Best AI trends to follow in 2024

The launch of ChatGPT in 2022 was a significant turning point in Artificial Intelligence. As the years have progressed, Generative AI has taken the world by storm. There are several challenges that have come up over the years and need to be addressed. To address these challenges it is important to shift the focus from experimentation and move towards a real-time application of AI in business and other organisations. In this blog, you will find the top AI trends in 2024 that business organisations need to keep up with.

Top AI Trends that will Transform your Business Mindset

The AI trends are changing over the years and it is important to adapt to them to keep your business up and running. Some of these trends have an everlasting impact and they decide what the future of AI looks like in different fields. Here are are top trends you need to follow in 2024.

1. Multimodal AI

Multi-modal AI makes use of AI systems that can process information from different sources of data. This means that it can handle and interpret data from different inputs such as images, videos, audio and sensor data and texts. Multimodal AI applications are widespread and expanding. For example, instagram makes use of multimodal AI to recommend personalized content by combining video, audio, and text analysis.

Benefits

• Development of virtual assistants to improve user experience
• Better understanding and accurate predictions

2. Open Source AI

Using an open-source model allows developers to build large AI systems with fewer resources. Building large language models is an expensive process that requires a huge amount of data. Open Source AI is free and publicly available, which makes it easy for developers to build using other’s work. This reduces the costs and allows researchers and organizations to collaborate and build using existing code and data. Although the open source model was less in number, now the landscape has broadened, allowing room for more exploration and experimentation.

Benefits

• Reduced computational costs
• Increases accessibility for researchers and developers

3. Agentic AI

Agentic AI reduces human intervention. Unlike traditional AI models that operate with user inputs, Agentic AI can perform independent tasks. AI agents are designed to understand the environment and act on it; they don't follow predetermined programming. For example, a financial agent AI can manage investment portfolios in real-time and keep up with changing market conditions accordingly.

Benefits

• Performs tasks in a better way
• 24/7 availability

4. AI Trust, Risk and Security Management

The use of AI in an organisation without approval or without following certain guidelines can raise the issue of shadow AI. As AI becomes more available, its use is becoming more prevalent in business organisations. Its use needs to be managed as it can compromise privacy and security. For example, a user may unknowingly feed trade secrets when using AI chatbots and may expose sensitive information to third parties. To tackle this problem, every business needs to set acceptable AI policies in place.

Benefits

• Reduces the risk of data loss and theft
• More transparent and ethical

5. Model Optimisation

Organisations across industries are implementing AI in their businesses. However, building an AI and setting it up is not enough. The built AI model needs to undergo optimization to improve efficiency and performance. This trend is crucial to creating AI models that consume reasonable amounts of resources, are high-performing, and are highly applicable to complex real-world scenarios. Using different optimization techniques like pruning and regularisation helps tap into the full potential of AI.

Benefits

• Reduce latency and energy consumption
• Gives faster and more accurate outcomes

6. Customised generative AI for Enterprises

The major advantage of customised AI models is that they can cater to specific users' needs and niche markets. This AI system can be tailored for a wide range of business needs such as customer support, document review and supply chain management. Business sectors such as healthcare, finance and legal can benefit from custom AI generative tools. To build a custom AI, organisations can modify the already existing AI models and tweak them to suit their specific business goals.

Benefits

• Provides tailored solutions and better user experience
• Increase business productivity