2023 Sustainability Report and Trends to Follow in 2024

As history has it, evolution is the law, and nothing can beat it or suppress it, other than convictions that don’t desire change.

Table of Content:

1. Technology in Review Report 2023
2. Leadership Review 2023
3. DEI Year in Review Report 2023
4. Education Sector Year in Review Report 2023
5. HEALTH IN 2023 REVIEW REPORT
6. Space Technology Year in Review Report 2023

As we, the supreme beings in the hierarchy of the intelligent, realized this for our pleasurable benefits, we did not pause or shy away from using things around us in the best possible way to grow and evolve. The invention of the wheel, pottery, and bricks laid the desperate foundations of change and the vision to move forward.  

For several years, we only looked at these events from the technology standpoint; what we all missed was the quintessential idea of sustainability that was captured very well by our ancestors while experimenting and discovering. They made the best use of the items available in line with their visibility spectrum and sometimes beyond that. The same rocks that were used as miniature weapons to slit prey precisely were also used as a wheel to move around. The same leaves used as medicines were responsible for starting a revolutionary period of clothing and accessorizing. 

At IMPAAKT, we would like our readers to focus on this tiniest aspect of sustainability, where it moves beyond the definition of a green ecosystem limited to reducing carbon footprint. It is as wonderful yet at the same time as evolutionary as our ancestors understood it to be. This opens the discussion for years ahead as humankind navigates the waters of sustainability – its implications and applications in the macro and micro sectors that support well-being. 

The year 2023 is a pivot of sustainability as it was marked by strong political discourse following COP 27 & COP 28 and a promissory march towards Global Stocktake. This year also becomes important as from here, it’s only 7 years left for us to realize the SDG goals we set for ourselves. IMPAAKT, therefore, takes the initiative to track the best of 2023 progress across sectors like – Technology, Health, Education, and Leadership and set the stage for a sustainable 2024.

Technology in Review Report 2023 

Key Takeaways:

Fintech: Open banking platforms are the new norm, boosting revenues by 55 percent and enhancing transparent governance, personalized finance & encrypted data sharing. An estimated 96 percent of global fintech companies are expected to join the revolution further 2024. 

EdTech: With a CAGR of 10.5 percent, Learning management systems models and blended learning gained traction in 2023. Edtech Companies across the globe have revolutionized the sector’s paradigms and growth parameters. 

Content Creation: Metaverse integration grew by 5 percent, with an estimated CAGR of 9.5% by 2028: AI chatbots and voice search enriched writers by saving time and encouraging mental well-being. 

Health Tech: Wearables and remote patient monitoring devices attracted a larger market share. However, the sector witnessed lower investments and slow revenue growth. Industry experts foresee finances doubling by 2026, embracing an “Intelligent Health Ecosystem.” 

All Hail Technology! Maybe the future will march to a similar or exact slogan to celebrate innovations and their contributions, certainly with a smooth flow of investments and rising tech leaders. Even though the beginnings of technology are hazed, its endings have everyone concerned. However, rest assured it is not in 2024. Despite the slump in big investments, humans are experimenting with it, almost as we read, to elevate the returns from other sectors, further strengthening its roots in traditional social systems. 

The technology graph crested in 2023, rerouting the industry and society into the realms of progress despite global headwinds and economic curveballs. Industrial giants, global governments, consumers, and the public exuberantly watched the surge and assiduously engaged in the year’s most riveting debates. AI, intelligent automation, blockchain, bioprinting, and frontier tech dominated the digital transformation 2023 and will continue to do so in 2024. 

Generative AI was the biggest news in 2023, which took the AI field one step closer to humans. This journey from machine to machine learning marks the beginning of several events in 2024, starting with a suitable symbiotic relationship with technology. Whether in fintech, education, health, marketing, or personalized services. The AI Index report by Stanford University covers the length of AI and complementary technology by highlighting its growth from three simple models in 2014 to 32 significant industry-produced machine learning models in 2022, moreover with a greater focus on building state-of-the-art AI facilities, especially for academia. 

Amidst these turbulent waters, experts observed a seismic shift where technology and its use transcended – over and above its basic need for software development, towards a modern, dynamic, and omnipresent force that is proven compulsory for progress. The interests in technology are not only limited to improving its use or creating better models, but business tycoons and unicorn investors also hold deeper financial interests. For example, it is for the first time since 2012, that long-term investments in the technology sector surged, with over 40 percent of the portfolio held for more than four years.  

Bain, the consulting guru, has predicted a bold picture for the sector as it crosses & moves to the other side: towards the post-globalization era. 

It quotes, ‘A decade from now, the global footprint of the technology value chain will look very different. Today’s investments in resilience are likely to create new hubs and ecosystems while shifting the competitive landscape. Industries may fragment, and new local heroes will emerge.’ 

This is, in fact, profoundly mimicking the current geopolitical situation where countries are looking to secure their borders with a vibrant spirit of localized market and impetus to secure domestic employment.  

As companies are wielding technology to propel internal shifts, manage disruptions in the supply chain, cultivate a generation of precise R&D, automate talent selection, and fortify against global shocks, it will be interesting to watch the symbiotic relationship between technology and its creators, we humans, unfold.  Moreover, a renewed spirit for green technology-led development will be the highlight of 2024, where the depth of its use across sectors will decide the turn of events in the upcoming decades. Therefore, it is best to be prepared by reflecting on past (2023) achievements and mistakes. 

IMPAAKT, therefore, through this report, reexamines some of 2023’s notable technological highs and bends, weaving across sectors like education, healthcare, finance, and marketing, ultimately unveiling the sustainable treasure map for robust growth and development in 2024. 

The Technology Raptors of 2023 

Fintech Wonders: A 55% Boost in Financial Revenues!  

A McKinsey Report on Fintech quotes, ‘Technological progress and innovation have catapulted the fintech sector from the fringes to the forefront of financial services.’ Further, publicly traded fintech companies have witnessed 2X growth in 2023 compared to 2019, with a US $550 billion market capitalization and 272 unicorns joining the fintech race with a net valuation of $936 billion. The numbers, though, quantify the journey and reveal less about the behaviors and attitudinal shifts from 2013 to 2023, which have been the prime factors characterizing this growth. Starting from the Barter system, it is notable how fast the world has grown to adapt and adopt one-time scan & pay payment methods. While the growth of cutting-edge technology and AI is the most relevant reason, IMPAAKT brings out the subtleties governing this decadal change. 

Firstly, the internet becoming a common good has added several benefits. Its utility increased as prices of mobile phones slashed and space technology accelerated to develop Wi-Fi, LiDAR, and other communication systems. Developing nations who took the plunge to compete with the developed ones added to the spread and popularity of the Internet. Finally, the intricacies of space tech and the internet brought the idea of ‘financial inclusion’ to the international center stage, setting the narrative for intergovernmental policy discussions, which were then reflected in national drafts and higher technology investments. 

Secondly, from 2013 to 2023, both ends saw major shifts in ideological structures and power dynamics that went from welfare and populist measures to vote bank politics. The powerplay necessitated leaders to bring innovative solutions and the masses to accept their authority. Lastly, the markets were required to align with competition, optimize efficiency, and reduce costs and frictions, further adding fuel to the fire of Fintech services. COVID-19 is the latest addition to the top three reasons that escalated the use of fintech services the most from 2021 to 2023, a feat that was difficult to achieve within the comfort and domination of cash transactions. 

Unethical governance, alarming cyber threats, and the rise of online transactions were other reasons that necessitated financial technology to play the role of the best defender and the striker. Globalization and credit-lending boom, followed by the upshot of the Internet banking system, unlocked financial accessibility and ease of use for many. However, the malevolent forces across the Internet caused 29 percent of the banks and global financial institutions to become vulnerable to significant cyber threats with unknown points of origin. Here is when open banking technology ushered in a new era. Its API-enabled technology fostered new-age governance and boosted banking revenues by 55 percent in 2023. The traditional banking system gained some positives and some negatives out of this. They were now more defined legally and could reach the remotest areas. 

Another significant force reigning the 2023 fintech revolution was the rising world of digital banks, Neo-banks. They reported an unprecedented growth of 13.13 percent, with revenues expected to reach US $6.37 trillion in 2024 (Statista, 2023). The need to reduce cost while boosting efficiency and maintaining a strong back-office will dictate implementing and adopting Gen AI and Language learning models in the banking systems. Amidst the need to offer customers convenience, efficiency, security, and personalization, the graph of neo-banking in 2024 is bound to rise. IMPAAKT’s 10-point learnings from the 2024 Davos Summit draw a bigger picture for the finance and financial services world, where higher operational resilience, financial performance, growth, and innovation are bound to leap in fast-moving organizations. 

