It’s been exactly a year since ChatGPT appeared. There have been a number of exciting product launches over the last 12 months. This shows the rapid development in the field and there are no signs of things slowing down anytime soon. So much so that OpenAI has already started giving advice to the business world with GenAI before 2024.
Latest model artificial intelligence: GenAI
Generative AI is a generative artificial intelligence technology and one of the most impressive developments of recent years. In today’s world where automation affects all sectors, GenAI is a high-level technology that is developed and makes things easier.
Trends of 2024 with GenAI
OpenAI attracted attention with the DevDay event it organized in November 2023. The company has announced various offerings in the B2C and B2B markets. During the same period, Cohere took decisive action to strengthen its information search capabilities and custom distributions. Amazon Web Services, on the other hand, opened a new field by creating a no-code Gen AI application by launching PartyRock. These developments highlight the constant innovation and competitive environment in the field of artificial intelligence.
In light of all this activity, we believe it sets the stage for what to expect in the GenAI space in 2024. Here are six trends in this space:
- GenAI can see, hear and speak. Multiple models spanning text, code, image and audio unlock new capabilities in content creation.
- This renewed artificial intelligence tool can interact with the world. The new models will have the ability to read and write data by connecting to data systems.
- GenAI models are more controllable. With the new features, users get more consistent results than artificial models.
- GenAI is evolving and democratizing in 2024. OpenAI announced a new product called “GPTs”. This allows almost anyone to create a GenAI-powered chatbot using low-code/no-code interfaces.
- This new AI offers a platform strategy. “Application markets” similar to Appstore will be created for GPTs. Users will have a platform to discover new applications and publish their own applications.
- These system costs continue to fall. For the average enterprise customer, GPT-4 API costs have fallen two to three times.
2024 GenAI Strategies: Golden recommendations and risks
In the golden age of GenAI, all partners focus on using the latest and most powerful tools. Allowing multiple GenAI projects within an organization poses a risk to value creation.
Organizations that quickly adapt to innovations are wondering, “Buy or build?” faced with the question. Those who choose the “buy” option are hesitant to invest in talent that will cost a fraction of the cost. The company is skeptical of solutions such as off-the-shelf (product ready for immediate use), and purchasing strategies remain important along with maturing solutions.
In 2024, thanks to GenAI’s ability to be multi-skilled, it will now be more interactive with the world. This rapid evolution of artificial intelligence will open the door to revolutionary opportunities in the business world.
What are your thoughts on this subject? You can share your thoughts in the comments section.
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