AI in 2024: Time for a Long-Term AI Strategy

Welcome to 2024, everyone!?

This year promises to be an extraordinary one, filled with innovative ideas, inspiring stories, and remarkable achievements.

According to McKinsey, Generative AI (GenAI) will continue to command the spotlight in 2024. As predicted by Deloitte, Generative AI is set to become an integral part of nearly all enterprise software offerings in 2024.?

What you can expect from AI and what to look out for in 2024?

Get ready for Multimodal AI

Many existing Generative AI models are stepping up their game by incorporating new data types. Images, language, and audio will make AI even more intuitive and dynamic. The term for this is Multimodal AI.?

You will now be able to feed documents and images into models like ChatGPT and LLama 2. You might want to watch out for this technology and how you can utilize it in your respective business. For example, analyzing spreadsheets may soon become a much faster job.

From Large to Small. What Language model is right for you?

In comparison to Large Language Models (LLMs) trained on enormous datasets, Small Language Models (SMLs) are made from smaller datasets. They aren’t as powerful as LLMs but take less processing power.?

However, this makes them cheaper and more economical. Perfect for simple routine tasks, where SMLs can provide great returns on your investments.?

AI focus areas of 2024

The adoption of AI technology has increased rapidly in the past year. However, companies are not necessarily considering the long-term.

AI is here to stay, so it’s time to develop an impactful AI strategy.

Here are 3 key points to consider:

1. Can we make AI sustainable?

Overlooked in 2023, 2024 might be the season for AI and Sustainability. There are 2 main points to make here.

One, the high-power computing used to sustain AI applications will continue negatively affecting the environment.?

Two, AI algorithms are expected to help solve environmental challenges like optimization of resources, predictive maintenance, and boosting the efficiency of renewable energy sources.

So keep an eye out for developments in this area.

2. Human-centered AI = the right type of AI

Human-centered AI is a type of design, where AI is focused on “augmenting human capabilities”. It also entails the societal changes that need to happen for AI to reach its full potential.?

Since AI is leaving its mark on society as a whole, it’s a good idea to think of “What needs to change in order to make the most of this AI application?”.?

Even if you’re not considering bringing AI into your business directly, then at least think of how you can transform your business model so it supports innovation in the AI space.

3. Don’t forget about security

Another hot field in 2024 is said to be AI x Security.?

Allowing AI systems to make decisions is so convenient, that many products and companies are incorporating it without adequate security testing.?

This is not the preferred way of integrating applications. Just because it might save the company some money, it’s not worth the risk it will pose in the future.?

So, build your applications in a complex way and future-proof yourself.

What you should know about the EU’s AI Act

Speaking of future-proofing, let’s look at the EU’s pioneering move in the AI regulation space.

On December 9, 2023, the European Union reached a provisional agreement on the AI Act. This is a groundbreaking development in AI regulation.

So what does it mean for you?

• Right now, the legal process is still in motion, but we expect it to be finished this year.
• With the transition period being two years (= the time set out for making the necessary changes), everyone will have to be compliant with the Act by 2026.
• We recommend you allocate a part of your 2025/2026 budget for altering what’s needed and preparing for the regulation.
• Also, watch out for the timeline regarding prohibited AI systems, as these will be enforced just 6 months after the implementation of the Act. Should your device be using a banned form of AI, you might want to consider taking it off the market until fixed.

Overall, the legislation is poised to prioritize transparency, ethics, and fundamental rights.?

In conclusion, the EU's AI Act is a bold step towards establishing a regulated AI environment. It tries to balance the need for innovation with ethical considerations and user rights, potentially setting a global standard in the AI sector, much like the GDPR did for data privacy.

That is all for this issue. See you next time!