By Jayaprakash Nair, Senior Engineering Leader – Data Science, Altimetrik

Tech Trends to shape the industry in 2024

1.  GenAI retains spotlight in 2024

Following the generative AI boom in 2023, the industry anticipates an accelerated growth trajectory in 2024. GenAI takes center stage in technological advancement and reshaping industries, particularly influencing language processing and computer vision. 

The journey of GenAI is unfolding, promising significant changes in our approach to work and interaction with technology. The focal point of this evolution is the integration of ML and NLP, presenting a strategic avenue for workflow automation through algorithms trained on established datasets. LLMs assume a pivotal role, demonstrating proficiency in handling unstructured datasets and streamlining data management tasks. 

Looking ahead, notable trends in GenAI include Democratized Generative AI disrupting traditional roles and business functions to enhance productivity. Ethical AI will gain prominence, emphasizing upfront governance, security, and compliance integration to mitigate real-life production risks. Intelligent applications powered by GenAI, including external aid, machine learning integration, and a human-in-the-loop approach, will showcase adaptive learning capabilities, transforming consumer and employee experiences. 

In 2024, the industry will foresee the widespread adoption of GenAI, automating tasks, enhancing productivity, and catalyzing product and service creation. GenAI is positioned as a disruptive technology that will drive the future of the workplace with its user-friendly interfaces and intuitive interactions. Forecasts predict substantial investments in GenAI, with IDC projecting global spending exceeding $500 billion by 2027. 

2. The surging rise of Digital Business Methodology

The digital business era has dawned with a transformative breakthrough – Digital Business Methodology (DBM) – assisting organizations to address and navigate the complexities in the digital age. Recognizing the pivotal role of digital business, a robust methodology is imperative for its effective implementation. 

Distinguishing between digital business and digital transformation is crucial. The CEO and C-Suite should move away from a technology-first approach associated with digital transformation to embrace digital business, focusing on tangible results with DBM at its core. It’s a paradigm shift, a rewiring of how operational aspirations synchronize with tech investments.  DBM, as a holistic approach, enables companies to seamlessly adopt and implement digital business, providing a defined path that converges data, technology, and people. 

In 2024, we anticipate a continued acceleration of digital business initiatives. Companies maturing into digital businesses will gain a competitive edge, leveraging advanced solutions in the fields of AI/ML, including, but not limited to, GenAI. The pathway to success lies in the strategic implementation of DBM, a game-changer for achieving growth and unlocking unlimited outcomes in the dynamic digital landscape.