AI Predictions and Actions for 2024

As #ai adoption accelerates into 2024, from our experience the actual adoption and integration into businesses is still a long way away.

Here is a summary of the key AI predictions and strategic recommendations from the GP Bullhound Technology Predictions 2024 report:

AI Predictions for 2024

• Large language models (#LLM) like ChatGPT will become smaller and more optimized, making AI more accessible and commoditized. This could disrupt the competitive landscape as barriers fall.

• Legacy data will become extremely valuable as new AI techniques can extract insights from previously unusable unstructured data. This will drive an M&A boom as companies acquire data-rich targets.

• AI will reshape media and entertainment with highly personalized, generative content. It may also lead to IP conflicts.

• Surging demand for AI chips and infrastructure will intensify the global semiconductor shortage, as hyperscalers race to invest.

• AI and VR/AR will transform education and corporate training through more immersive, tailored experiences.

Strategic Recommendations

As predictions go, these are right on the mark. However, to be able to start embedding AI into every aspect of any business, requires a number of strategic imperatives. The challenge is to create a comprehensive strategy and roadmap, together with building or enhancing your capabilties to take advantage of what's available:

• Evaluate if your data sets can train better AI models.Acquire or find companies and data sources strategically for their legacy data. There are 1000s of open source data sets out there; think about your data strategy to bring a pipeline of data on relevant use cases for AI.

• Prepare for more competition as AI commoditizes. Rethink offerings to stay differentiated. As firms will need to think about how AI will transform their business, and how to adapt every business process.

• Invest in AI expertise and infrastructure, including specialized chips/GPUs. Partner with AI providers. As you start to build your team, consider new skills and expertise to help construct the right team. It will require traditional data roles, as well as new data roles, focused on AI Data, and includes new infrastructure architecture skills, which can build and operate on-premise hardware clusters to handle scaled Generative AI.

• Leverage AI for personalization and new content formats, but establish protections against IP misuse. Embedding AI into Marketing an Content creation will need new skills, such as Prompt Engineering, as well as lawyers trained to understand new legal challenges.

• Explore immersive learning opportunities. Start small pilots to prove value before broader implementations.

• Monitor regulations as authorities balance AI innovation versus risks. Maintain high ethics standards. As the EU AI Act start to take shape, and the AI Safety challenges surface, new governance and compliance teams will be needed.

In summary, AI promises major advances but also disruption in 2024. Firms should make strategic preparations to capitalize on the opportunities while mitigating risks.