Artificial intelligence (AI) has been around for a while, but most people probably hadn’t considered how applicable it would be to them until 2023. An explosion of go-to-market solutions, like ChatGPT, has made AI more accessible than ever. But, with the rapid introduction of unfamiliar technology, we all have our questions and concerns: Is AI going to replace my job? Can I entrust AI with private data and information? How will AI transform the way I work and live? These are all ongoing discussions that are important to have.
We do know one thing for sure: artificial intelligence is here to stay.
In this blog, we share our predictions for AI in 2024. We dive into what capabilities could impact your work and daily life, which industries might increase their usage of AI, and the potential for more regulation to occur.
#Prediction 1: (An obvious one) There will be more AI adoption
AI adoption increased pretty quickly in 2023 when large language models (LLMs) like ChatGPT were released to the public. What was once exclusive to large tech companies is now accessible to anyone with internet access.
Public access to AI, in a way, “leveled the playing field.” Many companies that have used artificial intelligence for years had to build their own language models that could carry out very narrow and specific tasks. With LLMs like ChatGPT, everyone now has their own “AI toolbox” they can use for more diverse applications.
For a business use case, we expect AI to become more accessible and empowering for non-technical teams. We’ve already seen many business software companies plan to release more AI features on their platform in 2024. According to a study from G2, 75% of SaaS vendors are incorporating or developing AI/ML capabilities. This opens the door for sales, marketing, finance, and other departments to further enhance their processes within the systems they’re already using.
Popular SaaS applications with AI capabilities in 2024:Technical teams will also get a huge boost from AI in 2024. For many years, developers have had to write code from scratch or search endlessly for ones already written. Thanks to platforms like Microsoft Power Apps, developers can build applications and solutions faster thanks to AI co-pilots. These bot assistants are able to provide developers with tailored suggestions and even build new code based on natural language.
#Prediction 2: Expect more AI checkers & detectors
One of the biggest shifts we expect to see in the realm of AI content is from users generating and optimizing content to filtering or moderating it.
Now that anyone can use AI, you can expect to see more “AI spot checkers” that will detect and flag content that has been artificially generated.
Since generative content was introduced to the public, many of us can spot AI-generated images, videos, and text. But as these technologies advance, it will be difficult to use our own judgment alone.
In 2023, social media platforms like TikTok added features for creators to label content as AI-generated. Soon enough, TikTok will identify content created with AI and apply the label to posts automatically. This will help users understand whether or not content was created using AI.
New labels for disclosing AI-generated content - TikTok, Sept. 19, 2023
When detecting AI content in other places on the internet, businesses and personal users now have several AI checker tools to use.
#Prediction 3: We’ll see more AI agents & assistants
Something we started to see more of in 2023 was the discussion around AI agents and assistants. An AI agent is a computer program that is designed to make decisions and carry out tasks to achieve a goal. These agents operate autonomously and with very little human control.
If you’re a salesperson, for example, an agent could be useful for administrative tasks like inputting information in your CRM or scheduling follow-up meetings after calls with prospects. AI assistants could also be useful in lead scoring and prioritizing opportunities based on previous closed won deals. Outside of sales, companies could implement AI agents in every department.
You might be thinking—will AI agents replace people’s jobs? In the world of AI, the concept of AGI (artificial general intelligence) is mentioned when this question is asked. AGI is a kind of artificial intelligence that can specialize in multiple areas, similar to humans. In general, most technology can be used for good or bad. We’re firm believers that AI will make our jobs easier, but if you don’t have any knowledge of it or how to use it, there is the potential of being left behind.
As more AI solutions become available to the public, we will see more discussions happen around regulations and proper use.
Last year, we saw major players like Apple, Amazon, and Spotify place restrictions on employee use of ChatGPT because of the potential for data leaks. For AI usage to become universally accepted, safeguards and proper education of these tools need to be in place.
Business leaders should continue following emerging regulatory discussions in 2024, and ensure their organization is trained on how to use artificial intelligence responsibly. A company’s stance on proper AI practices could also build more customer trust.
