How Businesses Can Harness the Use of Artificial Intelligence in 2024

By Jonathan Masucci Girlings Solicitors

Following the release of ChatGPT in November 2023, the buzz around generative Artificial Intelligence (AI) has begun to settle. Nevertheless, the broader landscape surrounding AI continues to rapidly change.

2023 saw businesses grappling with how AI-powered solutions work and what the implications would be across different industries. By comparison, 2024 is emerging as the year where many of us have a more refined understanding of the current capabilities of generative AI. For example, businesses are able to focus on how to practically implement such AI-powered solutions.

Here are some of the top emerging global business trends we expect to see continuing to gather pace throughout 2024: Multimodal AI

AI continues to develop and improve with AI systems now capable of progressing multiple types of data simultaneously (known as multimodal AI). In short, multimodal AI works by combining different types of media (such as text, images, and video), enabling applications like image captioning, video summarisation and more interactive chatbots. Such a key development is of practical benefit to many businesses who are looking to utilise such technology to enhance customer experiences and streamline operations.

Smaller Language Models and Open-Source Advancements

Open-source language models have made significant strides over the last year. With the assistance of fine-tuning techniques from the online community, they are now capable of outperforming proprietary models, despite having smaller parameter counts. This advancement represents a key opportunity for businesses, empowering them to build their own custom AI-powered solutions without the need to rely on large corporations.

Smarter Virtual Agents

AI-powered virtual agents continue to become smarter and more competent at handling customer inquiries, automating repetitive tasks and provide personalised recommendations. Businesses that have incorporated the use of virtual agents into their customer facing operations are seeing an increasing benefit and drive in revenue growth from the enhanced customer support and efficiency generated from the implementation of such technology.

Shadow AI

Businesses also need to be mindful how employees’ use of AI aligns with their own corporate policies, to mitigate the rise of ‘shadow AI’. In short, shadow AI occurs when employees start exploring AI solutions without approval or oversight and faster than a cautious company policy on AI might permit. Although this could be seen as a display of resourcefulness and initiative, the unofficial use of AI also poses potential risks to businesses from a legal, regulatory, economic, and reputational standpoint.

Jonathan Masucci Partner in Corporate, Banking & Finance and Commercial Law

Tel: 01233 664711

Email: jonathanmasucci@girlings.com

With 2024 seeing an increase in how easily accessible generative AI technologies are in terms of availability and use, if they have not already done so (or been requested by their insurers to do) businesses should consider the implementation of robust and coherent generative AI use policies. Such policies should not only be under periodical review, but also factor in scope and flexibility to enable businesses to maximise the benefits of AI whilst, mitigating its inherent risks.

GPU Shortages and Cloud Costs

More broadly, as AI adoption continues to increase, so too does the demand for computational resources. As a result of GPU (Graphics Processing Units) shortages and the rising cost of cloud-based solutions, businesses do need to be conscious as to how AI workloads are optimised and consider hybrid solutions, to manage expenses as efficiently as possible.

“AI is a tool. The choice about how it gets deployed is ours.” – Oren Etzioni, Professor Emeritus of computer science.

The implementation of AI technology continues to be one that varies between businesses and across sectors. One thing is clear, 2024 is shaping up to be an exciting year of opportunity for businesses looking to make the most of the advancements in AI technology.

Whilst businesses should keep in mind that AI is a tool, and as such, its success depends on how well its functionality aligns with an organisation’s business goals and ethical values. By monitoring the emerging trends and staying flexible with their approach to the adoption of AI technologies, businesses can remain at the forefront of new opportunities for growth, efficiency, and innovation.