Top AI Trends to Watch in 2024 and Beyond
2024 is already well underway, and the pace of change in the data and analytics industry is showing no signs of slowing.
The advent of large language models (LLMs) increasingly seems like a watershed moment for the industry. Much like other transformative technologies, the most important ways that generative pre-training transformers (GPTs) will drive business performance and improve our lives are still being imagined.
With that in mind, here are our top five AI trends to watch this year.
Adopting Federated LLMs for Enhanced Data Privacy:
As we discussed recently, many firms are grappling with the challenges of leveraging data for AI and ensuring data privacy at the same time. One strategy that may develop in 2024 is the adoption of a federated network of LLMs designed to offer the advantages of advanced AI but without the need to share the data itself, thus preserving privacy. Such technology is particularly relevant for industries like financial services and healthcare, where preserving patient and investor data can literally be a matter of life or death.
Using LLMs to Enhance Business Efficiency:
Sophisticated generative AI models are already making operations more efficient in many industries. Particularly in heavily regulated industries like banking and insurance, LLMs offer the ability to find efficiencies in areas like middle office operations without taking the potentially risky step of employing them directly with customers. In 2024, we expect that companies will continue to develop their capabilities in this area as well as expand into processing claims and underwriting policies. The continuing adoption of LLMs across industries underscores a strategic move designed to optimize business processes, reduce costs, and improve customer experiences.
Driving Sustainability Initiatives With AI:
Sustainability initiatives continue to be placed high on the list of strategic priorities for many large businesses, particularly those in heavily regulated industries. Advances in AI technology allow companies to analyze vast amounts of data on a range of key sustainability-related metrics like energy consumption, waste management, and supply chain optimization. This offers many opportunities for companies to advance their sustainability agendas by integrating sustainability criteria into their decision-making capabilities. For banks, this could mean more sustainable lending decisions and investment strategies, while insurance companies can leverage AI to assess risks and damages more accurately while still considering environmental factors.
Precision Medicine and AI in Healthcare:
Recent developments in AI have enabled a transformation in precision medicine, where healthcare providers can offer tailored therapeutics based on an individual’s genetic profile. As 2024 progresses we expect AI's role in enhancing diagnostic accuracy, predicting patient outcomes, and optimizing treatment plans to continue a process of expansion and refinement, and in doing so, elevate patient care standards. As a result, healthcare providers and insurers will benefit from more efficient, outcome-based models of care, potentially reducing costs and improving patient satisfaction.
Quantum Computing, AI, and Data Intensive Analytics:
The promise of quantum computing to revolutionize the way we do data and analytics has been somewhat eclipsed by the advent of generative AI over the last couple of years, but it should not be ignored. Quantum computers are continuing to grow in computing power, and organizations are starting to fuse the creative capabilities of generative AI with the raw processing power of quantum computers. For example, IBM is pioneering the use of generative AI for quantum code programming with its enterprise AI platform, watsonx. While the true benefits of the interplay between AI and quantum computing are unlikely to be realized in 2024, these technologies have transformative potential for data-intensive processes like those in banking, finance, healthcare, and retail, so watch this space!
You can find senior members of our expert community discussing these topics, as well as many others, at one of Corinium Global Intelligence’s industry-leading events near you in 2024.
