REVOLUTIONIZING INDUSTRIES IN 2024

INTRODUCTION

Welcome to this issue of AI & Analytics magazine, your comprehensive guide to the year’s most impactful developments in the dynamic fields of Analytics and Artificial Intelligence. Flip through these pages, and you won’t just find trends. It is a blueprint for tomorrow. 2023 wasn’t just a year; it was a turning point, where algorithms leaped from labs to livelihoods. The world as we know it has changed for ever and 2023 is that historical year that lays the foundation of this transformation.

We will explore the transformative impact of AI on different facets of our life. We shed light on how it’s revolutionizing learning experiences and empowering educators. We will also discuss how data driven insights and advanced artificial intelligence techniques are powering growth and innovation for corporates. We also bring you insights into how AI is reshaping everything, from finance to healthcare and economics to humanities.

We delve into the latest AI technologies that emerged in 2023 and peek through the veil at what 2024 holds. So, sit back, relax, and take a front-row seat to the future.

AI in 2023 – A Year of Breakthroughs

2023 was a year of quantum leap in Artificial Intelligence. Groundbreaking technological breakthroughs have blurred the lines between technology and everyday life. Generative AI took the center stage that revolutionized natural language processing and creative content generation, with versatile applications across multiple domains. OpenAI’s GPT 4 based Chat GPT introduced the world to the world of Large Language Models (LLMs) with remarkable proficiency in creative writing, coding, and complex problem- olving. Following the suit, Google unveiled Bard which is claimed by many to be more efficient than GPT Microsoft has also released its inhouse Copilot specifically meant for computer code generation. Text to image generation models like Stable Diffusion and DALL.E 2 have further upped the ante.

AI is democratized with open-source offerings. Let it be Open Art for text to image conversion or Microsoft integrating ChatGPT into Bing and Google combing Bard with Chrome. Meta has even released its proprietary LLAMA 2 model to the public for training, modification, and usage – without paying a single dime for it.

2023 also witnessed further advancements in autonomous mobility in the form of self-driving cars and drone-based delivery. All major militaries across the globe have now adopted these technologies into their defense system. Robots are being designed to be energy efficient and with longer work life. The vision of a truly smart home is now more realistic than even before.

AI Education Revolution – Rebooting India’s Workforce for the Future

India’s education system stands at a crossroads. Rote learning churns out graduates ill-equipped for a job market increasingly powered by AI and analytics. Almost all major companies across the world laid off thousands of workers in 2023. More such headcount cuts are brewing. Most service delivery organizations are on hiring-freeze and the problem is going to get worse from here. The only solution to this lies in empowering our education experts. It is time that we re-evaluate not only the syllabi taught but also how education is delivered across the subjects.

A survey by Deloitte found that 67 percent of education leaders think AI will help with tasks like handling admissions, grading, and keeping track of student records, freeing up teachers for personalized guidance and mentorship. Data analysis can pinpoint specific learning gaps within cohorts, allowing for targeted interventions and improved resource allocation. Predictive models can identify students at a risk, enabling timely support and ensuring greater inclusivity. Adaptive learning platforms can tailor make lessons to individual strengths and weaknesses, offering real-time feedback.

Skills like critical thinking, problem solving, adaptability, mathematics and technical knowledge like Python, and cloud-based applications are a must for students across all specializations. Deep domain and subject matter expertise allows professionals to bring valuable insights to the table. Knowledge of enabling tools like GitHub, MLOps, JIRA and Prompt Engineering are extremely essential along with the subject and technical know-how, all these must be integrated into the course structure.

The greatest positive impact of AI will come from those with expertise in learning how to apply AI methods, more than from the development of more sophisticated AI techniques.

AI IN 2024 – A GLIMPSE INTO THE FUTURE

2023 witnessed significant AI breakthroughs. 2024 promises even more. AI advancements across industries are further going to blur the lines between science fiction and everyday life. As we look ahead, several key trends are emerging that promise to shape the future of AI.

  • Multimodal AI – AI models that understand and create multiple types of data like text, audio, image, and video, are set to become more proficient. Google Gemini, poised to release in 2024 is going to shatter all that we know. For example, it can take an image as input and sing you a poem based on the image as the output. That’s scary!
  • AI in Healthcare – DeepMind’s AlphaFold2 is being used to accurately predict protein structures, leading to revolutionary drug discovery. IBM’s Watson Health platform can analyze unique genetic makeup to provide tailored prevention strategies and medication recommendations for individuals.
  • AI Driven Industries – Siemens MindSphere and GE Predix will leverage AI to predict equipment failures before they happen. Intel’s announced the rollout of AI PCs equipped with Neural Processing Units (NPUs) in 2024. It could be a game-changer for industrial applications requiring on-device AI processing, potentially transforming smart factories and autonomous vehicles.
  • Ethical AI – Bias, hallucination, deepfakes, privacy – all these factors are going to pave the way forward for AI. In 2024 there will be increasing focus on responsible, balanced and explainable AI.