Looking ahead, 2024 is expected to be the year of operationalizing AI, with the challenge being to scale up small-scale AI experiments. While large language models trained on giant datasets are popular, many experts stressed the effectiveness of AI tools with narrowly defined purposes trained on exclusive datasets. The cost of AI projects and the need for a positive return on investment were also discussed. The concept of AI as an augmentation tool, rather than a replacement for humans, was a key buzzword, although some experts questioned how long this would last.
Key takeaways:
- AI is increasingly being used in various industries, with companies like BlackRock and Deloitte using AI copilots to automate tasks and improve efficiency.
- While there are concerns about AI replacing jobs, many believe it will automate tasks rather than replace entire jobs, and that reskilling workers for the tasks that are still necessary in the AI era will be crucial.
- Many businesses have small-scale AI experiments running with promising results, and the challenge now is to scale these operations.
- There are concerns about the cost of AI projects, as they are expensive and not every company has the financial or human capital to pursue an ambitious AI strategy.