Artificial intelligence used to be an incomprehensible idea only a decade back. However, technological advancements and the ever-growing need to make businesses more efficient and target-driven have made artificial intelligence more relevant than ever.
As per a survey, 73% of companies in the USA have already adopted AI tools over the last year and this number is expected to grow in 2024. New AI solutions will expectedly bring about groundbreaking changes in the form of efficient business operations, increasing revenue, advanced business models, and more.
Amid the delightful adoption of artificial intelligence, there might be some challenges or new opportunities we cannot overlook. Let’s discuss some key AI prospects for the year 2024.
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Artificial Intelligence for Business Excellence
Generative AI (GenAI) is anticipated to be the next best thing across different business niches. A single GenAI model can be personalized as required and used for numerous functions. However, the challenge is to understand the full potential of GenAI models and explore how customizable and scalable they can be, while also keeping an eye out for potential risks.
Companies that use GenAI occasionally or in isolation will not be able to view the complete value of the technology. Therefore, a great way to use generative AI for business is to focus on scalable patterns.
Using GenAI for unstructured data can help extract insights for stress-free decision-making and empower cross-functional teams to reimagine their entire workflow for enhanced collaboration and productivity.
GenAI is for Everyone
One of the most interesting facts about GenAI is how easily accessible it is for all members of a team or an organization. The complete impact of AI on business is yet to be discovered. However, the level of engagement it brings about for both technical and non-tech teams is undeniable.
Knowing how to use artificial intelligence for business excellence will add to the skillset of employees. People in managerial positions would have an even bigger challenge and a greater opportunity to grow as they learn how to use the GenAI tools but also how they can assess and manage teams or employees who use these tools. While the potential of the technology is promising, it has some associated risks which must not be overlooked. It includes overdependence on AI or even using AI haphazardly. This is where the right learning and gradual familiarity with the AI tools can help in leveraging the best of technology in 2024.
GenAI Will Help Improve Services and Products
The potential to offer improved products and services makes AI an exciting technology to adopt in 2024. Several functions, such as developing new products, introducing new services, improving existing offerings, and enhancing customer engagement are possible with GenAI tools.
As the adoption of artificial intelligence for business grows, we’ll see more significant use cases in which AI can play a defining role. It is anticipated that soon GenAI will not just be an add-on in applications but a core element. This will make the AI-supported applications faster, more efficient, and largely customizable. Other aspects including machine learning processes and IoT networks will eventually rely on GenAI as well.
The challenge for top firms in the process of incorporating AI into their core process is to ensure a smooth transition. The improvement in service and product quality with the help of GenAI can only be achieved through a gradual yet seamless AI adoption. For this purpose, AI-powered tools by Salesforce can help achieve successful AI adoption and smooth integration within the current technological ecosystem. Businesses have to first adopt an innovative approach to transforming their processes to ensure they fully benefit from the incredible capabilities of GenAI.
Data Transformation Will Become Easier
Among the exciting AI predictions for 2024, it is almost certain that the new GenAI tools will ease the handling of tasks in various departments including tax, IT, and finance.
Undoubtedly, transforming unstructured data into something usable can be far less complicated and easier if GenAI models are customized and used accordingly. However, it can only be successfully achieved with the right implementation of AI protocols. In addition to investing in AI tools and software, it will also be a challenge to set up a workforce that is confident in leveraging AI to its full potential. A wide range of learning materials is now available on several platforms to help businesses empower their workforce to be more AI-ready than ever.
Using artificial intelligence for business is highly likely to cut short the time spent on complex tasks. Additionally, the need to upgrade common enterprise applications will cease to exist because once you upload them to the cloud and personalize GenAI models according to your needs, the evolution of the applications will be done automatically and effortlessly.
