The year 2023 might have been generative AI’s breakout year. Still, techies predict that by 2024, innovation will be impacting practically every sector of the investment industry and will reach unprecedented heights. Although AI first entered the public eye in 2023, many CEOs anticipate a massive expansion and proliferation of the technology in 2024. To save expenses, 70% of executives plan to increase AI resources next year, according to iShares.
A lot of tech companies have already included AI in their current products, such as Office 365 Copilot from Microsoft (MSFT). According to some experts, the use of AI in corporate settings is only starting.
New AI-Focused Job Opportunities:
By 2024, AI might affect businesses and organizations of all sizes, from the Fortune 500 to local shops. Several new positions centered on artificial intelligence (AI) will undoubtedly crop up shortly, according to Cliff Jurkiewicz, a technologist and VP of global strategy at the HR technology company Phenom.
According to Jurkiewicz, new roles centered around artificial intelligence may encompass interpreters, curators, policymakers, legal advisors, trainers, auditors, and ethicists. A company’s finances and structure could undergo significant changes if a whole new staff is formed to handle all of these and other AI-related matters.
Businesses risk legal trouble and regulatory roadblocks if they don’t establish these positions. Countries such as Italy, France, and Germany are among the most recent to take action to establish new artificial intelligence rules.
Trust Issues:
Government oversight of artificial intelligence is in its infancy, and the technology is expected to surpass the laws governing it. This puts the responsibility on businesses to win over consumers and financiers by demonstrating their reliability in handling AI properly.
“Investors would be wise to look at organizations that are keeping humans at the helm. In the absence of federal legislation, organizations need to self-regulate.” Jurkiewicz said. An organization can show its investors that it is serious about this duty by creating positions related to AI ethics and curation.
The Use of Personal Co-Bot:
According to Jurkiewicz, personal assistant bots powered by generative AI will soon be “as routine an accessory as a phone.” This heralds the emergence of the personal co-bot. In short, these co-bots will replace AI personal assistants such as Alexa and Siri.
As competition for market share mounts, new companies may spring up, and co-bots will alter human resources practices overnight. Jurkiewicz says, “Recruiters, hiring managers, employees, and candidates are going to use a co-bot to easily navigate a plethora of hiring tasks.”
Software Development with The Help Of AI:
Many programmers, like Carnegie Mellon University’s Ipek Ozkaya from the Software Engineering Institute, have doubts regarding artificial intelligence tools’ ability to aid in software development. “Despite the availability of potentially improved tools, it will be the humans who will use and guide these tools in their purposeful application,” said Ozkaya.
Some think that by 2024, AI will have simplified a lot of human development work, which will revolutionize the tech industry. Companies that are ready to use AI to streamline formerly labor-intensive operations while maintaining human oversight are likely to be the most successful.
Not only should tech investors keep an eye on whether or not these companies employ AI in software development, but they should also pay close attention to how AI and humans work together to improve the process.
Real-Time Language Translation:
The commercial world might benefit greatly from real-time language translation if artificial intelligence technology materializes. According to Jurkiewicz, even the most widely used language translation programs today are “only 60% accurate.”
Automatic language translation skills, however, are expected to increase significantly with the use of machine learning and natural language processing techniques. “Imagine colleagues from all over the world, college professors and students, researchers, and physicians being able to truly collaborate simultaneously in any language,” added Jurkiewicz.
AI-enabled investment has the potential to radically alter the decision-making and implementation processes for individual investors. “AI-empowered investor who blends ‘big’ data and ‘big’ models with human insight … [is] the future of asset management,” stated Jeff Shen, co-chief investment officer and co-head of systematic active equity at BlackRock.
Just like we saw with software development, relying solely on AI to make investment decisions could have unintended consequences. Instead, those who can combine human judgment with the massive computational capacity of AI to filter through mountains of data would certainly emerge victorious in the near run.
In conclusion, ChatGPT was one of the earliest generative AI systems to achieve vast worldwide usage; it debuted on November 30, 2022, and reached 100 million users in a matter of months.
Artificial intelligence has progressed at a bewildering rate, even in the little period after that. Investors in the IT industry and the market at large should brace themselves for numerous ways in which artificial intelligence (AI) will impact companies in the next year.
