AI and Automation

In a recent webinar, IDC unveiled its top 10 AI and automation predictions for 2024 and beyond, shedding light on the future of these transformative technologies. The event showcased OpenAI’s GPT-3.5 series, marking a significant milestone in generative AI adoption and solidifying the projection that global spending on AI solutions will surpass $500 billion by 2027. The webinar, hosted by Ritu Jyoti, emphasized the explosive growth in AI and automation investments and stressed the importance of outcomes, governance, and risk management.

IDC’s predictions offer a detailed look into the future of AI and automation. The first prediction highlights the need to mitigate the risks associated with advancing AI technologies and GenAI, with cloud and software platform providers integrating safety and governance measures into their services. The second prediction notes the diverse regulatory requirements across borders, potentially causing organizations to face longer journeys to value as they navigate complex regulatory landscapes.

Conversational AI takes center stage in the third prediction, with its emergence as the standard user interface for both enterprise and consumer applications. This shift reshapes customer engagement, sales, marketing, and IT support. The fourth prediction focuses on the transition from technology to outcomes, with project sponsors increasingly expecting tangible value proven through well-defined key performance indicators.

The fifth and sixth predictions explore the automation of software quality and the transformation of IT services through GenAI in application modernization. Both have the potential to revolutionize the software development landscape and boost efficiency and service delivery speed.

Advancements in generative AI drive the seventh prediction, enabling sophisticated self-service knowledge discovery through natural language question answering and conversational search capabilities. The eighth prediction highlights the race to monetize generative AI for competitive advantage among G2000 companies, with innovative business models expected to double their GenAI monetization by 2024.

The ninth prediction focuses on the quest for Artificial General Intelligence (AGI), with multiple efforts and experiments anticipated by 2028. The impact of AGI on labor, intelligence, and creativity promises to be transformative. Lastly, the shift in chip priorities is addressed, as a move towards accelerators and AI-specific chips emerges, shifting away from server processors until AI workloads standardize.

In conclusion, IDC’s predictions not only showcase the rapid innovation within AI and automation but also highlight the crucial need for effective governance and risk management. As organizations and regulators navigate this dynamic landscape, the decisions made today will shape the trajectory of technological advancement and its integration into society for years to come.

As we bid farewell to 2023, the world of artificial intelligence (AI) finds itself at a critical turning point. Over the past year, the landscape of AI governance has undergone a dramatic transformation, with legal, regulatory, and policy changes shaping the future of this rapidly evolving field.

One of the most notable developments in AI regulation has emerged from the European Union (EU), with the introduction of the AI Act. This comprehensive framework sets stringent rules for the responsible development and deployment of AI systems, positioning the EU as a global leader in AI governance. After initial challenges posed by the rapid advancements in general-purpose AI technologies, the legislation is now set to be implemented in 2024, marking a significant step forward in the regulation of AI.

In contrast, the United States has taken a different approach, favoring a sectoral and self-regulatory regime. However, this does not imply a lack of regulation. The Department of Commerce’s National Institute of Standards and Technology (NIST) has released the AI Risk Management Framework 1.0, providing guidance for assessing and managing AI risks. Additionally, various federal agencies, including the Federal Trade Commission (FTC), Department of Justice (DOJ), Equal Employment Opportunity Commission (EEOC), Securities and Exchange Commission (SEC), and Consumer Financial Protection Bureau (CFPB), have actively engaged in the regulatory conversation, highlighting the multifaceted impact of AI on society.

The global implications of AI have prompted governments across the world to reassess their stance on AI regulation. The EU’s AI Act, in particular, has set a new standard, with implications that extend beyond its borders. As companies navigate this stringent regulatory landscape, it becomes increasingly clear that addressing AI’s risks and ensuring responsible development are paramount.

Meanwhile, the United States has issued an executive order prioritizing AI safety, setting groundbreaking standards for development and fostering responsible innovation. This executive order enhances the regulatory environment, introducing reporting requirements for foundation model developers and strengthening AI-related security measures.

