Share AI Predictions for 2024

 

10 Business Owners and Experts Share AI Predictions for 2024

Buckle up, small business owners! 2024 will likely be a wild ride regarding artificial intelligence (AI). Once just a sci-fi trope, AI rapidly infiltrates what small businesses do daily.

AI will soon touch almost every aspect of your company, from marketing and operations to HR and sales. AI can help you automate tasks, analyze customer behaviors, and unleash creativity in your team.

At times, AI will challenge, scare, and delight you. And it's going to make you a more intelligent business owner.

To find out how AI will impact your business in 2024, business owners and experts generously shared their predictions.

AI predictions for 2024

"A little more than a year after LLMs [large language models—a type of artificial intelligence] burst onto the scene, one of the most exciting future applications of generative AI is in fighting fraud—specifically, in the opportunity to analyze and learn from an unprecedented amount of data compared to traditional predictive models. The next generation of AI has the potential to take insights from multiple domains and generate new insights, helping to train fraud tools to make more informed and accurate decisions to differentiate fraudulent transactions from legitimate purchases.

"AI also brings new challenges to payments. Generative AI tools will help fraudsters create more realistic phishing scams, making it harder for consumers to spot the once-characteristic spelling and grammar errors. This raises the bar for businesses and consumers, who must adapt to an evolving threat landscape."

Hesitancy with AI will continue for small business owners; meeting customers where they are will help bridge the technology gap.

"According to a recent EverCommerce customer pulse survey, 38% of small business owners feel comfortable with AI tools, although 75% have never used AI tools within their businesses. There is a polarizing technology gap between small business owners and the customers they service. SMBs need to build confidence around new tech to leverage the tools their customers are now accustomed to."

A sharper focus on the development of trusted technology solving for real customer challenges

"Large language models (LLMs) and digital assistants will fundamentally reshape how people interact with software in their personal and professional lives. However, this is only true if humans can trust the technology to do the job safely & competently. That's why, now more than ever, the people developing AI and using it need to work hand in hand to ensure AI lives up to its potential."

Unexpected industries will champion the adoption of AI and emerging tech.

"Traditional sectors—including automotive, hospitality, healthcare, legal services, education, and government—swiftly adopt novel technologies like AI and associated modules. In 2024, we'll see some of these traditional laggards morph into leaders, with some even outpacing early adopter categories like beauty, fashion, consumer electronics, gaming, or grocery retail.

"These more 'conventional' industries will leverage new technologies often associated with retail e-commerce, like AI/AI-generated content, video clienteling, digital showrooms, and connected video commerce networks faster and more effectively than anyone."

AI will become an integral business tool.

"In 2024, businesses will explore how to use AI as more than a one-off facilitator of efficiency and productivity. AI will become an integral tool in daily workflows and a true operational partner. For example, AI's ability to 'understand' and quickly answer customers' questions in customer service will help [companies] place orders faster. At businesses of every size, the opportunities are enormous."

AI will not just be for marketers at significant brands.

"We're seeing small business owners unlocking the power of AI. In a recent survey about multiplicative AI, GoDaddy Venture Forward found that small business owners are keen to grow and save time doing it. Closely one in four surveyed indicated a willingness to influence outside help for tasks like creating content. As a result, we've announced several AI products to help entrepreneurs generate content, such as online store product descriptions, to save time and ultimately attract new customers.

"As we move into 2024, I encourage more small business owners to experiment with AI and see how it might benefit their businesses in the long term."

AI will continue to have a noteworthy impact.

1. Increasing computing power needs: AI's growth and intricacy necessitate unprecedented computational power. As models become more complex, cutting-edge hardware advancements will become imperative. The emphasis is shifting to infrastructure capabilities supporting the ever-expanding AI models.

2. AI-enhanced creativity: The confluence of AI and human collaboration is ushering in a new age of creativity. AI 'hallucinations' are not just anomalies but potential catalysts for innovation, presenting fresh perspectives. Yet, balancing this potential with ethical considerations will be a focal point.

