How Will Artificial Intelligence Transform The Business Landscape In 2023?

Over the last two years, businesses of all sizes across the world have embraced AI in various forms and seen a tangible outcome. As a result, Artificial Intelligence is expected to make significant advancements considering the massive investment and continuous innovation that has occurred in the last couple of years, with the potential to significantly improve our lives and the way organizations work in the digital transformation landscape.

AI has already revolutionized many industries, from healthcare to finance, and its applications are only going to grow. Accelerated AI automation has seen the most advancement in the recent past, especially in Generative design AI or AI-augmented design and Machine Learning code generation. We can expect AI-driven automation to power businesses to make better decisions, reduce costs, and increase efficiency.

AI-powered robots and autonomous cars are providing us with a new level of convenience. AI technology drastically improving healthcare delivery and becoming more integrated into our lives has grown into an essential part of our day-to-day life. The next phase of AI is going from narrow-scope to wide-scope ensembles. This will also be the time when AI governance and security will be developed, scrutinized, and standards will be set. We are heading into an era where AI engines driving decisions in silos for different business functions will be ensembled and synchronized for maximum efficiency and profitability at an enterprise-level.

Generative AI will gain prominence!

Generative AI has become the buzzword of recent months, with applications like ChatGPT taking the world by storm (it crossed 5 million users within five days). In the context of such AI models — where computers generate text rather than simply copying it from other sources and rearranging it to form new sentences — ChatGPT illustrates how generative technology will grow more ubiquitous as time goes on. With the advent of generative AI technology, it’s possible to create not just text but also images, videos, music and even entire websites. The usefulness of this technology lies in its ability to automate content generation, provide personalized content and generate a high volume of quality material. In 2023, we can expect generative AI apps to accomplish even more.

With new technologies, we often face challenges even greater than those faced by previous generations. We expect that scalability, privacy and security issues will arise as well — and, of course, copyrights. For AI to become the next creator, it will have to take on some of those roles itself — and that means addressing ethical concerns around how machine learning models are trained. Industrial enterprises must set up frameworks that enable the democratization of information. The scope of Generative AI is large enough to warrant monitoring these challenges closely.

Advances in AI will lead to a rise in AI governance

As enterprises adopt more AI technology, this will result in better data governance practices — mainly driven by increased awareness among the public and regulating authorities. The burgeoning application of Artificial Intelligence has outpaced attempts to create a framework for regulating it. As a result of increasing public concern about the impact of artificial intelligence on society, we can expect to see more countries implement regulations such as the EU Artificial Intelligence Act, data and policies (GDPR) in order to protect citizens.

As enterprises ramp up their use of AI, they will need to assess the potential risks involved and incorporate ethical standards in their strategies. Ethical use and governance of AI models/ tools will be critical for all enterprises deploying them.

AI can help businesses detect and mitigate cybersecurity risks

AI will be instrumental in helping organizations implement proactive cybersecurity measures. By anticipating and preventing existing and emerging threats, AI will create a shield against any potential dangers.

As the number of cyber-attacks has increased each passing year, so too has their complexity. Responding quickly to these concerns in real-time is critical and the need of the hour. But how can you use all that data effectively? Machine learning models can learn from vast amounts of information quickly and respond to changing patterns; Artificial Intelligence will help increase efficiency through automation as well as allow experts better allocate resources toward more pressing problems.

The current decade will unfold full-fledged AI ecosystems

According to Gartner’s hype cycle on emerging technologies, cloud sustainability and cloud data ecosystems will reach the “Plateau of Productivity in the next five years while different Accelerated AI Automation (like Casual AI, Foundation models, Generative design AI, ML code generation, etc. will reach “Slope of Enlightenment” and start moving into “Plateau of Productivity”.

This means that in the next five years, we will see organizations will consciously start replacing the stand-alone AI engines making localized decisions with a wholesome digital ecosystem. The ecosystem is housed in the cloud, operated by Automated AI systems and interacting with business stakeholders and users via immersive technologies and blockchain-based transactions.

A retail customer would no longer be limited by traffic congestion, parking availability or distance to the store to try out merchandise in the virtual reality store. A surgeon’s exceptional skills could be deployed miles away in an area of need without having to wait for the duration of a flight, saving countless lives. Construction and infrastructure development can be tested to ensure stability with great accuracy and high speed with agile adjustments.

This sounds a little sci-fi, but the technology for the future is ready now. It just needs to be brought together.

In a nutshell

We are moving towards the integrated AI ecosystem panning across all facets of our daily lives and every business at an unstoppable pace. The way businesses interact and transact with consumers is going to be revolutionized with this ecosystem. Entire new business models are being created around this technological evolution impacting organizations of all industries and sizes.

While enterprises and consumers are getting more and more familiar with different AI interactions, architects and engineers will get onto the trend where they will be “parenting” AI engines on what to do, how to do it, how well it learns and how well it functions.