As we embark on a new year, the realm of artificial intelligence (AI) is poised to witness groundbreaking innovations that will shape the technological landscape of 2024. From generative AI applications to open source pretrained models, the advancements in AI are set to revolutionize various industries and drive substantial economic impact.
AI in Bussiness
In business, Artificial Intelligence (AI) refers to the application of intelligent computer software that simulates human talents to enhance customer satisfaction, generate income, raise productivity, and drive company expansion.
Understanding AI in Business
Artificial intelligence encompasses various technologies such as Machine Learning, Deep Learning, Natural Language Processing (NLP), Computer Vision, Robotics Process Automation, etc. While all these technologies are closely related, they have distinct functions and use cases in businesses
Generative AI’s Business Impact
In 2024, generative AI, capable of processing and generating text, voice, and video content, is set to yield tangible business results, enhancing productivity, fostering innovation, and stimulating creativity.
According to McKinsey & Company, these AI applications have the potential to contribute between USD 2.6 trillion and 4.4 trillion annually to the global economy through various business scenarios.
Open Source Pretrained AI Models
Open source pretrained AI models are expected to gain significant traction in 2024, empowering businesses to accelerate growth by combining these models with private or real-time data.
Impact on Business Productivity
Businesses could expect increased productivity and cost-efficiency from the combination of open-source AI models plus private or real-time data.
The goal of making open-source AI models available, like the Geospatial AI Foundation Model, is to promote their application in Earth Science and Climate Innovations and democratize access to them, demonstrating the dedication to important topics like Climate Change.
Scaling AI for Business
As businesses seek to leverage AI for accelerating productivity and innovation, the need to move beyond experimentation to scale becomes crucial.
Events such as Think 2024 provide a unique and engaging experience to guide businesses on their AI journey, emphasizing the importance of AI readiness and scaling AI across core business functions and industry needs.
CONCLUSION
In conclusion, the year 2024 holds immense promise for AI innovations, particularly in generative AI applications and open source pretrained models. These advancements are set to not only transform businesses and industries but also contribute to addressing critical global challenges, making AI a trailblazing force in technology.