Top 5 AI And Data Trends in 2024 And How They Can Transform Your Business
Artificial intelligence and Big Data have been ruling the tech charts for the past several years. With the advent of Generative AI in 2023, AI has permeated even the most basic processes and is transforming the way we work every day. Similarly, more and more organisations and individuals have realised the potential of data beyond marketing and are leveraging its power to boost sales and drive growth. 2023 was only the beginning of the AI and data revolution. We can expect these two technologies to have a greater impact and start solving major business and industrial problems in 2024. Only businesses that fully embrace AI and Data engineering will be able to survive and stand out from the competition this year and beyond. So here are the top 5 trends in AI and Data that can help transform your business in 2024.
Generative AI Will Become More Mainstream
2024 will see more AI-generated content, which will gradually become more realistic and humanised as the technology advances. More Generative AI tools will become open-sourced as people will be able to access them easily and without any fees or paid subscriptions.
LLMs (Large Language Models) Will Become More Specific
LLMs such as GPT, Llama, and PaLM 2 are already transforming the way AI generates content. In 2024, they will continue to improve and become more relevant. They will be instrumental in boosting data demand, generating new architectures like the “AI stack”, and altering the way data is handled and managed for end users.
AI Will Become More Operational
2023 was the year when businesses started experimenting with AI. 2024 will be the year when they confidently start integrating it in their operations related to supply chain, inventory optimisation, and more. Organisations will also start relying on AI and automation for the more mundane yet crucial tasks, so there are minimum errors, better productivity, and more intelligent decision-making.
Data Lakes Will Become More Popular
Although not a new concept, data lakes have not been extensively used as yet due to the large storage capacity of Cloud and hybrid Cloud environments. However, with the increase in the amount and speed of data being generated, thanks to Machine Learning (ML) and AI, organisations will turn to data lakes for data analysis and processing, and to store vast amounts of data. Data lakes store structured, semi-structured, and unstructured data sets in their native format, shifting the responsibility for data transformation and preparation to end users with different data requirements.
AI And Data Ethics Will Come to the Forefront
The rising awareness about the use of AI and data collection tools has already made the general public sceptical about the use of their data to train AI models and make them more accurate. With this extensive use of AI to generate and utilise vast amounts of data, businesses will need to become more transparent about where and how much personal data they are using to streamline their services.
With so much happening in AI and Big Data, it is safe to say that they will continue to dominate the tech realm in 2024, and possibly even beyond. Businesses will need to adapt and integrate all the top trends in these areas, including value-driven data analysis, multimodal AI, quantum AI, and machine learning, to name a few.
If you are interested in learning how intelligent data analytics can help your business succeed in 2024, FiguringOutData can help you make sense of your business data and build value through it.
Call us now at +44 0333 301 0302 or email us at hello@figuringoutdata.com.