Industry executives and experts share their predictions for 2024. Read them in this 16th annual VMblog.com series exclusive.
Building a Business Case for AI to Uncover Value and Generate Impact
In
the dynamic landscape of artificial intelligence, 2X AI Principal Vikram
Ramachandran forecasts three significant trends that will reshape the industry
in 2024. First, he anticipates the rise of "AI Guides and Gurus", emphasizing
the growing need for experts who can navigate the influx of AI tools and
provide clarity for businesses. Secondly, Ramachandran predicts a crucial shift
away from AI hype as organizations increasingly prioritize concrete and
achievable outcomes over mere experimentation. Lastly, he notes that as the
technology matures, businesses are realizing that off-the-shelf AI solutions
will fall short of addressing their distinctive requirements, driving a need
for customization. As we delve into the intricacies of each prediction, a clear
narrative unfolds on the trajectory of AI in the coming year-maximizing the
potential benefits of AI requires both a technological and business lens.
1.
The Rise of AI Guides and Gurus: In
2024, the AI space will continue to get flooded with an overwhelming array of
tools, leading to decision paralysis for those entering the field. Recognizing
the need for clarity amid constant AI evolution, a notable trend is the rise of
"AI Guides or Gurus." These experts play a pivotal role, in distilling
complex information, guiding businesses through AI adoption, and ensuring the
technology's promise translates into tangible results.
As
the initial AI hype fades, businesses will go from experimentation to a
pragmatic evaluation of AI's real-world impact and return on investment. The
role of the AI Guide is evolving to meet this demand, requiring both deep
technical knowledge and business acumen, bringing to bear a keen ability to
make the business case for AI. In 2024, these gurus are becoming indispensable,
providing businesses with the necessary guidance to navigate the complexities
of AI adoption and drive meaningful outcomes.
2.
Shifting from AI Hype to Tangible Business Value: In 2024, a significant trend is the shift from AI hype to
a laser focus on tangible business value. This transition is crucial as
businesses seek practical and precise outcomes that are achievable with AI. The
emphasis is no longer solely on experimentation, but on the specific lift AI
can provide and ensuring it aligns with the associated costs.
As
the AI landscape matures, securing funding requires businesses to answer
critical questions about the real-world impact and return on investment. While
experimentation still plays a role, there's a growing recognition that
sustained success involves practical budgeting. Startups, in particular, are
compelled to prioritize AI initiatives that can deliver outcomes quickly, in
line with the fail-fast approach.. Therefore, the second trend in 2024 is
marked by a departure from mere hype, centering on concrete and practical
applications that drive genuine business value.
3.
Recognition Among Businesses for Custom AI Solutions Tailored to Their Unique
Needs: In 2024, a noteworthy
trend is the growing realization among businesses that their unique AI needs
necessitate custom solutions that build on their own discrete data. While
off-the-shelf AI solutions abound, businesses have spent years collecting and
analyzing customer data, in anticipation of the surge in AI capabilities. The
key lies in customizing AI tools to seamlessly integrate with existing
workflows across myriad industries, transforming raw data into meaningful,
actionable insights.
As
businesses understand that the true potential of AI lies in tailoring it to
their requirements, there is a heightened focus on customization. Major players
in the AI space are pivoting towards customer-centric approaches, and instead
of emphasizing features, they are increasingly emphasizing partnership-driven
product roadmaps. This shift signifies a departure from the notion that AI is a
fleeting trend and emphasizes the strategic integration of AI solutions that
enhance and elevate business operations. The trend in 2024 is clear -
businesses are increasingly seeking AI solutions that are finely tuned to meet
their distinct needs and drive meaningful outcomes.
Distinguishing
itself from traditional technology companies, 2X's perspective on AI for 2024
serves as a bridge between businesses and the transformative potential of AI,
rooted in practical, client-centric solutions. They connect clients with
top-tier experts and proven technologies. Focusing on comprehending clients'
meticulous analysis of their marketing challenges, strategically integrating
customized AI solutions for seamless optimal support. The commitment extends
beyond implementation and expert collaboration, ensuring that recommended AI
solutions solve problems and deliver measurable value.
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ABOUT THE AUTHOR
Vikram
Ramachandran is Principal, AI at 2X, and leads AI-related initiatives at the
company. Vikram began his tenure at 2X as a content writer and strategist,
delivering high-impact content and creative solutions to B2B clients across
numerous industries. He later spearheaded 2X's initiative to scale content
production with generative AI, and continues to bring the benefits of AI across
the business. He previously held content marketing roles in large media
organizations and regional streaming video platforms.