In 2023, artificial intelligence (AI), machine learning (ML), and particularly generative AI (GenAI) had become widespread. However, the emphasis was more on performance arts rather than content. When the online community becomes enamored with a technology trend, it dominates the headlines as “breaking news” and “news updates” incessantly. AI in 2023 seemed akin to incessant ICYMI and FOMO advertisements for Medicare benefits, eventually replaced by intrusive prompts to splurge on Christmas shopping. This encapsulated the essence of AI’s presence in 2023, with approximately “6,790,000,000” reports circulating about AI, surpassing the coverage on Donald Trump during the same period.
In 2023, AI began crafting narratives. Following a myriad of captivating tales such as “AI might surpass human capabilities,” the narratives unfolded, leading to the blossoming of connections until the parties involved realized the necessity of meaningful relationships. This evolution is poised to be further delineated in 2024.
Consequently, five predictions for 2024 can be made with confidence, with one exception:
- Traditional Machine Learning Will Experience Extensive Growth
- Executives Might Endeavor to Grasp AI
- ChatGPT, Bard, and similar technologies could permeate various domains
- Return on Investment (ROI) Will Evolve into Strategic Objectives and Key Results (OKRs)
- Business Schools Might Review Their Educational Framework
Rise of Traditional Machine Learning
Contrary to expectations, simple machine learning applications (narrow AI/supervised learning) will continue to proliferate in problem-solving scenarios. While generative AI is expected to dominate discussions, the surge in “basic” machine learning applications is attributed to heightened executive attention towards AI, machine learning, and relational AI. Regression-solvable issues are cost-effective and straightforward to implement, making them an attractive investment for companies seeking operational efficiency and streamlined processes. The groundwork laid by AI advancements in 2023 will yield substantial dividends through the reimagining of business processes and technological alternatives.
Executive Engagement in Understanding AI
Despite a prevalent lack of comprehensive technical knowledge, executives’ intrigue in all things “Artificial” is anticipated to reach unprecedented levels in 2024. Motivated by the potential for cost savings and revenue generation through AI, executives will acquaint themselves with the theoretical underpinnings of AI and its problem-solving capabilities. The integration of AI, ML, and GenAI into strategic planning will become more prevalent, necessitating a fundamental understanding of AI’s functionalities and implications.
Influence of ChatGPT, Bard, and Emerging Technologies
The transformative potential of GenAI remains largely unexplored, promising groundbreaking applications across diverse industries. Technologies like ChatGPT and Bard are poised to revolutionize various sectors, unlocking efficiencies, cost savings, and enhanced competitiveness. The pervasive impact of AI/ML/GenAI will extend to information-intensive industries, automating tasks previously deemed non-automatable, thereby reshaping professional landscapes and operational paradigms.
Transition from ROI to Strategic OKRs
The transition of AI/ML/GenAI from experimental endeavors to Minimum Viable Products (MVPs) in 2024 will usher in a paradigm shift towards strategic goal-setting through Objectives and Key Results (OKRs). This strategic integration of AI into business frameworks will debunk misconceptions about AI’s limited impact, highlighting its transformative potential across diverse professions and industries.
Revamping of Business School Curricula
Business schools, historically anchored in traditional business paradigms, will confront the disruptive influence of AI/ML/GenAI on business models, practices, and disciplines. The outdated curricula of business schools will undergo scrutiny in 2024, prompting a reevaluation of educational frameworks to incorporate the evolving role of AI in business landscapes. This pivotal shift signifies a departure from conventional business education towards a more dynamic and AI-centric learning approach.
The Maturation of AI in 2024
The year 2024 marks the maturation of AI, ML, and GenAI, signifying a transformative phase in the technological evolution. Key developments in 2024 include the strategic positioning of AI within businesses, solidifying its role as a critical enabler of innovation and efficiency. This maturation phase heralds a new era where AI assumes a pivotal strategic role, ensuring its enduring relevance and impact across industries.
