Gartner Hype Cycle 2024: Emerging Technologies for Procurement

Subscribe to our YouTube Channel: https://www.youtube.com/@WorldofProcurement World of Procurement is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Main Themes: * Mapping Technological Maturity: The Gartner Hype Cycle provides a visual representation of the expected trajectory of emerging technologies, from initial hype to mainstream adoption. It helps understand the stages of development and manage expectations around new tech. * AI Dominance: Artificial intelligence (AI) features heavily in the 2024 cycle, with technologies like Generative AI and AI-Augmented Software Engineering occupying prominent positions. This highlights the growing impact of AI across various sectors. * Emphasis on Sustainable Tech: The cycle reflects a growing focus on sustainable technology investment and performance metrics tied to IT sustainability. This indicates a shift towards responsible tech adoption, aligning with corporate responsibility and long-term value creation. Key Insights: * Generative AI at Peak Hype: Generative AI, encompassing technologies like advanced natural language processing and image generation, is currently at the “Peak of Inflated Expectations”. High expectations are accompanied by potential for disillusionment if implementations fail to meet the hype. * Emerging Tech Requires Patience: Many promising technologies, like AI TRiSM (Trusted, Responsible, and Intelligent Systems Management) and Digital Twin of a Customer, are projected to take over a decade to reach mainstream adoption. This underscores the need for long-term vision and strategic planning when investing in these areas. * Cautious Optimism: While the Hype Cycle offers valuable insights, online discussions reveal a cautious approach to its predictive power. "Some users on X and tech forums have highlighted that only a small percentage of technologies actually follow the traditional path of hype, disillusionment, and eventual mainstream adoption as described by Gartner." Actionable Takeaways: * Strategic Technology Planning: Businesses can leverage the Hype Cycle to make informed decisions about technology investments, aligning them with their long-term goals and risk tolerance. * Managing Expectations: The Hype Cycle helps temper expectations around new technologies, understanding that initial hype often precedes challenges and eventual maturation. * Prioritizing Sustainability: The focus on sustainable technology underscores the need for businesses to incorporate environmental and ethical considerations into their tech adoption strategies. Conclusion: The Gartner Hype Cycle for Emerging Technologies in 2024 serves as a valuable tool for understanding the landscape of new technologies, managing expectations, and guiding strategic planning. While not a foolproof predictor, it provides valuable insights into the potential trajectory of emerging technologies and the importance of considering sustainability alongside innovation. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit worldofprocurement.substack.com