After following these trends, it is expected that more than 96 percent of global fintech companies will switch to open banking systems in 2024. 70 percent of the global consumer base shared mutual opinions on the benefits of banking-as-a-service platforms. Reuters article emphasizes a mixed funding landscape for fintech startups, where M&A and private equities fell below $17.9 billion whereas venture capitalist funding increased from $11.9 billion to $14.8 billion in 2023 (Q2). 

Despite notable failures of 2023 – the crypto crash, Nuri neo bank collapse, or banks that ran out of funding like Bank North – the uncapped supremacy of open-API and fintech platforms still emerges as a superior way for seamless connectivity and data-sharing between banks and their primary stakeholders – the customers. With open APIs, banks & financial institutions successfully enabled personalized finance, ensured robust data encryption, and developed flexible solutions for customers to decide & manage their finances independently. 

In 2024, businesses willing to invest in fintech and deep dive into its intricate web will have to be thorough with its legalities, study its health consistently, keep solutions like M&A or VC funding options ready, and avoid any grand generalizations hindering planned execution.  In addition, ensuring robust data security infrastructure, clearly written staffing rules, and systems to continuously track the external and internal environment can move investors and entrepreneurs towards sustainable business before or during their fintech business journey. 

EdTech: Widening the Accessibility Horizon with a CAGR of 10.5% 

IMPAAKT underscores the need for a sustainable and inclusive education built on values and equal accessibility driven by technology. Pedagogy has been the most critically reviewed area of education, where only a few things have worked. In our recent interviews with Dr. Megha Deshpande, a sociology practitioner and teacher, we segregated the key aspects that sculpted the sector and will be important to develop the EdTech segment as well. In the words of Dr. Megha Deshpande, ‘Education is always a part of an emancipatory process, and pedagogy is a process of dialogue, making education a social event.’ 

As the world echoes the words of Paulo Freier who called education suffering from narration sickness, technology in education may have something different to offer. Starting 2023, education and technology have joined forces to alter the very nature of pedagogy, unlocking it from the chains of restricted access, social barriers, and limited modes of learning. This opens an opportunity for businesses to rethink investments in the public and private educational systems, filling it with technology that transcends the limited nature of pedagogy and learning into a social powerhouse – in every aspect possible. 

Ideating the EdTech for 2024 

The pandemic set the base for an intensive technology-based education sector, transmogrifying it into the ‘edtech sector.’ However, technology was not the only warrior. The estimated 16 percent CAGR of the edtech industry comes as a bundle of government, social, and expert efforts placed efficiently for consumers to conform to its use. Chat-GPT, Google search, and AI-assisted learning elevated material accessibility and offered expert guidance to young minds, even at home. At the same time, blended learning captivated all stakeholders – the parents, the teachers, and the students. UNESCO’s Global Education Monitoring Report found blended learning to be an effective way to reduce time spent on menial tasks and open time for other tasks essential for teacher-student collaboration. The heightened popularity of blended learning improved local outreach and schooling methods, with a funding of $13 billion under the CARES Act to install technology in local and state-level K-12 schools.  

Samsung, the mobile manufacturing giant headquartered in South Korea, suggests schools use the elementary and secondary school emergency funds to develop ed tech solutions – hardware and support – to encourage and widen the scope of flipped and blended learning in every classroom. Preparing for funding with organized documentation and understanding the procedural requirements can help them attain funds sustainably (refer to Samsung’s guidelines for assured ESSR grants). 

Recalibrating EdTech, Personalizing Pedagogy 

A seismic shift carved out the outdated frameworks of traditional education with a looping tide of innovation. The early and quick adaptation of learning management systems escalated personalized learning journeys for many students bereft of it. It ignited a chain of inclusivity powered by governmental support and international collaborations. 

Amidst this rising tide, Ed Tech giants witnessed a meteoric rise. As per Statista (2023), Coursera, a name now etched in the minds of 46 percent of Americans, was equated with academic excellence, soaring its popularity to a whopping 42 percent. Others like Udemy, Duolingo, and Alphabet were also the ones who stood at the forefront of Digital Frontier Tech and unfolded the convoluted educational systems, each with its niche and expertise.  

Reports by the same data research giant recorded soaring revenues of online university education platforms. Experts expect revenues of online universities to touch US $120 billion by 2024 with a compounding annual growth rate of 10.55 percent. But the sectoral metamorphosis goes beyond the mere statistics. Numbers and public attitudes signal a fundamental shift in societal and cultural norms, woven intricately within the bounds of ever-expanding technological advancements. Businesses investing in Edtech can benefit by adopting emerging trends like datafication (use of data-sharing platforms to facilitate and streamline data and capture refined data insights), neuroeducation (learning based on generational neurological differences), cloud-based learning material, and wearables. Focusing on neurodidatics with data from wearables and imprinting them on AI modules can hyper-personalize edtech and pedagogy for students, moving it away from a mere set of narratives and repetitions. 

Implications for Businesses: Global expenditure on AR and VR education is bound to leap from 1.8 billion US dollars to 12.6 US dollars within the next two years. Tapping on success in a versatile market may become cumbersome, especially with limited resources. A broader outlook on sustainability in this situation comes in handy.  Plus, the silos between awareness, access, and training may vacillate actual growth.  

Content Creation: Closing the Creator’s Dilemma & Boosting Productivity 

With the expanse of creativity in response to public needs to explore new elements and ideas, content and entertainment creators often face a mental block and resource crunch to sustain routine. Many writers and persons affiliated with the media industry have fewer options to get back and bring the best out of themselves. While they are capable of doing so with their talent, they sometimes need a friendly push to move mountains. AI and ML are reckoning forces and gentle push for creators. IMPAAKT explores the bundling of technology with content creation in 2023 and how it will shape 2024 and the years ahead. Along with data insights, it focuses on sustainable approaches for writers and creators to get the best out of AI and ML in the content and marketing industry. 

It Wasn’t Just a Block! 

The inclusion of Metaverse and its applications rocketed in the content creation industry. Its use in the industry swelled by 5 percent, cultivating user engagement, introducing novel virtual characters and in-world personalized assets, and enabling AI-enabled prompts to create fictional avatars. Reels, short-form content, voice search, AI chatbots, and interactive content toppled the internet. Some believed it to be more accurate than the reality, while writers programmed themselves for another mini-industrial revolution. 

Industry Research Biz, a market research company, delved deep and presented an eagle’s view of the industry in 2023. In its report, experts estimate the industry to grow at a CAGR of 9.5 percent by 2028. Another industry report by Deloitte reveals an exciting relationship between technology-driven content and the Gen Z lifestyle.  

After primary customer surveys, experts at Deloitte found younger generations to gravitate toward more interactive and social experiences. They seek to find, connect, and communicate with inspiring leaders, co-create adventures, and fulfill their emotional needs. IMPAAKT interprets this as a crucial development towards sustainability. Of course, reducing travel to meet leaders or co-creating adventures brings down carbon footprints, but it will also redefine sustainable processes in the content industry.  

Writers often need help with a creative dead-end. Sometimes, they need a partner who can think quickly and decide rationally. With AI chatbots, chat GPT, and voice search; writers can deal with these roadblocks efficiently. Before this, spell-checking and grammar consumed 2-3 hours; now, it takes only a few seconds or minutes: the human mind and mental well-being, the most valuable resources, are saved in this process. 

The academic paper by David Lester linked creative writing to affective disorder and alcohol abuse. A 2020 article by ArtsHub explores the topic of depression among writers in detail. While only 5 percent of the general population faced affective disorders, it was 15-20 percent for writers. The introduction of technology and help from therapeutic chatbots and AI assistants have undoubtedly helped artists and writers take a break and recuperate at the right time. Hence, a vital resource – the human capital – is rescued and made efficient. Not only in 2024 but this will also be a reality in the upcoming decades. 

Tools like Bard from Google, ChatGPT, Copy Leaks AI, and others not only bring revenues to the content and marketing team but also to the companies producing these tools. Reportedly, ChatGPT users leaped to 100 billion users just a month after its release in 2023, and 2024 expects revenue of $ 1 billion. Therefore, it will be interesting to watch the two grow together and create socially responsible content – minimal errors, zero plagiarism, and uniquely ideated – and sustainable in the long run. 

