The firm’s industry experts share predictions and insights into the trends shaping banking, manufacturing, private equity, energy & utilities, and healthcare & life sciences
CHICAGO, December 18, 2023 – West Monroe, a leading business & technology consultancy, published its 2024 Industry Outlooks, an annual series providing a forward-looking guide to the trends, challenges and action items that will shape the business and digital landscape in the year ahead. The outlooks offer invaluable insights for leaders guiding their businesses in a challenging economic environment. The 2024 Industry Outlooks are available here.
Organizations that will thrive in 2024 will seamlessly integrate data-driven technologies, navigate market dynamics with adaptability, and prioritize sustainability for long-term success. Across all industries, the following themes are top of mind: adapting to evolving regulations and security landscapes, recentering business around the customer, harnessing the power of data and AI for smarter decision-making, navigating the fluidity of market conditions, and closing the skills gap to propel workforce productivity. Above all, a collective dedication to digital innovation will steer the course to success in the coming year.
Key 2024 trends shaping each industry include:
- Private Equity: spearheading sustainable value creation and harnessing the power of AI for strategic portfolio advancements.
- Manufacturing: revolutionizing the sector with digital innovation by building robust, resilient supply chains.
- Healthcare & Life Sciences: poised for transformation driven by the widespread adoption of advanced analytics and AI, necessitating strategic investments in data while navigating a challenging cost landscape.
- Energy & Utilities: leading the charge in eco-friendly energy solutions and decentralizing power to innovate and adapt for a sustainable future.
- Banking: redefining banking with digital-first approaches to navigate increased financial risk.
"Our deep industry expertise remains a key differentiator. Without it, essential context gets missed and client results fall flat,” said Will Hinde, industry practices leader at West Monroe.