It’s an exciting time to be an AI professional or to work with the latest AI technologies. Since the launch of ChatGPT, there have been continuous AI-powered innovations flooding the world of work (and life!).
We are already witnessing how organizations are integrating AI and automation to remain competitive and reduce their productivity gaps. The brands that have defined enterprise technology for years have also started folding this powerful new technology into their solution offerings. For instance, Automation Anywhere launched its first Generative AI solution in 2022. The enterprise automation leader is now widely integrating Generative AI across its Automation Success Platform. For instance, the company’s Automation Co-Pilot is an automation assistant that is easily embedded into any application.
2023 was the “break out” year for Generative AI. As we move into 2024, Generative AI will consolidate across more applications and use cases. Peter White of Automation Anywhere predicts that “AI will expand the potential of automation use cases.”
Here are 5 major predictions about Generative AI-powered business applications for 2024:
Prediction#1 – Hyper-speed innovation
Going into 2024, Generative AI will accelerate into a “hyper-speed” mode of development. Generative AI tools will develop capabilities like:
Improved conversational fluency
Higher response accuracy
Improved multi-modal capabilities to generate high-quality images and video
In the domain of business applications, developers will continue to embed Generative AI across enterprise applications. Generative AI will serve as the primary user interface for users to obtain information, get assistance, or initiate actions. An example is Google’s Gen App Builder which enables Google users to create generative apps in a few minutes.
In 2024, more Generative AI-powered applications will cater to specific industries and enhance “vertical” processes. Dr. Jans Aasman of Franz Inc. believes that Generative AI in 2024 will “pave the way for groundbreaking developments in natural language understanding, tailored content creation, and complex problem-solving across various domains such as healthcare, drug discovery, and engineering.”
Prediction#2 – The rise and rise and rise of unstructured data
80% of new data generated is unstructured data. However, organizations are analyzing only a small percentage of this data for business applications yet. Generative AI will increase the utilization of unstructured data in 2024. Through its natural language processing (NLP) capabilities, Generative AI will transform the management of unstructured data. This transformation will disrupt functions like customer success and marketing.
According to this recent Forbes article, proficiency in Generative AI will increase and unstructured data managed by business enterprises will double in 2024. Generative AI will unlock valuable text insights from unstructured data. For instance, Generative AI in marketing can retrieve data-driven insights that were previously not available. Cybersecurity teams can harness Generative AI’s NLP capability to transform how organizations secure unstructured data on cloud platforms.
Prediction#3 – Application Security
Going ahead, Generative AI will play a proactive role in the domain of application security. In 2024, we are likely to see application use cases where Generative AI can detect data patterns and anomalies and even fix security-related vulnerabilities in the application code.
On the flip side, Google predicts a surge in Generative AI-powered cyberattacks in 2024. According to the 2024 Google Cloud Cybersecurity Forecast report, cybercriminals will exploit the capabilities of Generative AI to increase social engineering attacks like phishing and zero-day exploits.
To boost cybersecurity, the U.S. federal government recently announced plans to set up the U.S. Artificial Intelligence Safety Institute. This initiative aims at evaluating advanced Generative AI models.
Prediction#4 – Intentional AI
According to a Forrester article, 2024 will be the year when Generative AI will transition from hype to intent. This will usher in the age of Intentional AI where organizations will implement focused initiatives using Generative AI. In Forrester’s AI Pulse survey held in July 2023, 67% of business enterprises are including Generative AI in their overall AI strategy.
In 2024, 60% of workers will use Generative AI to perform their daily job. While 2023 belonged to the rise of Open AI’s proprietary models, 2024 will see the explosion of open-source models like GPT-J and BERT.
Driven by Industry 4.0, the manufacturing industry will generate a majority of AI-related traffic in 2024. After manufacturing, the financial services industry will drive the highest AI traffic – largely due to the adoption of AI tools like ChatGPT and Drift.
Prediction#5 – Chief AI Officer
According to Forrester, 12% of companies with an AI strategy have a designated Chief AI Officer (CAIO). 2024 is expected to be the year of the CAIO. Besides developing the company’s AI strategy, the CAIO will be responsible for:
AI risk management and compliance
AI project execution and optimization
Managing stakeholder relations
Along with the technical knowledge, the Chief AI officer must have soft skills like good communication, decision-making, and team collaboration. Additionally, CAIOs can identify AI deployment opportunities in daily tasks and business processes. Overall, they need to create and encourage an AI-driven culture of innovation in their organization.
To summarize, 2024 is projected to be the year when Generative AI will move from hype to delivering business value for enterprises. However, CIOs will have their share of challenges in leveraging the capabilities of Generative AI. This is where an experienced AI solution provider like Recode Solutions can make a difference.
As a pinnacle partner of Automation Anywhere, Recode Solutions provides customized AI solutions for the business growth of its customers. Using our expertise in AI-led automation, you can realize the business potential of Generative AI technology.
Do you want to know more about Generative AI? Contact our team today!