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Peter Ivanov

Top 7 AI Trends in 2024

AI has gone from a far-out idea to an everyday reality shockingly fast. With huge strides in machine learning, language processing, and computer vision, it is shaking up industries and changing how we live. 

In 2024 some seriously exciting AI trends are set to shape the future. Let’s take a quick look back at AI’s history, break down the main types of AI, and explore the top trends poised to dominate the AI sphere. Keep reading!

The Briefest History of Artificial Intelligence

Way before AI was mainstream, researchers in the 1950s started exploring if machines could ever match human intelligence. Back then they were doing basic things like trying to get computers to play checkers or prove logic theories. But the technology was so limited that early AI systems could only handle toy problems. For instance, in 1955 Allen Newell and Herbert Simon created the Logic Theorist – one of the first AI programs. But it could only prove 38 of the 52 theorems in Principia Mathematica. And it took about 8 minutes to work through a single theorem on the IBM 704 mainframe computer. 

So progress crawled along for decades due to inventions like vacuum tube computers that would blow a fuse if you made a programming mistake. They just didn’t have the computing power or enough digitized data to mimic human intelligence. But once transistors became a thing and datasets started exploding from the digital age.  AI finally started gaining some real momentum and breakthroughs in tech and the explosion of data in recent years have catapulted AI into the public consciousness. 

To get what’s going on in AI now, you have to know the core types:

  • Narrow AI handles specific tasks incredibly well. Think Siri, Alexa, self-driving cars. It rocks at particular jobs but can’t expand beyond its data. 
  • General AI is more of a sci-fi concept – machines with human-like smarts that can learn and apply knowledge. We’re not there yet, but serious progress is happening to inch us closer to this long-term goal. Think about Jarvis/Vision from Marvel Comics and the Avengers movies or Ava from Ex Machina. They demonstrate the ability to interact naturally via speech, understand context and nuances, and make complex autonomous decisions.

So with the backstory covered, let’s jump into the game-changing AI trends poised to drop in 2024!

Top AI Trends in 2024

1. Next Generation Generative AI 

In 2024, versatile generative AI models like DALL-E 2 and ChatGPT are becoming accessible to organizations of all sizes. These technologies can generate creative content and text, taking on a variety of helpful roles. A new era is dawning where AI tools boost productivity for solo creators, marketing teams, biotech startups and more by automating repetitive tasks. 

With customizable, affordable options, companies can harness AI for branding projects, accelerating drug discovery and much more. The impressive capabilities of models like these foreshadow innovative applications across sectors as the technology spreads. Teams will combine human creativity and AI productivity to reach new heights.

When we say “customized” with AI, we mean tailoring a solution to match a company’s specific situation. For example, adapting a language model like GPT to really grasp a certain industry’s lingo, leverage a company’s own data, and align with their workflows.

On the flip side, “generic” AI means more of an off-the-shelf solution designed to flex across different cases. The model works decently well for common tasks, but doesn’t have specialized company-specific intel baked in.

 

2. Augmented Working

2024 will usher in a new era of human-AI collaboration in the workplace. AI tools that boost productivity and streamline teamwork will allow people  to focus their energy on creative tasks and complex decision-making. As algorithms automate routine work, humans will be empowered to spend more time on the parts of their jobs that most require human perspective, insight and imagination. 

The future promises workplaces where human and artificial intelligence complement each other beautifully. It’s fair to say that  for each opportunity for full automation and job replacement there are 10 opportunities for collaboration between people and AI. 

Just a few examples:

  • For quality control in manufacturing, AI cameras can easily spot defects in products coming off the line. But you still need experienced technicians to make the tough calls in tricky situations. It’s a case of AI flagging potential problems so the techs can step in to verify and decide. Makes the process smooth and thorough!
  • In healthcare, AI algorithms can analyze X-rays and scans to detect issues and suggest diagnoses. But we still want doctors bringing their expertise and bedside manner when treating real patients! So it’s about AI making doctors faster and more accurate, while they keep that human touch.
  • AI investment tools crunch market data to optimize portfolios and gauge lending risks. Yet only a human advisor understands emotions and long term goals for clients. The winning combo is AI analytics to inform the personalized advice from financial planners.
  • For legal work, AI can dig through oceans of case files and flag meaningful bits. But you need sharp lawyers to interpret nuances and argue persuasively in court. So it’s lawyers leveraging AI to enhance research, freeing up mental bandwidth for strategy and client interactions.

