Dive into 9 AI trends reshaping industries in 2024. From generative AI to ethical considerations, stay ahead of the curve with our insights.
As we approach the middle of 2024, we wanted to revisit how some of the biggest trends in AI are evolving. With businesses investing more in digital transformation, understanding these trends is crucial for leaders to make informed decisions about where to invest their resources.
According to McKinsey, top-performing businesses invest significantly in new technologies, particularly in building digital businesses. But the challenge lies in choosing the right AI and digital technologies to invest in.
So, let's explore the nine most important AI technology trends that business leaders must watch as we navigate through 2024.
Generative AI has become increasingly mainstream. Businesses now utilize generative AI to create various content, ranging from articles, whitepapers, and blogs to social media posts. Additionally, it's being used to transcribe meetings and customer service calls, produce deep fakes for marketing purposes, and improve client segmentation. As we progress through 2024, we can expect more investment in bespoke, industry-specific use cases for generative AI.
The combination of hyper-automation and AI is gaining traction as businesses seek solutions to address service gaps and improve productivity. However, this adoption may lead to job losses and lower wages for roles vulnerable to automation. For instance, code generation platforms might replace software engineers, and AI digital agents could substitute outbound Sales Development Representatives (SDRs).
Conversational AI is becoming essential for businesses aiming to provide excellent customer service. Technology like DRUID’s Conversational Business Apps, CBA, enables machines to understand and respond to human language, powering virtual agents or chatbots. With its ability to deliver personalized service at scale, conversational AI is expected to become a critical tool in client-facing businesses.
The application of AI in healthcare is on the rise. By 2025, generative AI is predicted to contribute significantly to pharmaceutical discovery and development. Healthcare professionals are increasingly using AI to improve medical outcomes, employing it in areas such as diagnostics, risk management, and administrative automation.
With cyberattacks growing in volume and complexity, businesses are turning to AI to enhance their security measures. Cyber AI systems leverage machine learning to detect and respond to threats, reducing the need for human intervention. As businesses digitize and face more cyber threats, the importance of Cyber AI will continue to grow.
AIOPs, the application of AI in IT operations, is gaining momentum as businesses seek to streamline their IT processes. By intelligently analyzing large volumes of data, AIOPs can predict and fix IT issues, reducing downtime and operational costs. This technology is particularly useful in complex multi-cloud IT environments.
Digital twins, coupled with AI, are increasingly being used to optimize operations and drive new revenue streams. By creating virtual simulations of real-world entities, businesses can test ideas and improve processes. AI enhances these capabilities by providing insights and running simulations, leading to improved product quality and reduced costs.
Surveillance AI is being used to monitor and analyze behavior, while emotion AI is employed to understand emotional states. Expect debates around privacy and ethics as these technologies become more prevalent. Emotion AI, in particular, has applications in customer service, mental health, and automotive safety.
The demand for ethical AI is growing, with businesses focusing on ensuring fairness and transparency in their AI algorithms. Chief Data Officers and risk teams will play a crucial role in addressing ethical issues related to AI. Additionally, expect more government scrutiny and legislation around AI fairness and transparency.
As businesses continue their digital transformation journey, AI will play an increasingly pivotal role. Used effectively, AI has the potential to revolutionize operations and drive unprecedented efficiency gains.
How quickly business leaders will respond to the inevitable merger between artificial technology, core operations, and back office will likely determine, to a large extent, the future of their organization.
If you want to learn more about what DRUID’s Conversational and Generative AI can do for your business, book a meeting with our team.
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