Health Tech: Towards an Intelligent Health Ecosystem 

Global healthcare also remained in flux in 2023. Reimagining the sector, equipping the professionals, and saving lives should adequately sum up its progress in 2023. Technology turned the tables by enabling an adaptive, advanced, and responsible health ecosystem. Each celebrated wearable devices and sat for remote patient monitoring scans. EY health-tech report 2023 asserted favorable upward movement in the industry. Revenues of US commercial companies operating in MedTech plummeted to 75 percent in 2022. 

On the other hand, the report mentioned grave concerns about lower investments and slow-paced revenue growth compared to 2015. The report highlighted a drop of 21 percent in funding, a sharp decline in IPOs, and a 30 percent decline in overall finance in the industry. The primary reasons behind these worrisome statistics included price cuts and recessionary pressures due to the pandemic. Health infrastructure also experienced shifts due to geopolitical influence, regulatory complexity, and supply chain disruptions that led to shipment delays. However, recent numbers by Statista portray a contrasting picture.  

The data has predicted that finance in the health tech industry will double by 2026 with a CAGR of 14.5 percent. EY views this development in the finance of the MedTech industry as an opportunity to broaden the innovation ecosystem. It shall lead the sector towards an ‘intelligent health ecosystem’ characterized by innovative, personalized, and patient-centered solutions. It would traction frictionless data and seamless integration between patients and doctors. Experts expect the change to deliver maximum quality and value to all stakeholders in the supply chain. 

The tech industry continues to branch out hastily to cultivate a new era. 2023 was also the year when the tech industry witnessed the biggest M&A, be it Cisco’s multi-billion deal with Splunk or Salesforce’s acquisition of Spiff to speed up its compensation tracking capabilities. Long story short, 2023 was much more than AI, metaverse, or cloud computing. 

2023 was a pivotal year for technology that instigated a dynamic shift beyond the usual software development realm to an omnipresent force encouraging and scripting progress across various sectors of the industry and society. Even at the behest of global challenges, long-term investments in the sector soared, indicating a popular public confidence in technology’s transformative power. 

Implications for Businesses: Ed-tech companies should reroute focus on exploring AR/VR technologies as a potential to drive collaboration and interdepartmental and stakeholder synchronization on a massive scale to strike through resource constraints. Immersive and interactive tools like voice search optimization or AR/VR are a boon for content creators to improve efficiency and overcome creative roadblocks. On similar lines, the health sector is also a major benefactor of technological progress, where investments in 2024 are expected to rebound, opening opportunities for innovative solutions for inclusive healthcare ecosystems. Sustainability will be the horse driving the Tech chariot toward new heights, balancing growth, resource utilization, and inclusivity.  

As a sector, technology is a nebula of constantly changing elements – some die, and some are birthed into the biggest stars. Not just in 2023, but for years (even the Stone Age) technology has been kind to humankind, despite its exploitation, turning it into a superior resource that gradually became important for survival (maybe a part of the lowest pyramid level in Maslow’s Hierarchy of Needs). Businesses looking to tap revenues and growth by investing in the sector should be nimble and broad-minded, open to challenges like the one-night disappearance of AIWA, flip phones, or BlackBerry. 

This is why IMPAAKT reiterates a sustainable approach, to make the most of the surrounding resources and convert them into strategies to build a future gradually, such as combining neurological changes, AI, and data from wearables to formulate unique pedagogy or health treatments.  Even if there’s an industrial revolution every day in the 21st century, what we as businesses need to understand is the way ahead with resource limitations. Technology as a sector surely assures growth, however, collaborating with conscience, values, and actions that aspire for reducing, recycling, and reusing resources is a must to succeed, even in the trenches. 

As Arthur C Clarke remarks, ‘Any sufficiently advanced technology is equal to magic.’ However, one must also imbibe the words of Albert Einstein who reiterated the rule of the human spirit to prevail over technology for an innovatively sustainable future.

 

Leadership Review 2023 

“The first responsibility of a leader is to define reality. The last thing is to say thank you. In between, the leader is a servant.” 

Max DePree, a businessman and the author of ‘The Leadership is an Art’ book, talks about the entire revolution around the concept of leadership. In 2024, leadership is no longer a norm but a free good, which, if utilized well can reap deeper social results and direct consequences if not used well. 

At IMPAAKT, we thoroughly examined leadership in interviews with the greatest industry leaders and businesspersons. They all had one thing in common – the desire to change what’s redundant and the ability to envision it.  Leadership in 2024 will not only remain within the walls of political power but spread to business domains and common gatherings, where skill development and training will determine its effectiveness. 

Amidst 150 million startups globally and another 50 million new unicorns, leaders will be about collaborative effort and constant trust in each other. IMPAAKT collects the learnings from 2023 and brings together informed pieces to help business leaders craft sustainable leadership behaviors or policies to lead the dynamic year 2024. 

Key Takeaways 

• The year was marked by a shift in leadership concepts that took leadership beyond the definition of talent and experience in years.  
• Sustainable leaders like Omkar Nikam optimized decisions regarding sustainable resource utilization with an inclusive inter-departmental collaboration. 
• A study by DDI estimated a steep decline in trust within organizations, reiterating the need to include trust-building strategies at all levels in the organization as per Patrick Lencioni’s 5 Behaviors of a Cohesive Team Model. 
• In the Health sector, leaders need to adopt diverse and adaptive leadership frameworks to upscale profitability, retain talent, and foster innovation. Experts observed the change from task-focused to integrated leadership models in the Healthcare sector.  
• As 2024 approaches, constant self-learning, efficiency-embedded cultures, professional networking, and intellectual honesty will be the key determinants of sustainable leadership.

2023 was undoubtedly the year of leaders, loaded with names of political leaders, environmental game-changers, rising unicorns, and thought leaders. Amidst these pieces of news, the shift in the concept of leadership is the most notable. An article by Forbes notes, ‘In 2023, more than ever, leaders need less strategy experts and more human experts.’  A 2023 Harvard study on leadership also captures the shift in concept. After surveying more than 1300 leaders globally, the study found that the market needed adaptive and flexible individuals ready to do anything!  

What’s the Authoritarian Status? 

Before laying the canvas to paint a pretty picture filled with chuckling democratic leadership and a freely dancing public, it is important to review and understand the yet alive form of leadership – autocracy.  Autocracy or the control by one authority, seemingly has been toppled by ideas, philosophers, revolutions, and systems of self-government brimming with liberty. 

A primary report notes 16 years of democratic decline, wherein 2021, 25 countries were snatched of the democratic model of governance. Authoritarian leadership is prevalent among Latin American, African, and Asian-Pacific geographies. However, this is not limited to the national political context. Leader-member exchange is prosaic with increasing Micro-management with authoritarian leadership models in corporate houses, which ultimately decreases social exchange between the two stakeholders and results in inefficient task performances.  An academic paper notes, ‘Authoritarian leadership often matched with declining performances, lower job satisfaction, and tacit knowledge sharing intentions, with a reduced team identification.’ 

Entering 2024, therefore, requires collaboration and rethinking systems that followed authoritarian leadership but drastically adopted the new styles. Suggesting and executing changes with the two secret ingredients mentioned below, followed by examples of exemplary leaders, can help readers redefine leadership and associated concepts within their cognitive systems. 

Two Secret Ingredients to Effective Leadership 

People started believing in leaders who met two conditions -inherent talent and the ability to tell a story. While the first was necessary, it wasn’t sufficient without the second. Taylor Swift’s Eras tour proved this further. Her enormous success was because of her singing capability and ability to tell compelling stories.  

Omkar Nikam, the leader in space and innovation, interviewed with IMPAAKT a few weeks back. He embodies most characteristics of a sustainable leader right from his childhood days. His interest in geometry did not limit him to a career in mathematics. With optimized decisions, the right strategies, and an action plan to use resources, he translated his interests to create a bigger picture and become a leader in the defense sector. Omkar emphasized clubbing IT professionals within the space industry to attract higher benefits at lower costs and operational hazards. Such sustainable human resource use paved the path for inter-departmental collaboration, prompt workflow, and expert solutions – leveraging value for all stakeholders. 

This surely reiterates the dynamicity of leadership and the concept. Forty percent of the leaders are upskilling for future strategic challenges. Meanwhile, 37 percent of the leaders mentor their junior employees. They assist employees in navigating industrial challenges and guiding them to perform qualitatively. Forbes also highlights the importance of digital empathy, which stood out as a necessary factor in 2023. As leaders slide into 2024, learning and embracing digital empathy will surely make the most for them and their teams.  

