One thing that stands out to me from this past year is exploring ChatGPT with my son, and watching him understand its capabilities and limitations. As a computer science engineer, AI is nothing new to me — it has been a major part of my life for a long time but for my son this is all so new, so exciting, so profound.
And the fact that he could potentially use it to minimize mundane tasks and speed up the time to receive answers only further sparked his intrigue. It has been truly thrilling to watch — and be part of — this technology becoming more accessible and even exciting for more people to use, with 2023 being the year that AI truly took center stage. In fact, McKinsey named 2023 “generative AI’s breakout year” and “AI” is Collins Dictionary 2023 word of the year.
But what is in store for 2024? I do believe that AI will change the trajectory of our future more profoundly than other major innovations, such as the Industrial Revolution or even the internet. In the coming year, we will see the first steps forward with AI and see more businesses and organizations turn to AI to increase productivity, decrease costs and usher in innovative products and services. But which AI trends in particular will take center stage in the near future? And will we make headway in solving the current shortfalls of this technology?
Here are my predictions:
1. AI leads to a surge in human productivity. According to Goldman Sachs, “as tools using advances in natural language processing work their way into businesses and society, they could drive a 7% (or almost $7 trillion) increase in global GDP and lift productivity growth by 1.5 percentage points over a 10-year period.” I believe this AI productivity boom will start to materialize this year. Enterprise investment in this technology, already at $92 billion in 2022, will skyrocket as businesses seek to produce better products and tap into bigger savings. In 2024, we will see AI taking on more administrative and project management tasks — leaving humans with more time to focus on tasks requiring intuition, creativity and empathy. Doctors, for example, will increasingly rely on AI to keep up with the latest research developments, and use that knowledge to better understand a patient’s treatment needs. In turn, they can spend more time treating and prioritizing quality care with their patients.
In other words, AI will provide us with more insight through the delivery of more precise and timely information. We can use that insight to make better decisions in real time — and free up our time so we can focus on being more connected and empathetic with each other.
2. Real-time AI will increasingly become the norm. To really bring about a productivity boom, businesses need to have access to data in real time. Data is what fuels AI, and by providing AI models with data, we are able to use this technology to maximize what AI is capable of: taking information, contextualizing it and using this knowledge to make the right choices. I call these tenets the Trinity of Intelligence, and it is what we will use to simplify and scale this technology — ultimately bringing in the future of real-time AI. Of course, speed will be crucial here. For AI to be real time, it will have to process data in various formats in a matter of milliseconds to respond to businesses’ requests and needs. The faster data is processed, the faster (and more accurate!) responses will be. At our SingleStore Now conference in October, we launched new products designed to usher in the future of real-time AI. We are proud to be at the forefront of the real-time AI era.
3. Broader, more flexible use of LLMs. Two brains are better than one, and in the case of AI, multiple brains are even better. That’s why in 2024 businesses will start to adopt multiple Large Language Models (LLMs) — known as the brains or backbones of AI — instead of just one. The benefits to using multiple LLMs are clear. A combination of LLMs makes AI systems more accurate and reliable. Where one LLM fails, say in generating a type of text, another can come in to compensate. Using multiple specialized LLMs can also help businesses streamline operations. For example, one LLM might be used for writing, while another might be focused on quickly retrieving information. Similarly, cheaper LLM models can be used for simple tasks, while more expensive ones can be used for sophisticated analysis. Expect an increased use of private LLMs as well — private LLMs allow businesses and organizations to maintain control of their data, preventing leaks and unwanted exposures to third parties.
4. Hybrid AI models take off. In 2024, there will be a focus on fixing generative AI’s shortcomings, including bias and lack of transparency in algorithms. Efforts to develop hybrid human AI models, or systems that integrate both human and AI elements, will therefore take off. The most widely known and simple example of these models is AI augmentation, where AI is used to help humans with tasks like data processing and analysis. More complicated hybrid models include Human-in-the-Loop Systems, in which humans provide input, feedback and corrections to AI systems to enhance its performance.
Hybrid models can help businesses in several ways. For example, while AI systems can analyze consumer data and preferences, humans can jump in to guide how it uses that insight to create relevant and engaging content. More importantly, humans can inject AI with ethical considerations, which in turn can mitigate bias. I have long been a proponent of humans playing a “teacher” role in the development of AI, and therefore ensuring that it can truly be leveraged to amplify our intelligence.
2024 will continue to see a fast evolving AI landscape, particularly as businesses and people begin adopting AI at even swifter speeds. As this occurs, AI will reveal its potential as a technology that, instead of eliminating jobs, can significantly enhance human productivity. The goal is for AI to help us become better human beings. And as the above predictions come to fruition, we will also see an increased push to ensure that AI is used responsibly. At SingleStore, we are proud to be focused on this mission, and continue to craft a future where AI can be used to amplify and improve our lives for the better.
