The pace at which AI is being embraced across organizations is fascinating. From automating basic tasks to creating something unique, AI has come a long way in making lives easier, processes efficient, and even fulfilling the skill gap.
35% of companies are currently using AI and 42% reported exploring the same, according to an IBM report.
We will discuss what are the top 4 AI trends that will dominate 2023 and how businesses can make the best use of them.
Democratization of AI
The democratization of AI makes this technology accessible to everyone, not just tech-savvy professionals. This means there’s little to no barrier to entry when it comes to embracing AI in everyday business processes.
One of the examples being the rise of no-code or low-code mobile and web development solutions. With simple drag-and-drop features, anyone with a vision can bring it to life by creating, testing, and deploying the app.
Besides, AI has been incredible in helping businesses fill the skill gap. To compensate for the shortage of data scientists, AI can be made accessible to every talent in the organization.
Since business owners know their businesses well, AI, such as the one with pre-built algorithms, can help close the skill gap by either enabling business owners to develop or helping an in-house developer create advanced apps without needing technical skills.
However, it should be noted that AI is not a replacement for human talent. Businesses can also collaborate with data scientists using AI and the IBM report shows that 1 in 4 companies are adopting AI because of labor or skills shortages.
AI has been long famed for its automation capabilities. But, with the progress in algorithms, AI can now create something totally unique. Generative AI uses unsupervised learning algorithms to create new content like images, video, text, music, and even code. Gartner predicts generative AI will account for 10% of all data produced by 2025.
Generative AI can even be used in fields like medicine, architecture, law, and more. It can enable us to understand how cancer cells work and generate ideas for home renovation. Marketers can also leverage this technology to produce relevant ads for their audience. Research shows that by 2027, 30% of manufacturers will use generative AI to optimize their product development effectiveness.
Generative AI will be prominently used in 2023 and the coming years, which will help professionals make their lives easier and enhance efficiency.
Ethical and responsible AI
As with every technology, users of AI have also faced some issues. If unregulated, AI can pose reputational, regulatory, and legal risks. Not only this but it can also cause resource wastage and inefficiency in development.
Research shows that the majority of organizations have not taken key steps to ensure their AI is trustworthy and reliable, and this includes reducing bias (74%), tracking performance variations and model drift (68%), and making AI-powered decisions explainable (61%).
AI explainability is crucial when generating any results with AI and in the coming years, thus, ethical and responsible AI will gain prominence.
Predictive AI for better cybersecurity
An average data breach can cost a company roughly $4.24 million in loss, according to an IBM report. The catastrophe caused by rapidly increasing cyber threats and attacks is not unknown. With the rise of attacks-as-a-service, and the use of machine learning to exploit a company’s network, businesses need to embrace the latest technology to stay a step ahead of the malicious threat actors. That’s where predictive AI comes in!
One of the ways AI can help in cybersecurity is by automating threat monitoring. Monitoring threats requires going through piles of unstructured data. When the same is handed over to the AI, the process not only gets accelerated but also avoids human error and makes it cost-effective.
AI’s risk-sensing capabilities can be useful in detecting malicious software and update in a timely fashion. Finally, AI has self-learning capabilities that can learn about growing threats which would take humans a large amount of time to do the same.
AI has come a long way since its inception. From being perceived as something complex to use, AI is now being streamlined in many business processes. While AI is known for increasing productivity and efficiency, and cutting down costs, it still should be utilized with responsibility.
Thus, in 2023 and beyond, AI will be used more to reduce manual work, but at the same time, businesses should not overlook the responsibility factor of it.
— Shibu Paul, VP – International Sales, Array Networks.