But, We Trusted Our Leader… 

On another note, DDI, a top leadership consulting firm, has revealed some alarming trends in 2023. Only 46 percent of employees completely trusted their managers, and less than half of leaders trusted their senior leaders in their organizations. Erosion of trust leads to potential losses in economic as well as social terms. In such instances, efficient use of resources may be limited, reducing sustainable outcomes. 

Trust can be engineered by force or cultivated through conversations. IMPAAKT closely observes Patrick Lencioni’s 5 Behaviors of a Cohesive Team Model to move forward with a trustworthy and sustainable leadership format. Experts from Harvard observed 76 percent less stress, 106 percent more energy, 50 percent higher productivity, 13 percent fewer sick days, and 40 percent less burnout. The Lencioni model also reveals similar findings theoretically. Its five-step pyramid comprises trust, conflict, accountability, results, and commitment. Building high levels of trust can be aided through behavior profiling, coach-facilitated conversation, and experiential activity. 

The Cricket World Cup 2023 caught everyone’s eye and emphasized how trust in their leader can change a game. India and Australia fought with vigor and impressive capabilities, but something changed for India – the best team of the series -in the end moment. First was Australia’s strategic lookout, and second, its leadership construed trust and productive conflict amongst its members. Coach facilitation gave all team members confidence and honesty to discuss their shortcomings and deficiencies. Display of sustainable leadership, who played with the available resources to optimize their game and collaborative team spirit. This example can be used as a suitable mechanism in 2023 and 2024 to advocate change with lesser deadweight losses such as laying off employees, higher unemployment rates, or disrespecting employees. 

An example of what is not sustainable leadership can be drawn from the mistakes of Mark Zuckerberg, who lost more than $800 billion due to his project – “The Meta.” Experts explain his project as an example of a sunk-cost fallacy that led to unsustainable outcomes for the company, projects, and other stakeholders – customers, employees, and end-users. 

Everyone observed the leadership in the health sector keenly in 2023. In a whitepaper by the Leadership Circle, the Co-Founders of Unlocking Eye, Eva McLellan and Kaye Vitug, open a discussion on the need to discover a new model of leadership that secures the health of the world’s citizens. They necessitated shifting from task-focused leadership towards diverse, adaptive, and technologically adept leadership. Including female leadership enhanced the optimum use of resources. 

According to the ILO data, female leaders increased profitability by 63 percent, retained 60 percent more talent pool, and had 59 percent greater creativity and innovation. Therefore, a middle way to approach leadership in 2024 will be to embrace the good of both task-focused and people-focused leadership. 

Integrated Leadership v/s Task-focused Leadership – Who Will Win? 

Data showed that integrated leadership performed 24 percent better than task-focused or average leaders. The integrated orientation scored 65.0, while the scores for ‘only-female’ and ‘only-male’ leadership were 49.9 and 49.2, respectively. It becomes crucial to view healthcare and patient nurture not only from the masculine perspective but should also integrate feminine emotions, intuitions, and expertise. 

Integrated leadership paves the way for a sustainable healthcare sector, guaranteeing a cumulative use of resources and maximum inclusivity of genders and perspectives. As more than 50 percent of the patients admitted to a hospital feel deprived of natural love and expert care, integrated leadership can reduce this. Female doctors can also help improve child care and reform intensive care units.  

In sum, 2024 will be a year where the axial of leadership draws continuous learning, empowers teams, and fosters an efficiency-driven, innovation-driven culture. Networking sets the tone amidst these developments. ‘Exercising leadership without authority’ is a notable practice of sustainable leadership that ensures global connectivity and circularity in decisions, actions, and procedural programs. It converts potential into a commitment if equipped with a suitable set of digital strategies.  

Exploring the Delicate Fringes of Intellectual Honesty 

Intellectual honesty is another interesting leadership paradigm to look out for in 2024. Louis Guenin says, “The kernel of intellectual honesty embraces a virtuous disposition to eschew deception when given an incentive for deception.” Simply, it means that when people know the truth, they convey it; they are honest in acquiring, analyzing, and transmitting ideas. Combined with moral honesty, it allows individual team members to trust each other and move forward in cohesion. The most essential element of intellectual honesty is ensuring support for chosen ideologies and unbiased presentation of facts and issues.  

An essay by Thomas Metzinger on Spirituality and Intellectual Honesty called sustainability an ‘intellectual challenge’ for humanity. Looking at the Sam Altman fiasco that had everyone’s attention from the angle of intellectual honesty would make more sense. Had he been consistent about his communications and responsibilities and practiced intellectual honesty with himself and the organization, it would have led to minimal resource exploitation, like the media, time, meetings, or resignation letters from more than 100 employees. 

IMPAAKT, therefore, believes that intellectual honesty will hold a remarkable place in guiding leadership and bringing sustainable outcomes. It could be a game changer in a world that practices intellectual dishonesty – behaviors and habits that distract, divide, or impede progress.  Observant leadership adds to the benefits of intellectual honesty by unlocking growth and openness to new ideas with flexibility. 

How Observation Can Imprint Sustainable Leadership? 

All psychologists and therapists can go on about the quantifiable benefits of good observational skills in strengthening a person and evolving a rigid mindset. While most are observant, nobody (or maybe only a few) knows how it leads to sustainable leadership. An excerpt from Conan Doyle’s novel – Sherlock Holmes might explain this better. 

During a regular investigation, Sherlock questions Dr. Watson if he has seen and observed the stairs leading to the crime scene, to which Dr. Watson firmly replies YES! Sherlock then asks him to tell him the number of stairs, but as expected, Dr. Watson cannot answer. Here is where Sherlock demystifies the equation between seeing and observing, where he had seen the stairs and observed 17 steps. 

After all, it could have been vital information to solve the case! Similarly, observant leaders are a need in the 21st century, especially as we get closer to reporting the success of SDG 2030.  Observation can increase efficiency. For example, in a team project, if a leader keenly observes the pattern of members, the resources they have, the challenges they have overcome, or the efforts they have made, it can potentially reduce pinpointing one member or discriminating against others. 

This can help achieve the sustainability goal of diversity and inclusivity without emotional biases, purely based on short-term primary data. Apart from observing their employees, being self-observant creates space to be self-critical, reflect on past mistakes, and be open to executing new and unexplored ideas. Observant leaders also craft better management practices that, as IMPAAKT notes in one of its articles, cultivate competence and a desire to be productive among team members. In 2024, observant leadership can possibly become a cult responsible for evolutionary ideas to optimize DEI within organizational premises and employee behaviors. 

Implications for Businesses: It will be crucial for industry leaders to focus on optimizing decision-making processes to encourage maximum resource utilization while widening the definition of sustainability. This shall help them achieve inter-departmental collaboration and generate a higher volume of expert-driven solutions. IMPAAKT encourages leaders to expand their professional network to expand cognitive horizons while collaborating for optimal & innovative use of resources. They must embrace and practice “Leadership without authority” to strengthen and empower employees at all levels.  After deliberations and discussions with their respective teams, they can also implement self-directed initiatives and collaborative problem-solving approaches. Preparing for an economic and market reversal is a must for leaders. They should build systems with teams, stakeholders, and governments to hedge the organization against significant losses and employees against multiple layoffs. All these decisions must be driven by cost-efficient methods and strategic planning. Lastly, utilizing AI, data analytics, and other tools while integrating environmental, social, and governance (ESG) principles into leadership strategies will decide long-term success.

 

DEI Year in Review Report 2023 

Key Takeaways 

• The amount of financial resources spent on DEI is expected to double from $7.5 billion in 2020 to $15.4 in 2026. However, a 9-point decrease in DEI expenditures makes a difficult start for 2024. 
• Leadership is Key in 2024 to attract and retain diverse talent. Companies with diverse and inclusive leadership are expected to perform better than companies with homogenous leaders. 
• Measuring DEI, Better Hiring: Tracking progress through self-ID data and metrics will assist in tracking DEI progress and ensure recruiters promote diverse hiring. 
• Confronting Unconscious Bias is much awaited in 2024 to usher in upgraded work ecosystems – more equitable and inclusive. 
• Rethinking and Reshaping Workplace Culture will demonstrate higher performance and declining instances of workplace abuse 
• Collaboration Over Competition presents 2024 as an opportunity to rise above ingrained beliefs and behaviors. Focused diversity training, gender-sensitivity initiatives, and an empowered #MeToo movement will dominate the upcoming decade, where genders collaborate, not compete respectfully. 

