19th July, 2024: Auckland, New Zealand. Blog uploaded by: David Lim, @davidlim, #davidlim
The evolution of artificial intelligence (AI) has witnessed remarkable recent advancements that keep pushing the boundaries.
Game-changing AI models like ChatGPT are clear proof of how AI technology is increasingly closing the gap between machine intelligence and human cognition. And of its unprecedented global impact across multiple industries.
In this article, we explore 15 trends in AI set to redefine business operations in 2024.
We’ll also advise you on how to stay ahead of the AI curve to maximize business opportunities—including using Semrush tools to monitor AI trends.
1. Impact of AI on Jobs
AI may transform the job landscape by cutting roles in some sectors, increasing them in others, and augmenting existing ones with more advanced capabilities.
Respondents of the Future of Jobs Report 2023 “anticipate a structural [labor] market churn of 23% of jobs in the next five years.”
Most of these positions will likely have well-defined processes and low complexities. Here are a few at-risk work scenarios we anticipate:
Intelligent robocalling solutions could replace in-person telecalling jobs
AI-based accounting software could render bookkeeping roles redundant
A combination of bots and AI-based software could phase out retail sales associates
Smart AI assistants could see companies do away with human personal assistants and receptionists
Specialized AI-based underwriting programs could replace insurance underwriters
That said, more knowledge workers are increasingly enhancing their skill set with AI-based solutions. These solutions can aid with brainstorming ideas, copywriting, video editing, and image creation.
AI solutions already help medical professionals synthesize patient information and lawyers match patterns of new cases against old ones.
Some systems reduce the workload of customer service representatives by automating most interactions. Specialized AI machines augment human capabilities in manufacturing and research labs.
In addition, AI is poised to create further new jobs that help businesses apply AI.
For instance, we’ll need more AI artists, content creators, and research scientists. Plus machine learning engineers, deep learning engineers, and data scientists. As well as AI chatbot developers, AI product managers, AI solutions architects, and chief AI officers.
2. AI in the Workplace
People can begin to use AI in their workplaces to perform HR, marketing, and production tasks.
HR employees could use AI to source, shortlist, schedule interviews with, recruit, and onboard new candidates with greater efficiency.
Each industry can also find ways to maximize its use of AI differently. Like employing a technology like AI-based computer vision (CV).
CV could help manufacturing companies spot assembly line errors. The retail industry will probably develop CV applications to manage inventory. Insurance companies may use CV on drones to visually inspect damaged property claims.
3. Augmented Workforce
You can combine technologies such as AI, CV, and virtual and augmented reality (VR and AR) to improve key business outcomes.
Employees could soon work with digital humans, bots, and AI assistants to perform daily business operations. For example, it may soon be possible for employees to instruct digital humans via chat.
We’ll likely also see AI-based assistants carry out the bulk of customer service tasks daily. While employees monitor performance and step in only when needed.
4. AI-Augmented Apps
Both new and existing apps will add AI capabilities to enhance the user experience and expand functionality. AI-augmented apps will continue to introduce new features and use cases for existing tools.
Gartner predicts that the percentage of new apps using AI will grow nearly sixfold by 2026.
Consider an app like Grammarly as an example of an online editing and writing tool that’s becoming increasingly augmented with AI.
In 2023, it announced new AI-powered features. Today, the tool uses AI to perform real-time analysis of users’ unique habits and writing styles to make personalized recommendations.
Similarly, the AI companion chatbot Replika helps businesses to meaningfully engage with their customers.
The app uses natural language processing (NLP) and large LLMs to understand user queries and answer in a conversational tone.
Another example of AI-augmented software is FaceApp. Using artificial intelligence to transform facial expressions and features in photos, it can change or add hairstyles, makeup, age progression, and even smiles.
5. Personalization at Scale
AI can enable businesses to understand individual user needs and serve personalized experiences at scale.
More businesses will provide AI-powered product, service, and content recommendations to customers. Which could help increase revenue and customer loyalty.
AI has been available for large technology companies for many years. Streaming services like Netflix and Spotify deliver personalized content to hundreds of thousands of users through AI.
These platforms’ AI algorithms automatically analyze viewing or listening histories to then suggest movies, shows, or music that align with a user’s tastes.
Similarly, ecommerce platforms like Amazon now use AI to analyze customer browsing and purchase history. They can then provide personalized product recommendations, enhance shopping experiences, and increase sales opportunities.
The technology that serves these tech giants is bound to become more widely available to smaller businesses.
In the future, independent retailers and upstart tech companies could offer many of those same AI features to engage and convert customers.
6. AI-Driven Customer Service
Customer service will use AI to understand customers’ preferences and provide highly personalized assistance.
Some companies have already started their AI-driven customer support process.
For example, the automated accounts payable (AP) company Stampli introduced Billy the Bot.
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