There are just so many opportunities like these opening up! At the end of the day, it’s about bringing together the precision of AI with uniquely human strengths like creativity, empathy, and ethics. 

3. Ethical AI and Responsible AI Development

As the use of AI becomes more widespread, there is an increasing concern about the ethical implications and biases associated with AI algorithms. Statistics show that 85% of organizations believe AI will offer a competitive advantage, but only 42% have established ethical frameworks to guide the development and deployment of AI systems.

In 2024, you can expect a strong emphasis on the development of Ethical AI frameworks and Responsible AI Development practices. Companies will be required to prioritize transparency, fairness, and accountability in their AI algorithms to avoid perpetuating biases and discrimination.

4. AI Legislation

As artificial intelligence becomes deeply integrated across public and private sectors, regulatory scrutiny around ethical risks and potential damages has sharpened. 

I expect 2024 will usher frameworks to govern responsible development and application of AI systems. Policy interventions by state bodies like the EU’s AI Act  signal geopolitical priorities shifting to cradle innovation while addressing socio-technical challenges through formal legislation rather than voluntary principles. 

5. Multimodal AI

AI is evolving to better understand the world like humans do. This means systems that can process inputs across text, images, speech and more to form unified connections. For example, a voice-activated home assistant could remember prior conversations, correctly respond to combination speech and gestures, and apply learnings from one mode to another.

As AI becomes multimodal – understanding via different senses – it becomes better grounded in real-world context. This allows more relatable and helpful AI applications in daily life. Systems equipped with integrated text, visual and auditory understanding can interact with people and environments more naturally.

6. AI-Powered Automation

Automation has been a key driver of efficiency across industries, and AI is taking it to new heights. In 2024, AI will continue to automate routine, repetitive tasks, enabling human workers to focus on more complex and creative endeavors. 

With the combination of AI and Robotic Process Automation (RPA), businesses can achieve unprecedented levels of efficiency and productivity.

Additionally, AI is utilized in healthcare to assist in diagnosing diseases and developing personalized treatment plans. It is applied in the field of finance to detect fraudulent activities and improve risk management. Furthermore, AI-powered virtual assistants like Siri and Alexa will become even more popular, providing users with voice-activated control over various devices and services.

7. Quantum AI

Quantum computing is poised to revolutionize AI by solving complex problems faster and more efficiently. It is this new type of computer science that taps into quantum mechanics. Instead of regular bits that are either 1 or 0, quantum computers use quantum bits or qubits that can be 1 and 0 at the same time.

Now, researchers are fusing quantum computing with AI — birthing the epic combo of Quantum AI! They’re working on quantum versions of AI algorithms that promise to speed up machine learning by a gazillion times. Companies like IBM and Google are now building the hardware for this — with quantum processors and error correction to make Quantum AI a reality. It’s still early days, but the Quantum AI revolution is underway.

Wrap Up

2024 is going to be a thrilling ride for AI. From revolutionizing healthcare to powering industries at the edge of connectivity, AI innovation is going into overdrive. More nimble language models and automation will help catapult human creativity and potential.  

And we’re just getting started on the possibilities. AI still needs a guiding hand to grow responsibly so the benefits reach far and wide. 

The future looks bright. AI promises to lift more voices, connect ideas globally, and push the boundaries of human achievement. 

 

Peter IvanovKeynote Speaker virtual teams demystifies AI for Managers and Organisations, guiding them to unleash Extraordinary Business Value!

Peter brings the latest AI trends from Silicon Valley, holds an MIT  ‘AI Strategy’ certificate and collaborates with leading players in the AI landscape.

Are You Ready or Under Risk?  Please take the AI Readiness Assessment 

Will AI take my job?

AI brings excitement and concern.  