Picture this! Everyone is sitting together for company lunch, munching a different dish but trying out the dish the other person ordered without disrespecting each one’s taste preferences. In economics, the price often changes when the tastes and preferences of several individuals change. However, the price change is accepted by everyone and is steady for all. Even if these two examples are completely unrelated, they convey an important hidden message. The message of diversity and inclusivity. 

This is exactly what it means to be diverse yet include everyone while respecting it. It is as simple as the examples and events quoted above. However, complex ideas of race, ethnicity, culture, regions, and other distinctions go beyond a simple lunch or accepting the same market prices. 

IMPAAKT digs deeper into the paradox of envisioning diverse future landscapes while clinging to the traditional notions of leadership and finds idea diversity, talent diversity, market diversity, and customer diversity to reshape the DEI landscape in the corporate world. Even if Diversity, inclusivity, and exclusion were heard loud and clear in 2023 and its echoes reverberated throughout institutions and companies, 2023 saw a steep decline in the enactment of DEI policies and measures.  

According to McKinsey, a global consulting agency, the financial resources spent on DEI are expected to double from $7.5 billion in 2020 to $15.4 in 2026. However, a survey report by Inc Media, a New York-based magazine, indicated a slowdown in support of DEI policies. There was an observable 4-point decrease in DEI budgets and a 9-point decrease in DEI strategies of the 148 companies they reviewed. Amidst these perturbing statistics, DDI’s report on global DEI highlights a solid and fresh perspective on approaching and practicing diversity and inclusion in 2024. IMPAAKT detangles these complex threads for its readers and presents a way through this report toward a sustainable DEI regime starting 2024.  

The Leadership-Diversity Nexus  

The report states, ‘It takes high-quality DEI practices to get diverse talent in the door, but high-quality leadership to make them want to stay.’ Discussions on intelligent and integrated leadership practices (in the previous section) uphold this statement. After thoroughly examining 13,000 global leaders and 1827 human resource executives, DDI concluded a steep downfall of the DEI movement at corporate and institutional levels. Eventually, reducing it to substandard outcomes and unsustainable resource utilization.  

Findings from DDI and McKinsey reiterate IMPAAKT’s analysis. The nexus between trust, leadership, and diversity has grown stronger, where the absence of one naturally drives out the other two. IMPAAKT, therefore, suggests a top-down approach in instilling DEI policies, going from C-suite executives to management and eventually to employees. We believe ‘Leaders at this level play a critical role in establishing a clear vision and strategic direction that prioritizes diversity and inclusion as core values.’ As core values are difficult to alter, upcoming generations will need to be taught about it, it will be an automatic neurological process and sociological behavior. 

Throughout 2023, the types of leadership and leaders in an organization determined the extent to which DEI was practiced. A diverse leader could turn the decision of 64 percent of juniors who wanted to leave because of incapable senior leadership. It garnered digital empathy and optimized organizational performance. A DDI report on DEI revealed that the top 10% of companies that gave top financial performance had 30 percent women and 23 percent minority leaders in 2023. Meanwhile, companies with below-average performance had only 14 percent minority and 23 percent women leaders in 2023. High-quality leaders enhanced the recruitment processes by 3.2X times and appreciated changing customer perceptions 4X times more than average leaders. One such leading example that brings the numbers to reality is Maersk. 

Maersk, a renowned logistics supplier brand, invested in building not just DEI practices but DEI perspectives that gifted the company and its employees a thriving and inclusive 2023. Leaders here prioritized creating a sense of belongingness rather than displaying banners with humorous captions waiting for employees to adopt DEI. 

The leadership-diversity nexus is necessary for upscaling DEI progress in institutions at micro-levels. Education, awareness, and training are the ways to achieve and maintain it in the long term. The successful implementation of DEI is a long process, full of commitments and collective involvements, from leadership to individual employees. In turn, when it is achieved, it bears the fruits of stronger relationships, more employee engagement, an enhanced sense of belongingness, and a productive workforce. However, setting key metrics that can track DEI progress and identify roadblocks promptly will speed up the results in 2024. 

Measuring DEI, Capturing Success for All 

In a recent interview with IMPAAKT, James Elmquist, the Chief HR Officer at Phenom, addressed the changes in organizational cultures, specifying it as a lifestyle contract between employers and employees in contrast with the engagement contract before Gen Z. This is a huge shift that will also be visible in DEI policies. Measuring and tracking DEI success is primary to identify the loopholes or blocks to success. James mentions, ‘Leaders should survey their teams, find out what they value, and what earns loyalty.’ This practice is important in the coming years to systematically reduce biases and craft policies that seem to be personalized. 

Anyone interested in measuring DEI can learn from Microsoft’s unique self-ID systems that direct employees, hiring managers, and C-suite leaders to understand other employees and staff in the system and make rational and evidence-based hiring decisions. 

Microsoft uses self-ID data to identify different identities and their needs. Voluntary Self-ID helps employees feel appreciated and respected for their diversity and enables employers to stay informed and make decisions that convert into meaningful benefits. This simple practice and technology have raised the importance of sub-identities, brought them culturally closer, and educated fellow employees on local laws and customs. The results of self-ID systems have proved beneficial and have made 96 percent of its employees aware of ‘allyship’ – Microsoft’s DEI policy cornerstone.  

Google sets a similar example. The technology giant has built-in inclusivity in each system and product. 

It revised its search engine features by optimizing them to reduce toxicity online. Employers and employees actively contributed to Google’s targeted approach to equity for new joiners and currently underrepresented employees. With its first-of-kind Trans Awareness Week, Google stepped up its efforts in DEI across Europe, the Middle East, Asia, and Africa. Another interesting highlight from the company’s journey to increase DEI was its training program for 200 Google recruiters. This exercise encouraged diverse recruitment and brought key learnings, trends, and qualitative data back to the recruiting team.  

Leaders and businesses should watch out for quantifiable metrics to measure progress on DEI and instill sustainable imprints of DEI perspectives, deeper within cognitive systems. 

The Infinite Challenge of Personal Biases 

One of the most challenging hurdles in driving diversity and inclusion within an organization is confronting the issue of personal biases. Unconscious preferences in the workplace can lead to situations where individuals are either unfairly advantaged or disadvantaged, hindering true progress towards an equitable and inclusive environment. 

A Centre for American Progress research article estimated workplace discrimination to cost $64 billion! Companies scoring high on workplace discrimination struck losses worth $2 million over the year. Navigating the waters to find a suitable solution for this problem, Google forged a new era with its unconventional Employees Resource Group.  

The Group curates community-specific educational plans for employees, accessible on different global e-learning platforms. Employers and hiring managers get access to sensitive data that allows unbiased assessment of candidates with disability – purely based on their neurodivergence. The Group’s multiple functions also assist in gradually downsizing biased behaviors, particularly by guiding employers and managers on inclusive behaviors such as communicating etiquette, refining job descriptions, and reevaluating interview approaches. Living by these rules heralds an era of sustainable DEI practices and policies in an organization. 

Rethinking, Reframing, Reassuring 

Cultivating diversity and embedding ethical equity implies proactive individuals focused on their work rather than office politics.  It asserts a higher cultural intelligence and prepares employees to take ‘bold actions,’ including rethinking product systems, changing attitudes, and communicating effectively. A McKinsey 2017 report found a 35 percent increase in the performance of diverse teams to homogeneous ones. The resurgence of the #MeToo movement was another highlight of 2023. It brought out the deeply intertwined intricacies of power, gender, and laws. 

For 80 discrepancies in laws, more than 800 women spoke about their daily struggles. Insights from 2019 archives present striking evidence of interlinking diversity training and a lower incidence of workplace abuse. The report states, ‘Diversity among executives and staff can help employees better understand the benefits of diversity and inclusive-thinking and how to apply D&I principles in their interactions with co-workers, customers, colleagues, and business partners.’  

Further findings reveal that training reduces snap judgment and implicit biases. They are less likely to be threatened while promoting sensitivity towards the other gender. Gender equity training emerges as a sustainable solution to ‘reframe abuse into responsibility and respect.’ Promoting behaviors and gender-equity training shall help future generations live in a secure world where both sexes don’t compete but collaborate to comprehend.  

Despite calls for diversity and inclusion in 2023, practical implementation lagged. Stepping into 2024 with focused diversity training, gender-sensitivity initiatives, and an empowered #MeToo movement, the future can collectively rise above ingrained beliefs and behaviors and foster collaboration and not competition between genders.  

