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As much as it’s in the news, AI is by no means a new development. It has been more than three decades since Deep Blue beat Garry Kasparov, the Russian chess champion. It has been over a decade since Watson outperformed several Jeopardy champions.
That was all AI. It’s not a sudden arrival. It has evolved and gone through several iterations. AI-powered recommendation systems, for instance, are the secret sauce behind entertainment platforms like Netflix, Spotify, and YouTube. AI is also baked into navigation apps like Google Maps, providing real-time traffic updates and suggesting the best route to take.
2024 is the year that AI goes from excitement to execution
But today’s new iteration of generative AI is fundamentally different. It’s the first instance in which people feel they’re engaging with a computer in a natural, conversational manner, almost as if they’re conversing with an actual human. This is remarkable. And it has the potential to unlock a tremendous amount of productivity for businesses and individuals alike.
So what’s next? Where do we and AI go from here? This is how I see AI developing and changing the game in 2024.
Those who delay their AI efforts will get left in the dust
Generative AI is not a passing trend. It’s powerful and it’s the future of business. It can be difficult to implement but to delay its integration is no longer an option.
Many organizations have already jumped in, experimenting with and applying AI in various ways. But many others remain on the fence, waiting to identify the right use cases and the benefits they may bring. They should not wait too long. If they do, they will be left behind.
I firmly believe that 2024 will be the moment to move from experimentation to the actual execution of business solutions that leverage generative AI and its associated technologies. The right use cases are now apparent and so are the benefits. For instance, an apparel company can use generative AI to quickly create new clothing designs. Or Big Pharma can use generative models to produce novel chemical compounds for game-changing drugs. Or financial services businesses can use AI to better detect fraudulent activity.
Of course, businesses must also be aware of the downside of generative AI and take steps to mitigate any potential issues. One such threat is privacy breaches, especially when personal data is used to train AI models. It will be incumbent on businesses to ensure the reliability and quality of their AI output.
AI will make employee training quicker and easier
In 2024, generative AI will begin to shift the way that individuals engage with technology. This shift will be characterized by natural language processing and voice-based interactions with technology. One big benefit of this shift will be a significant reduction in the time required to train individuals on enterprise applications.
Picture a sales team that uses an ERP system to manage their customer interactions. Traditionally, training new users on these complex systems was challenging and time-consuming. However, with the integration of an AI-powered voice-based interface, the user experience improves dramatically. For instance, a sales associate can verbally request and receive information about recent sales trends in a particular region without needing to learn which spreadsheets to manipulate or which buttons to push.
Human oversight will be more important than ever
In 2024, human oversight will not just be a best practice – it will be non-negotiable when it comes to AI adoption. The onus will very much be on businesses to establish robust controls and ethical frameworks for both the adoption and creation of AI tools.
Over the past year, we’ve engaged with hundreds of organizations, demonstrating the capabilities and possibilities of generative AI. But we also address the challenges. The primary concerns revolve around security, accuracy, and the overall reliability of the technology. For example, the much-discussed issue of unexpected and unwanted speech when using generative AI. It will be imperative for organizations to implement tools that provide the means to control and filter speech related to hate, violence, or self-harm. Such tools are essential for instilling confidence among users.
Another challenge is the accuracy and trust of the output. A human-AI loop is likely necessary, involving human validation of the information that is generated. In 2024, tools will emerge to support this process and give users greater confidence in AI’s output, so they can make informed decisions based on it.
Expert partners will be essential for effectively implementing AI
Most companies don’t have deep experience with AI. That’s why one of the best ways to get started in 2024 will be to form partnerships with IT services firms that have expertise in generative AI and can help clients use it to enhance their capabilities. For instance, these firms can create and implement tailored AI solutions that align with the specific needs and objectives of the client.
By leveraging this kind of expertise, companies can speed up their implementation of AI solutions. What’s more, they can mitigate potential risks and stay up to date with the latest AI advances – all without having to make the heavy investment of building their in-house AI team.
Final takeaway
The future of business and technology is now closely tied to generative AI. Indeed, as this powerful tool becomes more widespread, it will have a profound impact not only on business but on the way people live, work, and play. The possibilities of generative AI are limitless and its effects will be felt in every single corner of our world. Organizations that take part in this revolution will be richly rewarded in 2024 and beyond.
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