Growing investment in AI has become a significant trend in recent years. In 2023, a McKinsey Global Survey revealed that 40 percent of respondents believed their organizations would increase investment in AI due to advances in gen AI. As we enter 2024, it is no longer a question of whether companies should invest in AI but rather a focus on the necessary skills analysts need to ensure the effectiveness of AI models and the ability to justify decisions to auditors.
Investing in staff training
To maximize the benefits of AI adoption, companies must invest in staff training. The dividends reaped from such investment are numerous. With proper skill development, analysts can effectively utilize AI and make data-driven decisions confidently. Furthermore, justifying decisions to auditors becomes easier when employees possess a deep understanding of AI technology.
Ramping up the Production of New Generative AI Use Cases
In the year 2024, the emphasis will be on ramping up the production of new generative AI use cases, where the real commercial value lies. Companies need to identify the potential applications and benefits of generative AI technologies and develop innovative use cases that solve complex problems and improve operational efficiency.
AI Adoption in the Finance Function
The finance function is often at the forefront of embracing new technologies, seeking to unburden themselves from manual, time-consuming tasks and focus on strategic projects. AI plays a crucial role in automating such mundane tasks, enabling finance teams to reallocate their time and resources to more strategic decision-making and value-added activities.
Increase in ‘Agent’-Based Tools
An exciting development for 2024 is the increased use of “agent”-based tools. These AI-powered tools act as virtual assistants, autonomously performing tasks, making recommendations, and streamlining workflows. With their advanced capabilities, “agents” will revolutionize industries, enhancing productivity and reducing human intervention.
The rollout of AI features in products
The integration of “AI features” into a wide range of products will continue to be a notable trend in 2024. Industries across the board, from healthcare to manufacturing, will strive to leverage AI-driven enhancements to improve efficiency, accuracy, and customer experience. From chatbots to personalized recommendations, AI will become a common component of everyday products.
Balancing Hype and Fear with Real Problem-Solving
While AI is often surrounded by hype and fear, it is crucial to recognize its practical application in solving a wide range of problems. In 2024, we anticipate an even greater adoption and rollout of AI-first features by almost every company. By thoughtfully adopting AI, not only can we ensure its safe usage, but we can also improve safety in other areas such as customer onboarding and fraud prevention.
Thoughtful Adoption of AI for Safety Improvements
Adopting AI thoughtfully enables companies to utilize it safely, minimizing risks and maximizing benefits. By integrating AI into safety-critical areas like customer onboarding and fraud prevention, companies can enhance security and minimize the potential for fraud or errors. The advancements in AI technology provide a unique opportunity to significantly improve safety across various industries.
As we step into 2024, the adoption and investment in AI will reach new heights. Companies will recognize the importance of investing in staff training to ensure effective AI usage and decision justification to auditors. The production of generative AI use cases will be prioritized to unleash the true commercial value of AI. The finance function and other industries will witness increased automation through ‘agent’-based tools. AI features will become ubiquitous across products in various sectors, bringing improved efficiency and customer experiences. However, it is crucial to balance the hype and fear surrounding AI by focusing on its practical problem-solving applications. By adopting AI thoughtfully, companies can navigate the path to a safer and more efficient future.