Predictions for Generative AI in 2024

#GenerativeAI

The opinions in this article are those of the author and do not necessarily reflect the opinions of their employer.

My predictions about the impact of Generative AI in 2024 are below. I made some assumptions about some AI capabilities becoming available, specifically subscription based AI layers trained with copyrighted/paywall materials and the availability of autonomous agents.

Here are eleven potential impacts to consider:

1.???? Enhanced Decision Making: With access to a vast array of data from public, paywalled and copyrighted sources, businesses will leverage AI to make more informed decisions. This will result in more efficient strategies and improved market positioning.

2.???? Customized Content Creation: Companies in media, marketing, and education sectors will benefit from AI's ability to generate high quality tailored content. This could range from personalized marketing materials to educational resources, saving significant time and resources.

3.???? Automated Research and Development: AI will automate aspects of R&D, especially in industries like pharmaceuticals, technology, and engineering. This will accelerate innovation cycles and reduce the time-to-market for new products.

4.???? Enhanced Customer Experience: AI will provide ever more personalized customer experiences, from custom product recommendations to tailored support interactions, thereby improving customer satisfaction and loyalty.

5.???? Revolutionized Design and Engineering: In fields such as architecture, engineering, and product design, AI will generate multiple design options, conduct simulations, and optimize for the best outcomes, leading to more innovative and efficient designs.

6.???? New Legal and Ethical Considerations: The use of copyrighted and paywalled materials by AI will raise new legal and ethical questions regarding intellectual property, data privacy, and the boundaries of AI-generated content.

7.???? Shift in Job Roles and Skills: As AI takes over routine tasks, there will begin to be a shift towards jobs that require human creativity, empathy, and strategic thinking. This will also necessitate upskilling and reskilling of the workforce.

8.???? Improved Business Analytics: AI will synthesize complex data sets to provide deeper insights into business performance, customer behavior, and market trends, leading to more data-driven decision-making.

9.???? Enhanced Collaboration and Communication: AI will facilitate better collaboration tools, platforms, and communication thereby making remote and global teamwork more efficient and effective.

10.? Automation of Routine Tasks: Many administrative and routine tasks across various departments like HR, finance, and operations will be automated, allowing employees to focus on more strategic and creative work.

11.? Best of Breed Solutions: In order to manage costs and complexity, teams developing solutions generally use a limited number of tools, for example Salesforce or Oracle ERP. AI will be used to translate natural language definitions of the issues to be addressed into features based on best of breed tool selection and then integrate the resulting components, thereby abstracting the complexity of multi-tool solutions.

Of course, the only thing about predictions is that many of them will be wrong :-) .