Legal and regulatory progress has covered various aspects of AI, including intellectual property disputes over AI-generated works, the intersection with employment law, and considerations of privacy and consumer protection. Directives such as the AI Liability Directive (AILD) and the Product Liability Directive (PLD) have become instrumental in addressing AI-related damages and spotlighting liability concerns.

As we anticipate 2024, the evolution of AI’s legal and regulatory framework continues. The focus remains on ensuring the safety, transparency, and innovation of AI technologies. Governments around the world are closely examining different regulatory models to tackle the challenges and opportunities presented by AI. The discourse surrounding AI governance is far from over, as global ambition remains steadfast in guiding AI towards a future that upholds human values and society’s well-being.

The year 2023 will be remembered as a pivotal moment in the quest to understand and regulate AI. From the EU’s groundbreaking legislation to sector-specific regulations in the United States, as well as executive orders prioritizing AI security and innovation, the global narrative surrounding AI is being rewritten. As we venture into uncharted territories, the collective commitment to steer AI towards a future that prioritizes human welfare and societal values continues to shape the global agenda.

In an era characterized by technological advancements, the role of Artificial Intelligence (AI) in automation is revolutionizing various industries. McKinsey’s analysis predicts that automation could affect 30% of tasks in 60% of occupations, signaling a significant transformation in the workplace. To navigate this change successfully, it is essential to understand the distinct roles that AI and automation play in enhancing efficiency and decision-making.

Automation has traditionally focused on repetitive tasks, while AI brings the invaluable ability to learn, adapt, and make informed decisions. One area where AI enhances automation is in testing, where it improves efficiency, decision-making, bug discovery, and ongoing maintenance of test suites. By integrating AI into the testing process, businesses can identify issues early, simplify maintenance, and enhance test quality.

Despite the potential of AI, McKinsey’s research shows that only 8% of companies feel adequately prepared for widespread AI adoption. This highlights the importance of establishing clear decision-making processes, combining traditional and algorithmic decision-making approaches, and promoting a culture of learning and experimentation within organizations.

The launch of OpenAI’s ChatGPT exemplifies the versatility of AI but also showcases its limitations in handling complex prompts and staying updated with current events. Additionally, AI-driven marketing automation is transforming customer engagement by delivering personalized experiences across multiple channels.

In sectors such as travel, AI is improving GPS services with machine learning, enabling better map visualization and traffic insights. Vienna’s financial sector showcases the effectiveness of Intelligent Process Automation (IPA) in streamlining customer onboarding, showcasing the operational efficiency of AI.

AI’s applications extend to various areas, including autocorrecting text errors, powering personalized recommendations, enhancing e-payment security, and optimizing customer service, manufacturing, and data management. Importantly, the integration of AI into these industries does not replace human involvement but rather aims to augment human capabilities. Organizations such as Haier and Zappos exemplify this approach, leveraging AI to seamlessly blend technology and human engagement.

However, automation’s impact on the job market cannot be ignored. Brookings warns of the uneven impact on jobs and highlights the need for worker retraining as automation replaces manual roles. Adapting to evolving job markets through upskilling and reskilling is crucial for remaining relevant in the face of automation.

Looking ahead, careers in AI offer vast opportunities, and esteemed institutions like Caltech are at the forefront of equipping aspiring professionals with the necessary AI and machine learning skills.

In conclusion, AI’s role in automation has the potential to enhance human involvement rather than replace it. Embracing AI adoption requires a thoughtful approach that aligns with organizational goals and embraces the harmonious blend of technology and human capabilities. The AI and automation era calls for adaptability, foresight, and a willingness to explore new possibilities while addressing the challenges that lie ahead.

In recent years, generative AI (GenAI) has emerged as a revolutionary force in the technological landscape. With the introduction of OpenAI’s GPT-3.5 series in late 2022, the world witnessed a surge in GenAI investment, signaling a new era of possibilities. This momentum has not only attracted substantial financial support but has also set the stage for an extraordinary acceleration in AI solutions worldwide, with projected spending surpassing $500 billion by 2027.

