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How AI Will Reshape Businesses In 2024
An Insider Look at AI’s Most Innovative Tools and Strategies for Future-Proofing Your Business.
Candyd Mendoza
January 12, 2024
In today’s Future Friday…
Business leaders reveal how their companies are embracing AI this year
Emerging AI technologies to watch out for in 2024
Time to profit with your custom GPT? OpenAI’s announcement, and other cutting-edge tools will help lighten your load.
Close your eyes and picture your business one year from now — what does it look like with AI integrated at its core?
Hold that image as we reveal the AI advancements in 2024 that can make it a reality.
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TOPIC OF THE WEEK
How AI will reshape Businesses in the next 12 months
DALL-E
There’s a gap between artificial intelligence’s current capabilities and its application in real-world production.
Some AI technologies are great in theory but hard to implement into your daily business operations if you don’t operate with an experienced or specialized dev team.
As we turn the page into a new year, it's no longer about whether AI will affect the future of business but rather how deeply and rapidly it's reshaping every aspect of how businesses operate.
It’s time to turn potential into profit. Let’s get to it.
ℹ️ Why This Matters Today
PwC’s 2023 Pulse Survey showed that 73% of consumer-facing companies are using generative AI to reinvent their business models over the next 12 to 18 months.
It’s more clear than ever:
You can’t afford to ignore GenAI.
Biggest AI Opportunities of 2024: According to AI Founders
List three areas where AI could streamline your business. Got them? Great, because we're diving into how 2024's AI innovations can tackle these and more in our holiday-special podcast episode.
1. Multimodal AI Models:
Multimodal is the future
Multimodal AI – which integrates and interprets data from various sources such as text, audio, and visual inputs – could very well be the next big thing in AI's evolution.
According to Nicholas, it could significantly affect user interface and tooling for developers and businesses.
“I don't know if it'll be multimodal models or if it'll be single modality models that some framework architects together. That's a big question in my mind but it's one that I pay a lot of attention to because it will affect the tooling and what the customer interfaces are a lot. So, as someone building tools, I would like to answer that question as quickly as possible so that I can optimize in the right direction.”
Which is perfect timing, because Google just rolled out its state-of-the-art multimodal AI model, Gemini.
Google said Gemini is “built from the ground up to be multimodal” and has been reported to outperform other models in various benchmarks, including OpenAI's GPT-4, in tasks such as natural image, audio, and video understanding, as well as mathematical reasoning
Sounds cool. So how can I plug it into my business?
You can access it through Bard, Google’s chat-based AI tool, which uses a fine-tuned version of Gemini Pro. This major upgrade has boosted Bard’s reasoning, planning, understanding and more.
Meanwhile, developers and enterprises can access the new multimodal masterpiece via the Gemini API in Google AI Studio or Google Cloud Vertex AI.
2. Vertical Use Cases for AI
Positional CEO and co-founder Nate Matherson believes AI has huge potential to revolutionize vertical industries like healthcare, legal, and the creative sector.
What gets me most excited about are the vertical use cases for AI in industries that you maybe wouldn't think of. […] One is using AI within their software tool set. They're essentially building a workflow and process management software for companies in regulated industries. […] So I get excited about the very vertical use cases for AI."
For instance, Nate said he’s also recently invested in a company using AI to conduct user interviews, which for the last 75 years has been an incredibly intensive human-run process.
So if there are processes like these in your industry and you think AI can help, here’s food for thought to munch on before you integrate:
What are the unique pain points or inefficiencies in your industry?
For example, in healthcare, this might be patient data management or in legal, document analysis and case prediction.
Where in your value chain could AI make the biggest impact?
Is it in customer interaction, product development, supply chain management, or elsewhere? Consider where automation or advanced data analytics could drive significant improvements.
Does your business have the necessary data infrastructure to support AI?
Consider the quality and quantity of data you have access to, as well as how AI might help you gather and analyze data more effectively.
How are your competitors using AI?
Understanding their approach can offer valuable insights and help you identify areas where AI can provide a competitive advantage or is necessary to stay relevant.
3. AI Agents for Efficiency
We're always paying attention to ways to save money. What's interesting to me in AI is the integration of agents with useful workflows. We saw the potential but we also thought that it would be a while before it would be ready for the market.
However, David mentioned a company that was able to successfully create an AI agent that helped a client reduce its back-office team from 30 financial analysts to just three.
“The same value that [those 27 people] were initially producing is now being produced at a much lower cost, so prices go down, and total production goes up. That's terrifying if you are very comfortable at your job… because there are agents who are being built right now specifically to automate that process and take normal text instructions to complete the same thing.”
If you want to start experimenting with AI agents, Adept, an ML research and product lab, is a good place to start.
Adept’s multimodal AI agent can help you improve day-to-day work by automating software workflows.
Here’s how you can use Adept’s AI agent workflow:
Workflows can help automate your hiring process, moving candidates to the next stage in hiring.
It can also open invoices, extract critical data, and input into accounts payable systems.
Extract information from emails and inputs it into specific forms or systems.
Order dinner!
So, if you’re ready to try AI agents, you request access to Adept Experiments by joining their waitlist.
🏆 Golden Nuggets
Multimodal AI is anticipated to significantly enhance user interfaces and developer tools.
AI has the potential to transform vertical industries, especially in creating specialized applications for regulated sectors.
There is a notable shift towards using AI to automate and improve business processes.
AI agents are being developed to streamline and automate business processes, significantly reducing staff requirements and costs, although they also raise concerns about large-scale job displacement.
NEEDLE MOVERS
2024 Hot Trend Unveiled: AI-Hardware
Imagine a Walkie-Talkie on AI Steroids.
“Large Langauge Models understand what you say. A Large Action Model get things done.”
California-based AI startup Rabbit Inc. has released a pocket-sized virtual assistant device called the R1.
Instead of pulling out your phone, searching for an app, and tapping through various screens, Rabbit proposes a simpler solution: just press the R1's push-to-talk button and speak.
It understands interfaces and can complete virtually any task for you. You can even teach it through screenshare.
The device then uses "rabbits"—automated scripts—to execute your commands, allowing you to focus on your day without the hassle of app-hopping.
CES 2024 was packed with AI-enabled hardware devices. Check out what’s gonna trend this year here.
From one exciting debut to the next…
GPT Store is officially live!
This means revenue share on your custom GPTs, and it’s going to be busy fast if you make it right.
“In Q1 we will launch a GPT builder revenue program. As a first step, US builders will be paid based on user engagement with their GPTs. We'll provide details on the criteria for payments as we get closer.”
If you’re interested in sharing your GPT in the store, OpenAI said you’ll need to:
Review its updated usage policies and GPT brand guidelines to ensure that your GPT is compliant.
Verify your Builder Profile (settings > builder profile > enable your name or a verified website).
Publish your GPT as "Public" (GPTs with "Anyone with a link" selected will not be shown in the store).
What are you building next?
That’s it for today’s Future Friday. See you on the next one!
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