Industry executives and experts share their predictions for 2024. Read them in this 16th annual VMblog.com series exclusive.
Why 2024 will be the Year of AI
By Miles Phillips, Senior Director, Product Management at Terazo
Artificial intelligence (AI) is no longer a futuristic concept or a niche technology. It is a reality that is transforming every industry and every aspect of our lives. In 2024, we will see AI become even more ubiquitous, pervasive, and powerful as it enables new products, services, and experiences that were previously unimaginable. IT organizations must be prepared to not only adopt AI but also to navigate the challenges and harness its potential effectively. Here is what to expect in 2024:
AI will become ubiquitous in all software products
In the coming year, AI is set to become a fundamental component of virtually all software products. If you haven’t considered incorporating AI into your products, there has never been a better time to start. Even if you’re using AI to some extent, there’s room to delve deeper into its myriad use cases. Companies are showcasing the early power of AI through innovative applications. For instance, Cuebric is revolutionizing the filmmaking industry with a tool that uses AI to generate photorealistic virtual backgrounds from sketches or descriptions. Scale AI offers Custom Large Language Models (LLMs) an approach that helps large enterprises and governments unlock private data. OneReach.ai provides a no-code/low-code process automation platform with conversational AI, enabling users to seamlessly automate tasks across various channels.
Early adopters of AI are now expanding their frame of reference on use and setting up guardrails. They are moving beyond what AI tools can do and implementing it as a central part of their data strategy with all the required governance. Organizations doing so should consider the following:
- User experience: AI should not be a gimmick or a feature but a means to enhance the user experience and deliver value. The best AI products will be intuitive, seamless, and engaging and will anticipate and fulfill the user’s needs and preferences.
- Ethics and trust: AI should be transparent and trustworthy. Ethical, fair, and accountable AI products that respect user privacy and security will be crucial. Providing explanations for decisions or recommendations is becoming a standard.
- Innovation and differentiation: AI should not be a copycat or a commodity but a source of innovation and differentiation. The best AI products will be creative, original, and unique, offering something that no other product can. They will also leverage the latest advances in AI research and development and constantly improve and evolve.
Organizations will learn from previous failures and upskill teams to embrace AI
While the AI revolution brings forth numerous successes, there will inevitably be some spectacular failures. Learning from these failures is essential. For example, the recent issue with Cruise, a subsidiary of General Motors, highlighted the need for human decision-makers, particularly in high-stakes situations. Cruise has recalled its entire fleet of 950 autonomous vehicles for a software update following a crash that injured a pedestrian. When stakes are high and lives hang in the balance, the ability of AI to fail and learn will need to be augmented by the intelligence of a human operator.
AI adopters will need to navigate the AI skills gap and the lack of governance
Workers with the right types of skills are in short supply. People will struggle due to the fast pace of innovation and the lack of standards around AI. The demand for AI solutions exceeds the existing supply of knowledge in the workforce. This will force companies in 2024 to utilize staff who are implementing these technologies for the first time.
Lack of governance and oversight will pose a significant risk. According to a recent survey by INFOTECH Research Group, 3 of 10 companies investigating AI have no plans for governance. Without proper oversight, AI systems can produce unexpected and potentially harmful results, as demonstrated by recent instances of AI-generated phishing email templates and inappropriate meal suggestions.
Everyone is excited about the new AI revolution, but we will see some unexpected results like most new technologies. The key is to be prepared, informed, and adaptable and to learn from both the successes and the failures of AI. While AI promises incredible advancements, understanding and mitigating its challenges will be crucial.
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ABOUT THE AUTHOR
Known for bridging the gap between technology and business, Miles has a passion for explaining technology and helping businesses take advantage of the technology available to them. Miles has spent the last 20 years in a variety of roles spanning product management, development, IT management, marketing and sales. These experiences allow him to deeply connect with companies to drive customer success.
