Throughout the past year, we witnessed an unprecedented surge in the influence and capabilities of Generative AI, catalysing a transformation within the realm of artificial intelligence (AI). This marked a turning point where organisations found themselves embracing its potential with a strategic outlook.
Governments around the world are confronting the reality of coexisting and collaborating with AI, recognising the potential it holds for societal, economic, and strategic advancements.
Closer to home, the Singapore Government has begun to embrace it by tripling its talent pool of AI practitioners as a pivotal component of the country’s revamped National AI Strategy to address the needs and challenges of our time.
Aligning with Singapore’s broader ambition to shift from local to global prominence in AI, it marks the next chapter of economic growth and ensures the safe and efficient adoption of AI across business operations and scientific domains.
As we delve deeper into the intricacies of this technology-driven era, it becomes increasingly evident that the narrative surrounding AI is shifting, setting the stage for transformative trends in 2024 that will reshape the enterprise.
1. Convergence of Geopolitical Caution and Innovative Breakthroughs
Despite anticipated advancements, enterprises will proceed with caution, considering global economic uncertainties and geopolitical tensions. News coverage has identified the U.S. election as the single, most defining political event next year, and a delicate balance will be crucial for companies to navigate this complex landscape successfully.
2024 also marks a turning point where AI experiments evolve into practical applications. Solid use cases of Large Language Models (LLMs) and digital brains within business processes will emerge, facilitating quicker, more accurate decision-making.
Integration platforms will be pivotal in enabling seamless communication with these advanced AI systems, and we will start seeing practical use cases across enterprises and their use of LLMs, marking the transition of AI from theoretical discussions to operational functionality.
2. Data Accuracy Will Come at the Forefront for AI Success
Building on the experiential insights gained in the previous year, 2024 is poised to be the year of actual AI application, with a pivotal focus on data accuracy. Many companies still operate without a centralised data warehouse, often siloed in spreadsheets, or ensnared in various content formats such as documents and PDFs.
This fragmentation of data sources poses significant challenges, including inconsistent data quality, difficulties in real-time data access, and hindered collaboration across departments.
The success of AI applications hinges on the quality and precision of company data to effectively drive their operations and extract meaningful use cases, especially for LLMs, within the expansive realm of AI. Implementing a robust data strategy becomes critical to ensure that AI can effectively leverage the data for informed decision-making.
3. Diversification in Automation Investments Across Industries
Legacy companies are set to adopt integration-led automation, departing from traditional RPA approaches. While we anticipate that the financial and healthcare sectors will approach AI cautiously due to data sensitivity, high-tech companies will lead the race in AI adoption, especially in the fields of marketing, education, and HR.
Businesses will also shift their perspective on automation, moving away from viewing it as a series of individual tasks. In The New Automation Mindset, Workato’s CEO Vijay Tella writes: “Organisations that embrace the AI and automation movements along with the key tenets of the new automation mindset—the systems thinking, the adaptability and making work a true team sport—will become unstoppable and separate themselves from the rest.”
Embracing a holistic approach, organisations will understand and adapt their approach based on what’s happening at a macro market level and internally within their company.
4. Forward-Thinking CIOs Will Build Confidence with AI Foundations
Challenges related to data management, security, and the seamless incorporation of AI into business processes will be at the forefront for CIOs in 2024. Despite reservations among CIOs, businesses reflect a changing perspective on AI and are eager to experiment.
IT leaders must establish a robust security foundation for internal users by setting up guardrails and guidance through centres of excellence (CoE), handbooks, and policies that help organisations turn AI into a medium for enterprise transformation with secure and controlled AI experimentation.
In the coming year, we anticipate not just the adoption of AI but a cultural shift where nervousness transforms into excitement, experimentation becomes a norm, and innovation is nurtured with the guidance of technology guardians.
The emphasis on data accuracy, diversified automation, and the establishment of AI foundations serve as a roadmap for organisations to navigate the complexities of technology in the new era.
