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This year has been the year where artificial intelligence saw a massive increase in many sectors including the technology sector.
We have seen exponential advances in the power and adoption of AI setting the stage for the next wave of digital transformation in 2024.
Massive breakthroughs in AI will mean 2024 will have businesses of all sizes dramatically improve productivity, create compelling new customer experiences, and transform business models.
Let’s look at trends that we can expect to see in the technology industry over the year to come.
Generative AI platforms such as DALL-E and ChatGPT create content such as images, music speech, code, video, or text by learning from and interpreting massive volumes of unstructured data.
We will most likely see an increase in AI platforms and these will range from summarising legal documents to creating personalised landing pages for your website or testing and generating code.
AI will most likely become more embedded in many of the daily tools and solutions businesses use which include e-commerce platforms, productivity apps, customer relationships management and financial systems.
While businesses must keep a close eye on issues such as transparency copyright, data ethics, misinformation, and fairness, we will likely see a massive shift globally with AI becoming more entrenched in systems.
Aaron Harris, Chief Technology Officer at Sage puts it perfectly when he notes how the impact of AI will have an impact on small and medium businesses in 2024.
“When it comes to the impact generative AI will have on small and medium businesses (SMBs), 2024 will bring a sharper focus on developing trusted technology solutions for real customer challenges. Large Language Models (LLMs) and digital assistants will fundamentally reshape how people interact with software in their personal and professional lives.
“However, this is only true if humans can trust the technology to do the job safely and competently. That is why, now more than ever, the people developing AI and the people using it need to work hand in hand to make sure AI lives up to its potential.”
How we think about workplace flexibility will evolve in 2024, as businesses will experiment more widely with flexibility in other forms including job design, and entryways into new careers.
This will translate into more inclusive work environment for segments of the workforce, while also allowing businesses to attract and retain happy and committed talent no matter what the year may bring.
We can expect finance teams to double down on their investments in intelligent automation and AI.
Software will most likely move towards autonomous finance, where the software automatically conducts repetitive, manual tasks such as data entry, reconciliations, and exception management.
This will mean tasks will be executed faster and with fewer errors than humans ever could, meaning CFOs and their teams will be able to focus their energies on growth and strategy.
Large companies have the skills, funds, and systems to monitor and manage sustainability targets. SMBs, however, struggle to track and report on their progress despite their good intentions.
Sage research shows that 70% of South African SMEs prioritize sustainability, but only 4% report on their impact. Closing this gap will be a priority for regulators, government, corporates, and SMEs in 2024 and beyond.
This year has set an interesting precipitation for 2024, which means we will likely see an impressive transition into faster systems all because of AI that only mushroomed more intensely post Covid19.