Five AI trends for 2024 – And How To Set Projects Up For Success

2023 will go down as the year artificial intelligence captivated business leaders, as services like ChatGPT and Google Bard made the power of the technology tangible to millions of people.

We’ve seen a flurry of interest in not only generative AI (GenAI) based on large language models (LLMs), but our recent Annual Cloud Report revealed strong appetite for investment in AI more broadly, from computer vision systems to machine learning and data science for AI applications.

That’s great to see. AI has huge potential to lift productivity, improve customer service, and speed up product development. But let’s not forget, AI projects have traditionally had a high failure rate – 60 – 80% according to various reports by research groups.

There’s a growing sense of FOMO in the business community, which is leading to a headlong rush to develop and deploy AI platforms and services. Now is definitely the time to experiment. But the last thing you want to do is put time and money into projects that fizzle out or cause reputational damage because they create security or ethical issues.

Here are five trends we expect to see in AI in 2024 and some tips on how to make the most of the investment you put into your organisation’s AI efforts.

1. The Copilot productivity test

We’ve been told for years that intelligent assistants are coming that will cut through the admin and drudgery of office life, helping to manage our inboxes, draft documents and summarise information instantly. Well, the intelligent assistant era began in late 2023 with the arrival of Microsoft’s Copilot services for Microsoft 365 and rival services from the likes of Google.

In 2024, CIOs across Australia and New Zealand will be advising their senior leadership teams on whether to deploy these services to boost productivity. At a licence cost of around A$45, Copilot for Microsoft 365 it’s a hefty investment. We expect limited rollout to test the productivity promise before widespread deployment. The Australian Government is piloting Copilot across several government agencies.

Beyond productivity, there’s huge potential for these services to transform knowledge management by allowing an intelligent agent to analyse an organisation’s data in a secure environment to provide insights. Currently, the indexing costs of doing so can be prohibitive. But the price will come down in 2024 as adoption increases.

2. Rise of the model gardens

OpenAI and its free and premium ChatGPT services hogged the limelight this year. However, hundreds of LLMs have been developed and deployed across the tech ecosystem. The business model for providing LLMs is starting to take shape, with platforms offering a range of LLMs to suit your needs. AWS has its Bedrock service with foundational models from the likes of Stable Diffusion, Antropic, the open source Llama 2, and Amazon’s own Titan models. Google’s Model Garden features 100+ models allowing you to pick and choose what you need. The public cloud consumption model is now underpinning use of GenAI. In 2024, we will see the rise of ‘chaining’, where you use several models optimised for specific tasks to power a single product or service.[…]

2023 will go down as the year artificial intelligence captivated business leaders, as services like ChatGPT and Google Bard made the power of the technology tangible to millions of people.

Here are five trends we expect to see in AI in 2024 and some tips on how to make the most of the investment you put into your organisation’s AI efforts.

1. The Copilot productivity test

2. Rise of the model gardens

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