Implications for Businesses: In 2024, it will be inevitable for businesses and organizations to invest in leadership development programs to boost awareness and practices of diversity and inclusion. It will also be a key ingredient in attracting and retaining top talent. The bounds of Diversity and inclusivity will not remain limited to the moral imperative, but will also encompass the methods used for sound business decisions. DEI leaders and organizations must incorporate unconscious bias training sessions and guest speeches to increase DEI-based habits in the workplace. The training session can help employees ingrain the DEI vibe and pave the way for a better society as well, where people are capable of addressing and identifying their personal biases. Lastly, leaders should imagine and design systems-thinking and products that are easily accessible to all, regardless of their social identity. They must rely on Data to track progress, identify gaps, and develop targeted initiatives to address them. 

Education Year in Review Report 2023

Key Takeaways 

• According to UNICEF, a cost of $1 billion a day to maintain connectivity for education in low-income countries emerged as a grave concern amidst fulfilling SDG 4 
• Technology still stands as the greatest enabler to improving access to education, enhancing personalized learning experiences, and creating an engaging learning landscape. 
• Businesses and leaders should collaboratively work to dig out inclusive and equitable educational opportunities in the global domain. Developing equitable, accessible, and sustainable educational products and services will pave a sustainable sector in 2024. 
• Upskilling and reskilling are the future of a sustainable workforce. 2023 was dominated by online on-demand courses, which generated revenues worth 381 billion. 
• Students prefer international education over local or national systems. Educational organizations or NGOs can tap into this market by understanding and providing for the needs of international students in ways like, culturally competent services, DEI campaigns, and focused-group sessions for social desensitization. 
• Educational Institutions and online edu-influencers should emphasize skills that are irreplaceable by AI, such as creativity, empathy, and collaboration.

The book, ‘New Wealth of Nations, ’ quotes an interesting relation between education and wealth. It goes back to Irvin Fisher’s famous example of ‘Shirt Sleeves to Shirt Sleeves for Three Generations’ to unfold the intricacies of generational wealth and the role of education. According to the book, education was the only source to accumulate wealth. However, if education, the quintessential factor, was removed from the equation, then as per Fisher, a wealthy generation could bounce back to poverty or debt. It also defines the quality-quantity tradeoff, where even if one acquires wealth and does not know how to manage it, one could slip directly into the hands of poverty again. 

The book also derives education from the US and UK to make its readers understand how education made the US the next superpower. The United States of America invested heavily in mass education and improving its quality, which was missed by the United Kingdom, which focused more on increasing its education centers worldwide. These examples are important to understand the nexus of education and sustainability as well. Education means lower fertility rates and presenting quality opportunities to one child to multiply generational wealth. With education, humans learn to use-reuse and ideate ways to recalibrate systemic changes with powerful innovation. 

IMPAAKT’s interactions with the Director of Text Genome, Michael Carter, revealed education to batteries of innovation and social change that can profoundly alter myths into realities. In 2024, education as a sector is bound to grow, however, concerns regarding policies, technology, and equitable access continue to mist its growth prospects. Revealing the current dynamics and opening the lens of possible future strategies can sustainably mitigate the aforementioned challenges. 

Can Technology Really Level Up SDG 4? 

Sustainable development goal 4: Education for all was at a crossroads in the age of online classes that, on the one hand, extended accessibility and, on the other, were resented for their inability to arouse interest. Interestingly, this was also the first question in the UNESCO Global Education Monitoring Report, 2023. It firmly asked, ‘Can technology solve the most important educational challenge?’ While there was much debate and discussion throughout, the fact that a cost of $1 billion a day to maintain connectivity for education in low-income countries stood out. With this report, UNESCO pioneered an important movement – the #TechOnOurTerms campaign to call for decisions about technology in education. It suggested that technology in education should prioritize the learners first and after assessment of whether its application would be appropriate, equitable, evidence-based, and sustainable.  

Sustainability in education has roots in how well a system inculcates equity and inclusion in its practices. It could be through open access resources, digitization, technologies for hard-to-reach learners, skill-readiness for the future, and digital privacy. A broader focus on teachers can make a difference, too. By adapting to changes, teachers can ensure student-centered learning enriched with dynamic examples and frequent interactions. One of the benefits is – personalized learning and data-driven insights into students’ skills and development.  

Some have even tried virtual and augmented reality technologies for concept explainers. Game learning is one such example where simulations of real-world scenarios guide students in experiential learning, like virtual trips. This is a boon for differently abled students with limited mobility.  

For example, in France, the French government led an ambitious Ecole Platform program that stacks diverse and multiple digital technologies for teachers to produce, modify, or share teaching scenarios and disseminate them locally or nationally. Another program by Nigeria – CL4STEM, has an Africa and South Asia collaboration to enhance the quality of education in mathematics, science, and technology. These countries – India, Bhutan, and Nigeria have paired their national resources to generate open education resources and build an inclusive curriculum.  

The limits of education were remeasured to incorporate the expanding desire for quality courses, practical learning, and hands-on training. Statista 2023 report found learning and training to be the most on-demand courses. They brought in revenues worth 381 billion and raised expenditures of more than 100 million US dollars since 2022. A 2023 Center for Global Development report placed teachers at the forefront of inclusive education. It quoted the success of Malawi, where the training of 1,200 school teachers and leaders led to better resource use, motivated students, and helped students attain their maximum learning potential.  

However, the same training sessions in Nepal did not bear any results. What changed here was the lack of training oversight, low baseline levels of teacher content, and little post-training support.  Another experiment in five countries asserted technology as a harbinger of sustainable education. Phone call-led student tutorials sped up educational delivery that only cost 100 dollars per instruction for four years. Projecting these results on a broader scale can make SDG4: ‘To allow every human being to acquire the knowledge, skills, attitudes, and values necessary to shape a sustainable future’ a reality. 

Resolving the Mental (Health) Math 

The paper by PubMed Central provided interesting insights on educational heads – principals and deans who have battled depression since the onset of COVID-19. They showed prominent symptoms of cognitive defusion – a condition of entanglement hindering psychological flexibility. The research showed a strong relationship between cognitive fusion and psychological vulnerability for primary school teachers. This led to low levels of self-esteem and depression among teachers, leading to decreasing performance of students.  

Research outcomes such as these bring the world to the cusp of reimagining mental health to upscale sustainable outcomes in the educational sector. Although technology is the new norm, anything with teachers not responsive to external stimuli can take us all a hundred years back towards rigidity.  In 2024, the educational sector should take strict measures to elevate teacher-student relationships to craft meaningful and sustainable outcomes. 

Integrating local schooling systems with that of the State will require a common ground between technology, teachers and students, and mental health directives.  

Beyond Crossing the Borders, 

Another emerging trend prominent in 2023 was immigration for higher education. US registered record-level immigration with a 12 percent increase in international students studying at US colleges and universities over 2022-23. According to a Forbes article, 55 percent of students enrolled in STEM programs, where math and computer science were the popular choice. Management degrees saw a 15 percent response, followed by 8 percent in social science and 5 percent in applied arts.   

However, at the same time, news channels were flooded with several instances of lone-wolf attacks on international students, discriminatory behaviors, or racist slurs. This again goes back to the emerging problem of cognitive fusion and internalized fears raising stress and hyperactive lifestyles. A sustainable solution is not going out of the way and trying hard workouts or spending money on diets but encouraging mindfulness and meditative practices.  

Merging studies with equal hours of art or sports activities within the University campus can encourage cultural assimilation and affinity. 

As students understand each other better through these friendly competitions, they are more likely to empathize and understand each other. Encouraging pep talks, regulating cafe behaviors, and conducting weekly sessions with school counselors are other ways to sustain student-to-student interaction and student-teacher bond.  

The thought-provoking article by International School Parent company sheds light on the more profound implications of technology fueling AI singularity’s problems. As AI outsources intelligence, it still needs a way to include human emotions and expressions. Starting in 2024, things can be different.  However, educational institutions, together with their numerous stakeholders, possess the power to develop those facets that cannot be achieved by AI or technology in general.  

Even if technology is a portal to an inclusive world, it cannot be instituted at the cost of originality, creativity, and spontaneity. Learning from mistakes is what pedagogy still should be. Performing personal and academic reflection rather than only relying on AI to optimize results can raise the community. This way, especially in a group project, students can collaborate more, practice active listening, and improve latent skills that may have been pushed into a cavern with overpowering technology.  Empathy and collaboration can also help tackle the other edge of the sword of educational challenges – radicalization and misinformation, reducing mistrust, fear, and xenophobia.  

The 2024 educational landscape will not just be about developing more technology but using it to build a future where education is accessible to all, fosters creativity and authenticity even in the face of the AI revolution, and makes responsible use of technology to uplift education for all with minimal resource utilization.  