#Prediction 5: More organizations will use AI for data analysis and predictions
Historically, a team of experts with strong analytical skills would be needed to gather business insights. But with AI capabilities today, much of the analysis process can be automated.
In 2024, more organizations will explore AI solutions that can provide them with richer insights faster. AI can process volumes of data at a time and will surface relevant trends or patterns that are important to businesses.
Here are some areas AI can help with data analysis:
- Finance: AI can be useful for invoice processing, data entry, financial statement analysis, and even risk management/fraud detection
- Sales: Today, salespeople can generate AI summaries from client meetings and train AI using CRM data, product/service details, and win/loss information.
- Human Resources: HR teams can use employee surveys to identify pain points and improvement areas. Hiring managers could generate talent insights and reveal trends in workforce retention
- Operations: To improve knowledge share of company policies and operations, AI assistants can quickly surface documents or answer employee questions from a company’s knowledge base.
As AI transforms business analytics, it will shift focus from gathering data to extracting meaning and value. Companies that master AI-enhanced analytics will gain a competitive edge and the ability to provide a more personalized customer experience.
#Prediction 6: AI will continue to accelerate content creation
Over the past year, AI content creation tools have led to some heated discussions. Some fear it may put content professionals out of work. However, others argue that if properly utilized, AI will empower people to produce more high-quality, original content faster than ever.
Think of an AI assistant as a “digital co-author” in the content creation process. It can be useful for quickly performing research, building content outlines, proofreading, developing ideas, and more. Additionally, if you’re formatting content for SEO (search engine optimization) purposes, AI can conduct keyword research and spot areas for improvement.
Original Content is King
Even though AI can accelerate content creation, it doesn’t mean we should rely heavily on it. When you consider what kind of content AI has been trained with, it is original human creativity that it learns from. Humans have relational skills, emotions, and social cues that make content worth consuming. Truly “original” content will outshine the ones entirely generated by AI.
Outside of creative teams, other departments can experiment with using AI to help format emails and build documents. On an episode of our podcast, The Junction, we met with the CEO of a B2B professional services company using AI to produce more personalized project proposals and SOW documents.
Prediction 7: Expect to see more AI in customer service
You’re probably very familiar with chatbots. They’re mostly on business websites and customer support phone calls. Large companies have had the resources to implement these AI bots for a while, but in 2024, we could see more small to medium-sized businesses leveraging these solutions.
Here’s how AI chatbots could help organizations improve their customer service:
- Frequently Asked Questions: Chatbots assist in handling common customer inquiries to reduce call volume or digital traffic. As conversational ability improves, bots may one day be able to resolve more complex issues autonomously.
- Knowledge Management: Chatbots can analyze company data to quickly surface useful information to help customers. It can also generate or refine knowledge base articles based on customer feedback.
- Agent Assistance: Chatbots will provide agents with relevant information and recommendations during customer interactions. This boosts productivity and turn-around for the customer.
- Personalization: Past interaction data will allow AI to engage customers conversationally with personalized knowledge, offers and reminders.
With AI being more accessible and usable in customer service, companies should have more time to focus on facilitating improved consumer experiences. This means utilizing technology to enhance human connections rather than automating customers into oblivion. In other words, striking the right balance between bots and people.
The Takeaway: The Future of Business is AI
By understanding the magnitude and power of artificial intelligence, it’s a no-brainer to experiment responsibly with using AI at your organization—especially now that these tools are so easily accessible.
Before jumping in head first, it’s important to set guidelines for the proper use of AI with your team. Also, work together to identify how and where AI tools can help the organization accomplish more. At Venn Technology, we’ve formed an “AI Committee” among some of our team members to spark new ideas and educate each other on the tool.
Artificial intelligence is like a toolbox with new tools being added to it every day. How do you plan to use AI in and outside of the workplace? If any of these predictions from our list caught your attention, be sure to take a look at other articles on AI and give our podcast, The Junction, a listen on any streaming platform.
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