Top Data and AI Breakthroughs of 2024

We're on the cusp of something extraordinary. We are witnessing one of the most fascinating technological breakthroughs. With projections suggesting a staggering $10 trillion boost to global GDP by 2028 (according to McKinsey), it's clear that AI is set to ignite an economic revolution.

Isn’t that thrilling? I am genuinely excited about this.

We are living in a unique era where one of the largest tech revolutions is unfolding right before our eyes. This is our moment to create, innovate, and solve problems on a groundbreaking platform.

The data and AI landscape has evolved dramatically in 2024. It's time to take stock of our journey, recalibrate our strategies, and set our sights on 2025 and beyond. I personally feel we have made incredible strides this year. The latest McKinsey Global Survey on AI reveals a staggering 65% of organizations now regularly use generative AI, almost double the figure from just ten months ago. This exponential growth underscores the transformative power of AI and the speed at which it's being integrated into businesses worldwide.

Let's delve deeper into the key trends shaping 2024 and explore how we can capitalize on them to drive success in the coming years.

Augmented Intelligence: Better Together

Human intelligence + artificial intelligence = augmented intelligence.

Augmented Intelligence—developed to enhance human Intelligence rather than replace it—plays a crucial role in increasing efficiency without compromising data integrity and accuracy. It combines the strengths of both human cognition and AI algorithms, resulting in a powerful synergy that transforms various industries but will have a major impact on the Finance sector.?

In the finance sector, high-risk data requires human intervention. Augmented Intelligence can efficiently process and analyze large volumes of data, such as PDFs and spreadsheets, for risk assessment. While automation is useful for simple tasks like directing web traffic or answering yes/no questions, complex financial situations necessitate human involvement. Rather than transferring customers to a representative after 10 minutes of chatting with a bot, it’s better to engage with a human from the outset of the interaction.

Augmented Intelligence can enhance digital customer communication, not replace it with algorithms. Augmented Intelligence market share is expected to increase to USD 54.7 billion by 2026!

Protecting What Matters: Data Security and Ethics Are Non-Negotiable

2024 taught us weak Data security systems can cost you millions! The massive ransomware attack on Change Healthcare in February 2024 crippled US healthcare. The cyberattack, claimed by the Blackcat/Alphv group, exposed sensitive medical data of millions of Americans. Hospitals, pharmacies, and other healthcare providers faced severe disruptions in operations and finances. The ransom itself is estimated at 20 million dollars!

The first AI Act passed this year, Regulation (EU) 2024/1689, represents a pivotal moment in global AI regulation. It sets forth comprehensive guidelines for AI developers, deployers, and users, aiming to strike a delicate balance between innovation and safeguarding citizens’ trust. Notably, its impact extends beyond the European Union (EU), reaching any organization with operations or influence within the EU. Penalties for non-compliance can range from substantial fines—up to 7% of global annual revenues—to fixed amounts. In essence, the AI Act shapes the future of responsible AI adoption worldwide.

One clear lesson from 2024 so far - invest in data security!

AI Hallucinations Can Make Your AI Better

The February 2024 Air Canada incident shows that AI hallucinations can come at a price. Air Canada’s chatbot giving wrong information to the customers about policies created a storm in the news.??

AI hallucinations might seem like a setback, but they are invaluable learning opportunities. Rather than dismissing them as failures, businesses should view them as opportunities for improvement. By carefully analyzing these instances, you can identify gaps in their AI systems, enhance data quality, and refine algorithms.

Beyond their role as error indicators, hallucinations may spark innovation. It is essential to foster a culture of experimentation where hallucinations are not simply dismissed.

The New AI Mantra: Business Value First

As we approached the second half of 2024, the fervor surrounding artificial intelligence (AI) began to wane—not because AI’s future isn’t promising, but because some companies had fallen into the trap of implementing AI merely for the sake of doing so. The critical question emerged: Were they truly addressing real-world problems or meaningful business use cases?

The central challenge in AI adoption lies in estimating and demonstrating the value of AI projects. As organizations scale their AI initiatives, they must consider not only the immediate productivity gains but also the total cost of ownership and the broader benefits that extend beyond efficiency improvements.

As we reach the midpoint of the year, we’re witnessing growth in the use of AI for straightforward tasks like summarizing meetings, drafting emails, and creating job postings. These tools are enhancing productivity, but they represent just the tip of the iceberg in terms of AI’s potential. There’s a vast landscape of possibilities yet to be explored.? The rise of AI agents (also known as AI-powered bots) is evident, though they are still finding their footing. For the next 10 years, Gen AI will augment humans, not replace them. In the short term, AI agents will automate parts of the business processes—but not all of them.

AI’s journey reflects the classic tech hype cycle. Initially, there’s a wave of boundless enthusiasm and excitement surrounding the new technology. However, as the initial buzz fades, clarity begins to emerge.

As we start to see where AI truly makes an impact, those who have effectively harnessed its capabilities to achieve business value will stand out as clear winners. The future holds immense potential for AI, and we’re just beginning to scratch the surface of what it can achieve!