When I have conversations with C-Level managers about AI, they often wonder…

  • Will it be a game-changer or a job-taker and which business functions will be most impacted? 
  • Is AI ethical or biased? 
  • Is it mature enough for responsible business use today? 

In my journey to understand AI’s potential, I’ve identified three keys that will enable you to lead the AI transformation in your organization & shift the narrative from fear to flourish.

Let’s dive in,

1. The Power of Humanizing AI

Humanise AI, and the fear will go away. 

Here is an example, 

A client was introducing an AI system into their teams as a beta, there was an undercurrent of apprehension amongst the employees. 

The narrative we wanted to introduce was one where they are ‘enabled’ by AI, not replaced by it, so we decide to humanize it and name it ‘Brian’. 

‘Brian’, is an AI profile who can collect information, send emails, raise purchase orders and connect internal and external systems.

The management allowed the team to contribute and co-create what Brian (named after a singer who lost his voice) can and can not do.

By giving ‘Brian’ a personality, they made the process of integrating AI relatable and instead of fearing Brian’s capabilities, the team saw how he could free up their time to focus on higher-leverage tasks.

When ‘Brian’ was introduced, there was a celebration, and everyone received an email from him saying “I’m not too smart, but if you’re patient with me and train me, I promise to work with you 24/7”

This humanized AI, and led to the shift of the narrative from replacement to enhancement.

2. Embracing AI and Human Collaboration for Optimal Results

Let’s talk about changing perceptions with AI. 

A certain bank introduced AI to support their relationship managers, giving them insights and recommendations for product features and new products. 

The relationship managers took immense pride in their knowledge of their clients so introducing AI-backed recommendations initially saw resistance.

The CEO who is championing the initiative showcased how the most successful outcomes arose from a mix of AI insights and human touch. 

There was even a competition as to who can generate the most additional revenue from AI and encouragement to get creative. 

Perceptions started to change with people recognizing that AI augments human expertise, not replaces it.

The key is to remove the barriers for experimentation for your people, and be clear that decisions in the future will not be made just by the managers but a combination between AI and people to deliver the best results.

3. Paving the Way for Role and Career Evolution

The looming question about AI has always been, “Will it take away our jobs?” 

To address this, you can initiate an open conversation about the evolution of roles. 

By forming agile cross-functional teams, you can start analyzing how your organization’s roles might evolve with AI integration. 

Create a roadmap on which roles will be obsolete, which roles will be augmented with AI, I bet this will be most of the roles. and which will be the new roles created.

Keep these roadmaps transparent and build an AI Academy for upskilling or reskilling your people based on the new careers.

You will have a much better buy-in and talent retention in embracing AI for your organizations.

With the current AI revolution, it’s crucial to remember that every technological leap in history has been met with both skepticism and optimism. 

But by humanizing AI, fostering an environment of experimentation, and proactively shaping the roles of tomorrow, we can transition the narrative from fear to flourish. 

Peter Ivanov demystifies AI for Senior Managers, and talks about creating new organizational capabilities & business value with AI.

Please take the AI Impact Quiz – Are You Ready or Under Risk? 

It’s a personalized assessment for business leaders who are crafting the AI strategy for their organization so it can successfully adapt to the change & disruption.

 

3 Tips to enable Knowledge Flow and Innovation in Virtual and Hybrid Teams?

 

One of the highest risks when your people work from home is that the communication with their colleagues will be reduced, thus obstructing the knowledge flow, hindering cooperation and “suffocating” the creative innovation in your team.

There are two types of knowledge: 

Explicit and Tacit Knowledge

You can document the Explicit knowledge. These are the practices and processes in your company. In fact companies that scale successfully working remotely invest in documenting this knowledge. This is their key asset.

Send me a link!

Every time someone asks you “How to?” question, instead of writing an email or calling the person you “send a link”. There is already a knowledge document with embedded screenshots and videos explaining how this is done. If not, you create the document, record the video and then “send a link”

Tacit Knowledge

The tacit knowledge is hard to document. It is when you need advice but are not sure who to contact, or not comfortable enough to contact him or her. This can also be a new insight born just “bumping” into someone near the watercooler. This kind of “tacit knowledge exchange” suffers most during extensive home office working (in different places) or extensive a-synchronous working (at different times).

