When we look back at 2023, several incredible changes we can observe in the field of artificial intelligence (AI) doubt. From natural language processing to advanced computer generative vision, we’ve seen several AI technology milestones. So, there’s no doubt that in 2024 too, AI will continue to grow and make some major growth. All the trends of 2024 are not feasible for your business model. You have to analyze which AI technology is a meaningful advancement and which is just a distraction.
However, Artificial Intelligence (AI) has transformed significantly, from addressing customer queries to predicting futuristic trends. Despite getting criticism for causing unemployment, AI-enabled automation in business growth is a reality too. Businesses of all sizes and niches are banking on the latest AI technology breakthroughs. Without human-machine collaboration, the chances of a business surviving in stiff competition are nearly impossible. This blog post focuses on the latest AI technology trends of 2024 with their business benefits.
AI Technology Trends for Business Growth
1. Generative AI
This is a subset of machine learning technology generating new data from the available data set. The whole idea is to serve businesses with data that appears similar to the original input data. This AI technology implements deep learning algorithms to understand patterns and available features. The data set includes code, text, audio, video, images, or any particular data format. Generative AI is already serving diverse applications.
ChatGPT was launched in November 2022 as a bot version of GPT-3. Being a language model it was highly appreciated by users for the answer it generates. By analysis of human feedback, this AI provided outcomes on the needs of humans’ expectations. ChatGPT can easily generate conversational dialogues with humans. So, it is a perfect addition to becoming an office assistant and offering customer support. It simply creates and respond the way human-sounds.
3. Machine Learning
Machine learning is an important technology suite of artificial intelligence. It is basically a machine that can make decisions by itself after learning without getting programmed. It is a top emerging technology in artificial intelligence that enables systems to learn and improve automatically. To be a master of machine learning, knowledge of different algorithms is required. The data set is fed to algorithms to enable computer devices to learn. Machine learning platforms work by studying, classifying, and predicting data from large sets.
4. Virtual Agents
Virtual agents are a valuable addition for a business to serve their internal and external needs. Internal department communication can be streamlined using chatbots. To access information from another department, a virtual agent can be really helpful. When it comes to external communication, a chatbot is the most promising feature for a business. AI-enabled bots help to serve customer queries 24/7 without taking any breaks.
It even lowers operational costs by saving money on hiring customer support executives. The bot is a computer program that serves customers in a natural language. Chatbot falls into the conversational AI Solutions category and responds to user inputs. Virtual agents simplify interactions between people and services, thus bringing a touch of personalized customer experience.
5. Deep Learning
Deep learning is a crucial addition to artificial intelligence that operates based on neural networks. Here computers and machines are taught using the examples of humans. The important thing to know is that “deep” is used because it has hidden layers within the neural networks. According to experts in AI, the neural network has a minimum of 2-3 hidden layers and it can reach over 100 hidden layers. Deep learning is majorly used in business where huge data is present to train a GPU model.
Predictive analytics is automated using algorithms that work in a hierarchy. Deep learning has become an integral element in several domains including aerospace and military. It can be used to identify objects from satellites and ensure workers are in a safe environment where machines are running. Other use cases are in healthcare where cancer cells are diagnosed for timely treatment.
6. Computer Vision and Hyperautomation
Computer vision, a major technology subset of AI helps computer devices to understand image-based data for automation of modern manufacturing. It handles diverse tasks including automated product defect detection, risk management, 3D modeling, product shipping, and packaging support with complete inventory management. Visual processing brings functionality to boost human-level quality assurance and even supersede the skills a typical human could integrate.
The AI models and robotics collaboration have become particularly important to achieve hyper-automation. Image inputs can be used for proper classification, explanation, and recommendation. From there, users can operate manually for correction or consider robotic process automation (RPA) to perform fixes as per the rules.
These AI Technology Trends are currently in use and lets talk about the advantages of AI Technology.
Advantages of Artificial Intelligence for Your Business
1. Workflow Automation
AI is really helpful for businesses to make their workflow efficient with the addition of automation features that were earlier missing. This is really helpful in allocating critical tasks to the workforce and finishing pending tasks with accuracy. Stakeholders can make better decisions using AI for market research and data insights.
Customer service can be streamlined with a more personalized touch using AI integration. Businesses can connect with AI development companies to implement AI-powered bots to resolve customer queries without any delay. Doing so can simply lower the support team overhead and improve the response time.
2. Virtual Assistance
Voice command has become a new norm to perform tasks. Businesses can use AI technology to interact with multiple clients and end-users. Engagement is highly needed to survive in the competitive business world. AI-enabled voice commands will keep you in touch with real-time changes and the social media world.
The most popular examples of AI voice commands are Alexa, and Google Assistant helping users to ease their tasks. Chatbots are already helping businesses to assist them in different complex tasks, such as customer service. Virtual assistants can help to improve a business’s efficiency, helping with a more engaging technological world.
3. Understanding Behavior
Businesses need a mechanism to interact with customers and make them feel valued. This is possible if they have a method to understand the behavior of the target audience. AI can be used to streamline these things, businesses can keep a check, analyze and understand human behavior. AI technologies have become so advanced that they can even define whether a response is relevant or not to take a specific action.
Companies can even add AI functionality to keep a check on employee behaviors. Not only that, but AI can even improve a business’ security structure. Some AI tools can detect bugs, manage cyberattack risks and notify admin about attacks.
4. Reducing Cybersecurity Threats
Data security is extremely crucial, particularly when your business gathers customer data for processing. Seeing the current scenario, the chances of data getting hijacked have become high. And, many organizations are facing cyber-attacks on a regular basis.
Businesses can easily secure themselves against online attacks by implementing AI tools like the predictive analysis. This is really useful to identify how attacks will occur and what are the vulnerabilities in the network.
5. Reducing Operational Costs
Cost is an important factor for every business and with the latest AI technologies you can lower the cost of running your business. It is true that AI will lead to unemployment as employees are being replaced by chatbots but business is getting the benefit.
In addition, the availability of AI tools like Big Data analytics will assist businesses to get real-time data insights to maximize their profits. Earlier redundancy and errors were common when managing large data sets. Besides, AI has eliminated all these concerns reduced financial losses, and has helped businesses increase their digital presence that cater to the consumer’s specific needs.
Finally, Artificial intelligence is transforming at a rapid pace, and with that change comes several opportunities for businesses to include AI Technology Trends to engage prospects. There is also concern and anxiety among people regarding AI, believing advanced technologies will take their jobs. It is not hidden that these AI advancements will take time to adapt and more likely new opportunities will emerge in the future.
However, the business groups that invest in AI-specific technologies are in the most commanding position, ready to serve changing market needs. The good part is that AI Technology Trends is helping in the reduction of operational costs and improving overall business productivity.