How Businesses Can Respond To The Latest AI Trends14/04/2023
Forsbak is co-founder & CTO at Orient Software, a leading software outsourcing company that employs top software engineers from Vietnam.
Artificial intelligence (AI) has made significant progress since its inception, and its impact on businesses and industries continues to grow. With significant advancements in AI technology, companies are exploring new ways to leverage their potential to drive innovation and growth.
In this article, I will look at some of the latest AI trends businesses should watch as well as the opportunities and challenges they present.
The democratization of AI is a significant trend to watch out for in 2023. As technology advances, expect more businesses to benefit from AI, particularly in natural language processing (NLP) and machine learning (ML) areas.
With the reduction in model size, smaller companies can compete with more prominent players like Google, Microsoft and Facebook, using powerful generative AI models like GPT language models. This increased accessibility and competition will foster innovation and new opportunities for businesses of all sizes.
In addition to democratization, the smaller and more lightweight AI models also offer other benefits, such as reduced energy consumption, which is particularly important in the age of climate change. With smaller models, businesses can train and deploy AI models that consume less energy, which can translate to cost savings and a reduced carbon footprint.
No-code AI refers to developing AI systems that do not require coding skills to build and operate. This is possible by developing user-friendly platforms that allow people without coding experience to create and customize AI models. These platforms use drag-and-drop interfaces to make building and training AI models easier.
No-code AI platforms can potentially democratize AI even further, enabling more people with non-technical backgrounds to benefit from the power of AI in their work. Business leaders should explore how it could help their use cases.
Increased Focus On Explainable AI
As AI becomes more prevalent in decision-making processes, ensuring these systems are transparent and accountable is increasingly essential. This is where “explainable AI” comes into play.
Explainable AI is the capability of AI systems to provide clear and understandable explanations of their decision-making processes to humans. Going forward, expect to see a greater emphasis on developing explainable AI systems.
This will be particularly important in industries where the consequences of AI decisions can have significant implications, such as finance, healthcare and law. For example, in finance, an AI system may be used to make decisions on loan approvals, and it is essential that these decisions can be easily explained and justified to customers.
Natural Language Processing Revolution
We have all experienced how mobile phone assistants could be more helpful. As voice technology continues to improve and technologies like an AI language model can be used to generate more natural conversations paired with better voice recognition, businesses can provide users with a much better experience when interacting with AI systems. This will have far-reaching implications for how we interact with technology and its convenience level.
For example, chatbots powered by advanced AI language models like ChatGPT can now engage in more human-like conversations and handle complex tasks, such as booking appointments, ordering products or providing customer support. This should improve the overall user experience and allows businesses to automate operations.
Will Jobs Be Lost To AI?
One of the biggest concerns about the growth of AI is the potential impact on jobs. As AI continues to automate tasks and processes across industries, specific jobs may become redundant.
According to a World Economic Forum, AI and automation are expected to displace around 85 million jobs by 2025. At the same time, they are expected to create about 97 million new roles, resulting in a net increase of 12 million jobs globally. These new jobs will require critical thinking, creativity and emotional intelligence, highlighting the need for individuals and businesses to adapt to the changes.
In addition to creating new job opportunities, AI will likely change the nature of work. For example, as more routine tasks become automated, workers may be able to focus on more strategic, creative or customer-facing functions that require human skills such as empathy, judgment and problem-solving. This shift could lead to the development of new roles and a greater emphasis on soft skills, which are more challenging to automate.
To prepare for AI’s changes, companies must invest in reskilling and upskilling their employees to develop the skills that will be in demand. This may involve partnering with educational institutions, offering training programs and providing on-the-job learning opportunities. It’s also essential to develop a workforce that is agile and adaptable to change, as AI and automation will continue transforming our work.
In conclusion, AI is rapidly evolving and will continue to impact businesses and industries in various ways in 2023 and beyond. As AI becomes more prevalent, it’s essential to prioritize transparency, accountability and AI ethics to ensure that AI is used responsibly and for the greater good. By doing so, we can harness the full potential of AI and leverage its power to address some of the world’s most significant challenges.