Strong and Weak ties

In order to explore how the knowledge flows in your organization, particularly the tacit knowledge, let me introduce the concept of people networks and strong and weak ties. Strong ties are with people you know well and trust. They could be part of your team or project but also can be part of other departments or organizations. You usually ask for advice your strong ties. You could also call a meeting or create a forum in order to build on each other’s knowledge and ideas.

Lynda Gratton’s book “Redesigning work”.

Weak ties are with people you don’t know so well but you know they possess particular knowledge. The weak ties are significantly impacted by the ever-growing remote and a-synchronous working where you tend to speak more to the people you know well. Therefore you need to create and simulate this “bumping”  into each other moments , these “serendipity encounters”.

3 Tips

Let me give you three tips on how to manage both the explicit and tacit knowledge in order to ensure that it flows smoothly and Innovation thrives in your organization.

Tip 1. Establish robust platform and process for documenting your explicit knowledge 

Invest in documenting explicit knowledge. Make sure people document all knowledge they possess or develop in the course of work. I work with many fully remote companies that scale without having an office.  It is a key requirement on a regular basis to document your knowledge. Every time you create or optimize a process, you document the knowledge in the most visual and  engaging way, using videos and screenshots.  Importantly you post it in a knowledge management system where people can ask questions, comment and have a discussion on the topic, For this you need a system – not necessarily an expensive one, could be an MS Team room, but it has to be searchable by topic and by expert.

Tip 2. Create an environment to ensure your tacit  knowledge flows 

How to enable the weak ties and stimulate the “serendipity encounters” How to create an environment where people exchange knowledge on an informal basis? In this case technology can help a lot.

Let me give you an example from Pricewaterhousecoopers (PWC). This is a company which recruits tens of thousands freshly graduated students into their consulting business. Before the COVID19 pandemic they used to have a big conference with all the new recruits. There the new joiners can hear from the senior management what is the vision and organisational goals, and “how we work here”. When the lockdown happened this conference was no longer possible.

Regardless which industry you are in, the proper induction of new employees is key. It aims to get them up to speed and productive by enabling the knowledge flow, learning and mentoring by experienced colleagues.

For this Pricewaterhousecoopers created a virtual reality (VR) platform i.e. a virtual venue where people can “bump” into each other. There was some matchmaking taking place who do you “bump into” but also randomly or by your choice. When you enter the platform with your VR set you meet new colleagues and exchange ideas.

You could also attend presentations by the Senior Management of PWC. In these easy to navigate VR rooms you could listen and see the “big picture” from the “horse’s mouth”.

You could even go on a Virtual Speedboat trip.

VR Speedboat tirp for the new recruits

VR allows for exciting experiences so this is one ways to stimulate this environment.

Never underestimate the informal flows of tacit knowledge.

For example – research shows that when people searching for a job they rarely hear it from somebody in their very close circle of friends. Usually they hear it from someone they know but not part of this circle.

Regardless which industry you are in, you need to explore how knowledge flows in your organization. Based on that it is critical to enable and ensure that both explicit and tacit knowledge flows and fosters cooperation and innovation.

Tip 3. Establish a network of Knowledge Champions

I’m a big fan of people-centric organizations and strengths oriented management.

And in my method “Virtual Power Teams” we discover the natural strengths and talents of each team member in a short but effective peer coaching. Those with deep expertise in a particular area become the Knowledge champions. They drive forward this Knowledge area in the searchable knowledge database (Tip 1). They post new articles in their area of expertise, facilitate discussions and overall foster the knowledge flow and ensure its properly documented.

As this is their “strength” area they do not consider it an extra “work. It is enjoyable for them and enables the natural flow of knowledge in your team and organization.

So those are the three tips 

  1. Establish robust platform for documenting your explicit knowledge 
  2. Create an environment to ensure your tacit  knowledge flows 
  3. Establish a network of knowledge champions to drive the knowledge sharing and flow

Let me wish you inspiration and success in enabling the knowledge flow, cooperation and creative innovation in your organization!

What is your Question or Insight on Knowledge Management in virtual or hybrid tips?