance of risk management has never been greater. Many companies have recognized the need to invest in tools that ensure measures are in place in case things go wrong.
For many companies, COVID-19 was a wake-up call, highlighting inadequacies in their risk management. Outdated software or its absence meant that businesses were not prepared for sudden changes. This has led to a greater willingness to invest in systems to help automate activities.
Security Needs a Buffer
As businesses handle more data, the need for improved security naturally follows. Data security is not only about protecting customer information but also employee data.
Incidents like Sony's data breach, where private information on thousands of employees was lost, underscore the importance of proper data handling.
More companies are striving to achieve security certifications from external partners, such as the D-seal, the Danish labeling program for IT security and responsible data use. Security is no longer an afterthought; it is the cornerstone of how modern businesses conduct themselves and will continue to be so in 2024.
These are just a few of the trends in the world of infrastructure for 2023. Interested in reading more?
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