One of the most notable developments in this field is the widespread adoption of tools like ChatGPT, which has played a crucial role in introducing the public to the complexities of AI. Ritu Jyoti of IDC highlighted the significance of ChatGPT during the FutureScape webinar, where top AI and automation predictions were discussed. These predictions act as a guiding compass, helping us navigate the evolving terrain of technological innovation.

The first prediction emphasizes the need for safety and governance in the realm of GenAI. As cloud and software platforms incorporate these considerations into their services, there is a shift towards responsible development and deployment of generative AI.

Regulatory requirements also play a role in shaping the GenAI landscape. With AI regulations fragmented across different countries, phased rollouts of AI technologies are expected. This presents challenges for businesses as they navigate through various legislative environments.

The ubiquity of conversational AI interfaces marks a significant shift in how we interact with technology. Conversations are becoming the standard user interface, making interactions more intuitive and efficient, both in customer-facing and enterprise applications.

There is a growing trend of moving beyond the fascination with technological capabilities to focusing on outcomes. The tangible benefits and impacts of AI and automation projects take center stage, highlighting the importance of driving meaningful results.

GenAI is set to revolutionize software testing by introducing automated and comprehensive testing methods, enhancing software quality significantly. This shift in approach promises to improve the reliability and performance of software applications.

The infusion of AI into IT services, referred to as GenAI-based Application Modernization IT Services, is expected to increase efficiency and speed up service delivery. This transformation will profoundly impact how IT support structures evolve and adapt.

Advancements in generative AI are driving interest in more natural, conversational search methods, revolutionizing knowledge discovery. These innovations pave the way for more intuitive access to information, transforming the way we search for and obtain knowledge.

Businesses are realizing the economic potential of GenAI and are expected to adopt innovative monetization models. G2000 companies aim to double their GenAI monetization efforts by 2024, highlighting the significance of these technologies for driving revenue growth.

The future holds immense potential for experiments with Artificial General Intelligence (AGI). Predictions indicate that by 2028, there will be groundbreaking developments in AGI, reshaping labor, intelligence, and creativity as we know them.

As AI workloads take center stage, there is a shift towards prioritizing accelerators like GPUs, FPGAs, and AI-specific chips. This change signifies a potential pivot away from traditional server processors, reflecting the evolving needs of the GenAI era.

The IDC FutureScape series provides invaluable insights into these trends, serving as a valuable resource for businesses and technologists alike. Understanding and preparing for these advancements will be crucial for those seeking success in the future of technology and business. By embracing the transformative potential of GenAI, organizations can pave the way for a revolution in how we approach innovation, solve problems, and navigate the future.

The BIR AI Congress 2024 is set to take the stage as a groundbreaking event that delves into the realms of augmentation and automation within the world of artificial intelligence. With a rich history of successful congresses, this year’s edition aims to carve a path towards the future of AI in healthcare and beyond.

Attending the congress are a diverse range of professionals, from radiologists to physicists, all with a shared interest in the ever-evolving landscape of AI. This two-day event promises to captivate the imagination and curiosity of its multidisciplinary audience, offering an agenda tailored to meet the varied interests and expertise of its attendees.

Leading the discussions are esteemed contributors, including Dr. Amrita Kumar, a consultant radiologist known for her pioneering work in integrating AI with clinical practices, and Dr. Gerald Lip, renowned for his expertise in breast imaging and AI applications. Their insights and knowledge will undoubtedly leave a lasting impact on the attendees.

The BIR AI Congress 2024 holds immense significance as it propels us into a new era of healthcare innovation. With augmentation and automation at the forefront, the congress aims to redefine existing practices and introduce transformative strategies. It serves as a crucible for pioneering ideas and encourages a forward-thinking approach to healthcare.