Implications for Businesses:  Developing educational platforms and services that are accessible, equitable, and sustainable with a focus on open-access resources for hard-to-reach learners and skill-readiness can prove to be a sustainable investment. Organizing weekly support and review sessions for teachers and educators can improve the quality of delivery and integrate the dynamic needs of learners in a better way. Collaborating with mental health practitioners physically and online can create a welcoming environment for international students. This could enhance cultural competence, build a diversity and inclusion mindset, and offer 24*7 support services. 

HEALTH IN 2023 REVIEW REPORT

Key Takeaways 

• Virtual Healthcare solutions dominated 2023, where patients preferred ‘hospital-at-home’ over physical consultations 

• Global Health inequities cost over 2 million lives and an economic burden of $320 billion. 
• Google, Amazon, AstraZeneca, and other MNCs partnered with health-tech companies to develop cost-effective automated devices to embed virtual healthcare deeper into the ecosystem 
• Health Leaders advocate for a stronger 2024 with Technology as an enabler rather than a fix-all solution. 
• Building resilience, widening equitable access, integrating sustainable solutions & cross-sector collaborations are paramount goals in 2024.

In an interview with IMPAAKT, Dr. Misker, co-founder and Executive Director of GIV Society Ethiopia, revealed the depletion of avenues to learn and inherit top medical skills. Further, despite being the foundation of welfare economies, health as a sector lacked credible and long-term funding sources, making it difficult to embed innovations for better health. However, as an experienced doctor, she also highlighted the key trends that the future healthcare sector should embody. These comprise – the culture of volunteerism, accelerating the avenues of fundraising and grants, creating infrastructure to make free psychiatric evaluations a reality, and improving health education systems while broadening the awareness landscape. 

Working on these lines, the 2023 year-in-review report, Healthcare Sector, brings together the sectoral trends in 2023 and enlists IMPAAKT-ful insights on building synergy between health and sustainability. 

The Health Games: Predictability Meets Uncertainty 

The health sector is at a cusp of abundance, where predictability meets uncertainty. While preventative care and virtual consultations allure growth, the misery of lacking resilient systems keeps the future open-ended. The year 2023 traced the beginnings and developments of a wellness revolution fueled by technology, investment, and social consciousness. As predicted by Deloitte’s Global Health Care Outlook, the ‘hospital-at-home’ concept evolved into a norm for 2024, overshadowing conventionality. Consumers befriended digital wellness, spending 491 million dollars on fitness apps and another 30 billion on wearable devices. The need for a robust & resilient healthcare delivery model and a desire to move beyond the outdated fee-for-service model were the significant forces of change within the sector. 

The 2023 healthcare intricacies include intelligent systems, seamless collaboration, and meticulous processes. 2024 promises some seismic shifts paired with a 39 percent increase in consumer spending as providers prioritize value-based service delivery. Augmented and virtual reality go beyond the limitations of traditional consultations, securing the utopian dream of doctor-patient connections without long queues, physical barriers, and routine checkups.  

Multinational IT companies reverberate these developments in the form of ambitious investment projects. Mayo Clinic and Kaiser Permanente partner to embrace and cultivate the ‘Medically Home’ concept. At the same time, Apple and Zimmer Biomet join hands to manufacture remote sensors that grant knee-replacement patients unprecedented & automated recovery tracking. These far-sighted initiatives pave the way for a resilient 2024, succeeded by a 9 percent drop in emergency room utilization and raising monthly savings to 641 dollars per patient. 

Revising the Tale of Telehealth 

While telehealth’s progress assures a bright future, legal loopholes and the looming specter of antibiotic resistance (AMR) foreshadow several of its prospects. The paper by Piper discusses daunting challenges in virtual healthcare: 

• Conflicting professional standards 
• Murky guidelines for SMS and email communications 
• A farrago of state regulations 
• The absence of in-person physical examinations 

Even with the HIPAA Act to secure virtual platforms, the demand for standardized technological tools burdens healthcare providers with critical questions: How do they integrate multiple EHR systems? How to achieve the perfect blend of patient records and clinician expertise? Can practitioners leverage second-opinion options to augment internal care offerings? This is where modern health leaders rise to the occasion. They guide the sector and its players to educate, equip, and empower physicians, ensuring agility and flexibility in healthcare design that goes with the complex web of regulatory compliance.  

Like most countries, the US grapples with administrative morasses and musty delivery models. Amidst this, the blossoming telehealth promises more than 40 percent of the global audience a personalized touch of virtual healthcare. In this outgrowing landscape, AI, ML, VR, and wearable devices reign supreme with unique solutions to upscale wellness and vitality.  

Think Google’s DeepMind Health, an AI algorithm, can predict kidney failure risk 48 hours in advance – isn’t this an exciting prelude to healthcare’s fascinating future? AI4HealthCro is another AI-powered initiative that saves 1944 person-hours annually, 403,000 lives, and 212 million euros in healthcare costs. These innovative solutions foretell a future where technology complements, empowers, and finally upgrades healthcare delivery systems.  

However, to unleash this potential, the government must take proactive steps to upend the legal and ethical dimensions while embracing a culture of collaboration and innovation. 

Some Unanswered Questions on Health Equity 

The year 2023 also witnessed the resurgence of a long-standing debate on health equity. Deloitte’s 2023 health report revealed concerning statistics- over 2 million lives were denied essential medicines only because of escalating medical costs. However, a deeper investigation indicates the evolving idea of health equity, which extends beyond pharmaceuticals. It encompasses a holistic list of essentials: access to nourishing food, secure neighborhoods, unpolluted air, robust safety nets, and thriving community bonds. 

Yet, there is a lot to be achieved. The ramifications of health inequity escape the realm of mere inconveniences. In Chicago, white residents have a higher life expectancy rate than the Black and Hispanics. The latter poses a higher risk of communicable diseases with a never-ending debt cycle. As the reader goes deeper into the reader, one may find the persistent pattern of a lie in the 21st century.  

Data analysis reveals that low-income nations are faced with stark disparities in healthcare access now and then. Here, individuals with disabilities are 50 percent more likely to incur potentially fatal health expenditures than the general public. The economic cost of this inaction bags an uncalled burden of $320 million, which, if left unaddressed, are projected to exceed the $1 trillion threshold by 2040, further impacting GDP by up to 1.6 percent. However, knowing that technology has brought diverse and innovative solutions to battle such disparities head-on is reassuring.  

Ever heard of health equity trackers? These intelligent devices aim to record personal data and guide organizations to upscale healthcare for everyone. Google has built its in-house health equity tracker that collects community data to generate and lead evidence-based, actionable policy changes. This data-driven approach promises a sustainable route towards an equitable future where healthcare access is a universal right not confined to the books. 

All is Safe in the Hands of Dynamic Health Leaders 

The healthcare landscape underwent a dynamic metamorphosis in 2023, guided by the steadfast leadership of esteemed figures like Professor Piot and Muyembe-Tamfum, recipients of the prestigious WHO Health Leaders Awards. Their adaptive vision navigated the industry through evolving challenges, paving the way for a future brimming with potential. 

Bridging the Divide: AstraZeneca’s non-executive board member, Leif Johansson, championed the cause of health equity, underscoring the crucial need for increased investment in closing critical gaps. He envisions a world where healthcare costs transcend their burdensome connotations, transforming into catalysts for human and societal flourishing. 

Technology as an Enabler: Echoing this forward-thinking perspective, Royal Phillips CEO Roy Jakobs emphasizes the nuanced role of technology in healthcare. As we embark on 2024, he urges us to view it not as a panacea but as a potent enabler unlocking latent potential, driving innovation, and fostering preparedness for sustainable care. His clarion call emphasizes building resilience and ensuring equitable access, not through superficial augmentation but by unlocking doors for those who need it most. 

Collaboration for Impact: Jakob advocates for a collaborative approach, encouraging cross-border and cross-sector partnerships at the stakeholder level. He envisions a convergence of academia, the private sector, and governments united in their meaningful investment towards developing sustainable healthcare solutions for 2024 and beyond. 

Top 5 Health-tech Trends to Catch in 2024 

In addition, businesses and health leaders can watch for the top 5 emerging trends in 2024 to get the best out of the sector. 

#1. Cosmetics and skin care wellness market purchased by 40% of respondents (n=2000). Millennials are expected to increase their expenditure on skincare cosmetics by more than 50 percent in 2024.  

