Geopolitical, economic instability and the climate crisis are currently causing difficulty in planning for the medium and long term. Additionally, there is ongoing pressure on productivity, which must be managed with a shortage of skilled workers. Read on to find out which four technology trends organizations should have on their radar in 2024 to get through times of uncertainty.
Daniel Fallmann, CEO of Mindbreeze has summarized the four most important trends for the year 2024. The trends 2024 list can be found here for download.
1. Competitive advantage through intelligent applications
Huge software suites that cover as many use cases as possible have an expiration date in their traditional form. Since the establishment of cloud services, many software manufacturers have been focusing on intelligent special applications. The demand for innovative tools has increased due to the current shortage of skilled workers. These smart applications are highly specialized AI technologies that automate activities, support decision-making, and optimize processes to improve productivity. They are constantly learning and adapting to the context and intentions of their users.
Instead of continuing to dabble with large software flagships, companies should expand their existing products with external intelligent applications or use them as the basis for new products. One example is the Mindbreeze Business Decision Insights (BDI) ecosystem, where manufacturers use Mindbreeze InSpire as a basis and build their solutions on the Insight Engine.
2. Retrieval augmentation optimizes the use of large language models
Retrieval Augmentation Generation (RAG) allows output optimization of Large Language Models (LLM) with specific information. The underlying language model is unchanged in the process – a significant advantage due to an expensive and long model training process. For LLMs, such as GPT, to provide a company with reliable answers, it is necessary to supply LLMs with up-to-date and valid company data. With the help of insight engines and RAGs, LLMs can quickly provide contextual and specific answers to internal queries. It also cleverly avoids hallucination problems.
If employees want to embrace the full benefits of generative AI in the coming year, companies should ideally combine it with an insight engine and retrieval augmentation.
3. Sustainability will be directly linked to business success in the future
The importance of sustainability is now undisputed in the face of climate change and other environmental challenges. IT is no exception: this ranges from reduced power consumption to recycling obsolete hardware.
Companies are increasingly recognizing that competitiveness and sustainability are inextricably linked because they are increasingly required to provide information about the impact of their activities on the environment and society, such as an ESG report.
To maintain overviews of sustainability initiatives, insight engines support organizations in consolidating vast amounts of data, preparing it accordingly, and providing recommendations for action.
4. Clear legal frameworks for artificial intelligence
AI is here to stay. The European Union presented a corresponding regulation back in April 2021. The EU plans to agree on the actual law by the end of 2023. The EU AI Act will be the world’s first comprehensive AI law to guarantee that all AI systems used in the EU are safe, transparent, traceable, environmentally friendly, and non-discriminatory.
In the future, risk classes will regulate under what conditions AI systems have access to the EU market. Manufacturers and potential buyers will have to deal intensively with this topic in the coming year to plan the proper development steps and make future-proof purchasing decisions. Once the AI Act comes into force, companies will have 24 months to implement it.
Despite the uncertainties, managers can be confident they can make the right decisions when choosing intelligent technologies in 2024 – both at a strategic level and in the individual workplace.
About Mindbreeze
Mindbreeze is a leading international provider of appliances and cloud services for information insight, applied artificial intelligence, and knowledge management. Mindbreeze’s global network of partners makes it possible to serve customers across the world. Visit www.mindbreeze.com or follow us on LinkedIn and Twitter @Mindbreeze.
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