3. AI's revolutionary impact on work dynamics: AI's influence reshapes the workplace, augmenting rather than replacing roles. Traditional job descriptions are evolving, blending AI insights with human intuition. This transformation underscores the importance of adaptability and continuous learning in the workplace.

4. AI legislation and regulation: The rapid proliferation of AI has made it a focal point for global governments. Striking a balance between fostering AI innovation and ensuring public safety remains challenging. The regulatory landscape in 2024 will be pivotal in shaping AI's global trajectory.

5. Harnessing the power of synthetic data for AI training: The quality and quantity of training data determine an AI model's efficacy. Synthetic data's potential as a substitute for real-world data is a topic of genuine discussion, examining its viability across various applications."

SMBs will continue to embrace AI as barriers to entry lower and more knowledge of AI's effect on small businesses emerges.

"SMBs need to realize that the way AI works for large enterprises might not be the same way it will work for their companies. By implementing AI in ways that integrate with their already existing business processes, SMBs will have a much easier time with this adoption.

 

"This can be a small step, like utilizing AI to help choose a new icon for the company, personalizing customer experiences, bettering supply chain operations, or even using AI-powered accounting tools to help better manage financial systems.

"As small businesses implement AI, they can't lose focus on data privacy. With the high number of data breaches this past year, along with the number of policies coming out globally around consumer privacy, SMBs must tread carefully. By adopting their privacy practices around AI, SMBs can ensure the protection of customer data.

"To do both things, SMBs should find a strong software provider that focuses on the long game of technology rather than chasing the newest trends. With the right software and privacy practices, SMBs can thrive as enterprises do when utilizing AI in 2024."

In the rapidly evolving landscape of technological advancement, AI stands at the forefront of innovation, especially in aiding digital transformation.

"As we look toward the future, AI is poised to play an integral character in reshaping industries, optimizing operations, and redefining how we interact with technology.

"Digital transformation, at its core, is about leveraging technology to change how businesses operate & deliver value to customers. With its ability to study, analyze, and make decisions, AI is becoming a pivotal tool in this transformation. The synergy between AI and digital transformation lies in AI's capacity to process vast amounts of data, learn from patterns, and automate complex processes.

"One of the primary ways AI will influence digital transformation is by enhancing customer experiences. Personalization, driven by AI algorithms, can tailor services and products to individual customer preferences, leading to more engaging and satisfying interactions. Additionally, AI-powered chatbots and virtual assistants are set to become more sophisticated, providing real-time, efficient customer service.

"AI's role in automating routine tasks will significantly impact operational efficiency. By taking over repetitive & time-consuming tasks, AI allows employees to focus on more tactical & creative aspects of their work. This shift boosts productivity and fosters a more innovative work environment. Furthermore, AI-driven predictive maintenance in industries can foresee equipment failures before they occur, plummeting downtime and maintenance costs.

"As businesses generate and accumulate vast datasets, AI's ability to analyze & extract meaningful insights from this data is invaluable. AI algorithms can identify trends, predict outcomes, and suggest actions, enhancing decision-making processes. This data-driven approach ensures that choices are based on empirical evidence, leading to more effective strategies and outcomes.

"However, integrating AI in digital transformation is not without challenges. Concerns regarding privacy, security, & ethical implications of AI decisions are paramount. Ensuring transparency in AI algorithms and maintaining human oversight are crucial steps in addressing these concerns. Moreover, as AI becomes more prevalent, the need for skilled professionals capable of working with AI technologies will grow, necessitating significant investment in education and training.

"The role of AI in supporting and driving digital transformation is set to expand significantly in the coming years. It will impact customer experience enhancement, operational efficiency, and data-driven decision-making. However, for AI to truly fulfill its potential in aiding digital transformation, addressing the accompanying challenges and ethical considerations is essential. Embracing AI's capabilities while mindful of its implications will be key to harnessing its power in the digital era."