Sustainable solutions to catch Trend #1

• Integrate with telehealth services and AI to personalize services for consumers 
• Team collaboration and responsible leadership to survey markets and set prices that consumers can actually afford. This can help companies tap into remote markets 
• Customized and regular customer feedback loops for immediate assistance or grievance redressal 

Wellness consumers are bound to purchase if products are effective, are well-priced, and contain high-quality products and good value. 

Sustainable solutions to catch Trend #2 

• Partnership or collaboration with Gen AI companies can position sellers in the business to optimize and position uniquely in the Marketplace 
• For those who already use Gen AI can use voice search marketing or user-generated content technologies to maximize converts on their present branding strategy 

#3. Health-at-home kits – 26 percent of US consumers brought vitamin deficiency kits at home, 24 percent for common cold, and 23 percent for cholesterol checkups. 

Sustainable solutions to catch Trend #3 

• Accuracy is the top concern for consumers using these devices, followed by ease of use. Businesses looking to tap into this segment can multiply their gains with GenAI. 
• 3-D printing or bioprinting can optimize kit designs to leverage accuracy and ease of use 

#4. 20 percent of the US and UK customer base and 30 percent of Chinese consumers are more likely to buy a product if it offers personalized products with biometric data recommendations. 

#5. Customers show higher brand loyalty towards clinically proven products to bring results than only the brands/ products marketed as natural. 

Space Technology Year in Review Report 2023 

The Decadal Expanse: From 2013 to 2023 

Ten years ago, in 2013, NASA announced the movement of Voyager 1 into interstellar space. Two Asian superpowers – India and China launched their ambitious space missions, and Mars was scientifically backed to be the Earth’s closest twin. Ten years later, in 2023, space technology and affiliated organizations are preparing for private flights in the lower earth orbit and breaking records by capturing crucial data from asteroids. 2023 marked the beginning of global space collaboration with SpaceX and NASA to innovate designs for human flights.  

Space debris, popularly known as the Kessler Syndrome, was another critical issue handled diligently by world leaders and scientists, who established a committed (under UNO) Committee on Peaceful Uses of Outer Space for the long-term sustainability of outer space activities. James Webb Telescope achieved a magnificent breakthrough in human history by closely capturing exceptional pictures of space, the universe, and the black hole. Scientists consider it a key or portal to capture ‘the history & beginnings of the solar system.’  

In sum, the space technology sector achieved miles of progress in the last ten years and continues to invite more investments, where companies like Tesla, SpaceX, and other national space organizations are pioneering change in line with NASA. With a focus on sustainability, space debris is an obvious issue with every country launching its satellite in Low Earth Orbit and conducting various space explorations; however, fuel usability is another concern for the sector. Here is where the concept of fuel reusability emerged.  

IMPAAKT’s keen observations of development in and around space technology in 2023 have created ways and measures businesses can adopt in 2024, especially those looking to invest heavily in space technology with a steep bend pointing towards sustainability.  

 The Space Between For All Genders 

A Stockholm International Peace Research report quotes, ‘Exploring differences in the use of and dependence on space systems is a necessary step in assessing the true impacts of conflict in space. Gender perspectives are key to this work. Identifying how girls and women use communication systems can build an insightful dataset revealing how the interference with these systems could impact women’s education or way of living.’ 

Space is not limited to one gender; its horizons have expanded with 59 female astronauts working at NASA. The US and other countries in the Middle East and Asia-Pacific region have witnessed a growth in female space scientists and explorers. Statista findings from 2019 show approximately 13 percent of females are highly interested in space exploration compared to 30 percent of males. However, the number of females (57 percent) who were moderately interested in space exploration stood slightly higher than that of males (50 percent).  

While breaking barriers and finding a way for social independence may be a few reasons for the upsurge of interest among females, the liberating international funding in STEM sectors, cultural assimilation, and globalization may also be other reasons to consider.  It is found that women are scientifically and culturally more ambitious. The story of Vera C Rubin strengthens the arguments, who made it big by discovering the first solid evidence for dark matter despite social stigma and barriers to education in her early years.  

IMPAAKT Analysis: The reported 55.6 percent of women graduating in STEM in 2023 marks remarkable progress in society, and women in the space sector. 2024 might see a rise in women’s employment in the space sector – in its core and periphery. Businesses or investors operating in the space technology arena must invest in preparing gears that suit women’s requirements and physical structure. Therapists and the government can motivate women to actively seek employment and continue it by releasing women-specific mental health and family support schemes. This can sustainably leverage opportunities for women while providing them with the desired infrastructure.  

Exceeding the Private Investment Speed Limit 

An estimated 99 billion euros were invested in the space sector in 2022, where defense grabbed the lion’s share. The European Space Agency estimated a global increase in th number of satellites launched, from 1800 to 2500 satellites by early 2023. These mostly comprised satellites weighing 51-500 kgs followed by lower than 15 kgs satellites ( in line with nan-satellite trends). 96 percent of the downstream sectoral revenue came from commercial satellites, with maximum accounts for navigation, followed by communication and earth observation. Specific to the European market, the space sector observed over $1 billion in private investment, a 66 percent increase from 2021-22.  

Other than numbers, ‘miniature satellite models’ gained public and corporate support due to lower costs, reusable fuel technologies, and 2X production efficiency. These developments, coupled with 180+ successful launches since 2022, reiterate attention towards self-sustaining sectoral growth, possible with a collaborative and pragmatic approach. Further, development of CubeStats and SmallStats, private and government interests heightened to create affordable access to space and new business models such as constellations (Deloitte, 2023).  

The US, for example, reported private investments worth $20.8 billion in the national space security space and overall investments of US $272 billion, since 2013. National security satellite systems reported the most investments, about 20 percent, followed by 24 percent in communication satellites and 12 percent in edge computing and AI in the space sector.  

A crucial impact following the 2022-2023 spurt in investments in the sector is the rising competitive landscape and innovation to successively create bigger but sustainable business models, such as mega-constellations. Companies like SpaceX, Blue Origin, and Relativity space are combining space exploration with commercial interests, simultaneously addressing climate issues by launching reusable rockets – like Falcon 9.  

Locking Domain Expertise, Encouraging Diverse Space Education 

IMPAAKT’s recent interactions with Rachana Reddy, an Embedded Engineer at Reflex Aerospace, sheds more light on commercialization and sectoral investments. She points to emerging supply chain disruptions and shortages despite an expanding investment landscape, pointing to reasons like uncertain geopolitical dynamics, disturbances in the electronic industry, and challenges with designing hardware-agnostic architectures. Deeper conservations with Rachana revealed component-level vulnerabilities and system-wide attacks as crucial threats that space goods manufacturers and private investors will have to tackle in 2024 and the upcoming decades.  

For this, developing space education facilities that promptly promote niche-specific skill development in areas like – space exploration, satellite designing, or controlling satellite’s orbit. Leveling up national and global educational facilities in elevating domain knowledge by combining engineering courses with basics of geology can inculcate deeper expertise and hands-on experiences. Rachana suggests inculcating interest in the space economy from elementary school by organizing competitions and gamifying the entire experience. Developments in space education must match the exceeding investments in the sector in the coming decade to build strong foundations for a fast-growing space data-as-a-service market to deliver high-quality equipment to government and private companies and data directly to customers.  

Towards a Sustainable Space Value-Chain 

Deloitte explains the space value chain to comprise various stages – upstream, midstream, and downstream for design, development, production, and space-related products. It also merges cross-border and cross-sector collaboration with a diversified focus on government space agencies, research institutions, commercial agencies, educational institutions, and end-users.  Making the space sector sustainable, warrants a united, connected, and well-managed value chain, where all actors and institutions collaborate to reduce disruptions like high costs, longer regulatory timelines, shortage of skilled personnel, and lower capital investment for mass production and miniaturization.  

Integrating cross-border dialogue through intergovernmental panels and committees to broaden education on space exploration, design, and other aspects. Companies can focus on tying the space sector with robotics, additive manufacturing, national security, data-as-a-service, and in-space manufacturing systems to develop a combined force and mark space sustainability. Along with this, it will be crucial for NGOs, civil society organizations, and media to inspire the youth to take up a career in this sector and create opportunities for learning even in remote areas. Progress of miniature space models and drones is commendable; however, the discussion on its regulatory landscape and the fringes of responsible use must be addressed by these organizations with support from the national judicial system.  

2024 can be a game-changer for the space sector in multiple ways only if institutions, governments, and the private sector collaborate to create a sustainable value chain with open communication and deliberations and integrate effective and empathetic stakeholder cooperation channels.