What are the Top 8 Data and AI Trends in 2024?

GenAI took the spotlight in 2023, and 2024 is gearing up to be yet another year dominated by the power of GenAI.

2024 shifts the focus to solving actual business problems with AI models, bringing in new priorities.

In the future of data, as GenAI continues to grow in 2024, it will elevate the standards and priorities of the entire data industry.

Explore my top 5 predictions for the future of data and AI teams and learn how your team can stay ahead.

1. Generative AI becomes a mainstream phenomenon.

This means that generative AI, such as ChatGPT and GPT-4, will be used more and more by businesses and individuals. This could include things like using generative AI to write marketing copy, create product descriptions, or even generate code.

2. Large Language Models (LLMs) revolutionize the entire system.

In the past year, large language models (LLMs) have transformed technology. From legitimate use cases to technology seekers, everyone is exploring generative AI (GenAI).

LLMs will transform into 2024, boosting data demand, demanding new architectures like vector databases (the “AI stack”), and altering data handling for end users.

Automated data analysis will be standard across the data stack in 2024. The challenge is ensuring genuine value, not just PR.

3. RAG will be all the RAGe

AI teams adapt by using RAG (retrieval augmented generation) and extensive fine-tuning with proprietary data to enhance enterprise AI products and provide a valuable edge for stakeholders.

RAG, introduced by Meta AI in 2020, is still a newcomer. Organizations are yet to build experience and best practices around it, but they are on the way.

4. The need for explainable AI and data ethics grows:

As AI becomes more powerful, it is becoming increasingly important to be able to explain how AI models work and to ensure that they are used ethically.

This is a complex challenge, but it is one that businesses and researchers will need to address in 2024 and beyond.

5. Edge AI and analytics become more important

Edge AI is a type of AI that is done on devices, rather than in the cloud.

This is becoming increasingly important as more and more devices are connected to the internet.

Edge AI can be used for things like real-time monitoring and decision-making.

6. Proficiency in data and AI is essential for success with generative AI-

In order to use generative AI effectively, it is important to have a good understanding of data and AI.

This includes things like knowing how to collect and clean data, how to train machine learning models, and how to interpret the results of those models.

7. Emphasis moves from AI experimentation to operationalization.

In 2023, many businesses were still experimenting with AI. In 2024, we will see more businesses move from experimentation to operationalization.

This means that businesses will be focusing on how to use AI to solve real-world problems and improve their bottom line.

8. Teams Go Smart: AI Transforms Collaboration-

Teams is gearing up to put a suite of enterprise-ready AI products into operation, marking a significant step towards transforming the future of collaborative work. This move is poised to revolutionize communication, streamline workflows, and empower employees across various industries.

Key Highlights in Summary

1. AI writes your ad copy, designs your logo, even codes your app. But using it wisely? Master data first.
2. Businesses ditch the demos, use AI to tackle real problems and make money
3. Your phone gets smart: AI makes instant decisions on the go, not just in the cloud.
4. AI needs a conscience: explain it better, use data fairly. Trust matters.
5. Forget the hype, focus on results. Data and AI? Not just trendy, they’re essential for winning.