What are the Top Challenges you Expect to Face in 2024?

The wait-and-see approach does not favor the success of your business. It is better to know what is coming for you or atleast have predictions of it. In this blog post, we are going to discuss the challenges you can expect to face in 2024 so that you will be ready for a ride full of twists and turns next year. Let’s get started.

1. Economic growth may slow down

Economic challenges are always at the forefront of every business, and field service businesses are no exception. In 2023, we had an economic growth rate of 3.2% however, in 2024, it is expected to slow to 2.7%, meaning that the competition between service businesses is going to be high. As alarming as it is, here are a few things you can do to make sure your business thrives in this challenging environment. 

• Increase operational efficiency using field service management software

• Prioritize customer satisfaction by offering flexible services

• Proactively engage with customers through chatbots and surveys

• Invest in employee training and promote a culture of excellence

• Explore partnerships to bring more value to your services

2. Self-service solutions will revolutionize operations

Businesses used to worry about letting employees work from home, and because of security and privacy concerns, self-service solutions were not provided to customers. Setting up these remote and self-service systems was also complex. But thanks to new innovations, this process has become much simpler. Due to technologies like cloud computing and automation, helping customers online is becoming safer and more efficient.

Now, businesses are using self-service websites (customer portal) and chatbots that work with artificial intelligence (AI). These tools are available 24/7, so customers can find information and get help whenever they need it. Some of the processes can be done by the customers themselves. This flexible approach not only makes customers happier but also means companies don’t have to rely as much on customer service representatives. So, even though it used to be a challenge, remote work, and self-service solutions are becoming practical and useful ways for businesses to operate.

3. A shortage of skilled workers still remains

Because of the difficulty in hiring a qualified worker, a labor shortage in 2024 is something you should expect. You are not alone in this, statistics collected by Gartner show that 60% of businesses find it challenging to hire qualified workers. As someone expecting this challenge, what can you do about this? 

Consider hiring veterans—this would be the better option. You need to start promoting your business and job vacancies because many younger workers are unaware of the opportunities that exist in the field service industry. Since qualified workers are in high demand when you find one, offer a competitive salary package. Finally, training is necessary to eliminate the skill gap. To help tackle the labor shortage in 2024, provide on-the-job training and professional development programs to bring your employees up to speed. 

4. Cyber threats will increase

Protecting your data in 2024 may be more challenging due to an increase in cyberattacks. A study by Cybersecurity Ventures found that global spending on computer security in 2024 is expected to reach $1.7 trillion. This is not a subject to be taken lightly. Technology is evolving quickly, and AI has already made a strong impression in the business world. With generative AI tools like chatbots, it has become much easier to manufacture a variety of attacks, including social engineering, deep fakes, and malware. In the year 2024, you should expect to face these challenges. Besides, Gartner has predicted that by 2026, 70 percent of boards will include at least one member with cybersecurity expertise. Prepare your business for this change as well.

5. Geopolitical disputes impact logistics, production, and energy prices

In 2024, field service businesses may face big challenges because of geo-political disputes like the war in Ukraine. Problems like political tensions, trade disputes, pandemic outbreaks, and natural disasters can cause shortages and make prices go up. Also, it is getting more expensive to transport things because fuel prices are rising, and there are delays in transportation. Managing how much stuff to keep in stock and making sure it gets delivered on time is tricky and needs flexible practices.

Relying too much on just one supplier is risky because if something goes wrong, it can cause big problems. On top of that, there are more fake products out there, which can harm a business’s reputation and create safety worries. To keep running smoothly, businesses need to be ready to deal with all these challenges and make sure they can still provide their services well, even when things go wrong.

6. Embracing Gen AI and new technological solutions is a necessity

Customer expectations are always evolving. The easier and faster you make things for customers, the more they will be drawn to your business. Technology plays a crucial role in meeting these changing expectations. If a business offers remote service with augmented videos for instant help, customers start expecting similar advanced solutions from others. In 2024, it is crucial to prioritize adapting to new technology trends like artificial intelligence, the metaverse, blockchain, and quantum computing.

7. Climate change can be a quite hindrance

2023 was a year of heat waves and wildfires in America. Climate change is making natural disasters happen more often and more serious, which can cause a lot of trouble for field service businesses. For instance, if a company sends out workers to fix something, like power lines, and a big storm happens, it can damage the equipment and make it hard for them to do their job. Old equipment and infrastructure are more likely to get damaged, too. To deal with this, companies in field services need to have good plans and tools to recover quickly after a disaster, like having backup equipment ready. 

However, getting ready for disasters can be expensive, and insurance costs are going up because of the higher risk. This can be tough for field service businesses and their budgets. Besides the money side, natural disasters can also make the workers feel really stressed and upset. So, it is important for field service companies to support their workers’ mental health during tough times.

In this landscape of uncertainty, businesses should keep learning, proactively plan for the future, and build up their ability to bounce back when things get tough. Kickstart your strategy for 2024 with a growth mindset focused on customer satisfaction.

Step up and be a force for good. For every T-shirt you wear, over 700 gallons of water is consumed. You hold the power to reclaim gallons of water with every garment you wear. Choose minimalism; Save water. Mindful closet for a sustainable future!