With a lineup of sessions that range from theoretical discussions to practical demonstrations, the BIR AI Congress 2024 provides an invaluable platform for knowledge exchange, collaboration, and inspiration. It welcomes anyone who is fascinated by AI’s potential to revolutionize healthcare practices.

As the anticipation mounts for the event, the fusion of augmentation and automation at the BIR AI Congress 2024 ignites excitement for a future where AI and human ingenuity work hand in hand to unlock unprecedented achievements in healthcare and medicine. Get ready for a congress that promises to shape the future of AI in healthcare and beyond.

In this blog post, we delve into the highlights of IDC’s Worldwide Infrastructure Research, bringing to light key personnel and their roles in areas such as AI software, semiconductor technology, and high-performance computing. Notable contributors like Ashish Nadkarni and Andrew Gens lead groundbreaking research in cutting-edge technology sectors.

Furthermore, we explore the findings from IDC’s “Future Enterprise Resiliency & Spending Survey – Wave 11,” with a focus on generative AI (GenAI) initiatives. A comparison between global and domestic responses sheds light on the potential of GenAI. We also introduce a game-changing deployment, Hitachi EverFlex with Cisco-Powered Hybrid Cloud, expected to revolutionize as-a-service infrastructure markets.

The blog post also covers insightful trends in AI infrastructure adoption, gathered through IDC’s worldwide surveys. Microsoft’s impressive earnings report for the second quarter of 2024, driven by cloud and AI-related revenues, is summarized. Additionally, we showcase AWS’s innovations in AI, as presented at the re:Invent global conference.

A detailed evaluation of generative AI (GenAI) software systems highlights their potential applications in content creation, product design, customer experience, and problem-solving. It emphasizes the responsible and positive use of GenAI to address global challenges such as climate change, poverty, hunger, and disease.

Lastly, we recap IBM’s financial performance for the fourth quarter of 2023, demonstrating revenue growth and substantial free cash flow generation. These findings collectively showcase the breadth of exploration and research within IDC’s assessments, providing a comprehensive understanding of the state of technology across various domains.

The year 2023 witnessed significant shifts in the legal and regulatory landscape surrounding artificial intelligence (AI). This blog post provides a comprehensive review of these changes and offers an outlook for 2024.

In Europe, the push for AI regulation by the European Union (EU) faced challenges due to the emergence of foundation models. However, the AI Act is poised to be the first of its kind globally, with its focus on regulating AI systems based on the level of risk they pose. The EU’s progress also extends to the AI Liability Directive and the Product Liability Directive, which address damages caused by AI and expand liability to digital products.

The United States, on the other hand, adopts a sectoral and self-regulatory approach to AI. The White House issued an executive order outlining the country’s AI strategy, prioritizing safety, innovation, and standards. While the absence of a federal AI framework remains a notable absence, efforts to govern AI’s development and use continue, particularly in critical decision-making sectors. Data misuse in AI development is also gaining attention.

Looking ahead to 2024, governments worldwide are expected to refine AI regulation with political, societal, and geopolitical goals in mind. Notable developments include ongoing competition scrutiny and the introduction of comprehensive AI laws. The blog post delves into the EU’s progress on the AI Act and AI Liability Directive, as well as the United States’ executive order and legislative attempts that did not pass. It also explores the impact of AI on intellectual property, privacy, employment, insurance, and health, along with anticipated legislative and regulatory directions.

Drawing attention to specific regions, the EU’s AI Act stands out, signaling a significant step toward comprehensive AI regulation with broad implications. In the United States, despite the lack of comprehensive federal AI legislation, efforts to govern AI’s development and use persist, especially in critical decision-making sectors. Sector-specific developments in 2023 encompassed intellectual property, privacy, employment law, insurance, and healthcare, reflecting the evolution of the legal landscape amid rapid AI advancements. Meanwhile, countries like the UK and Canada are grappling with the challenges of AI regulation, proposing frameworks that balance innovation and responsibility, and discussing AI safety summits.

In conclusion, the blog post highlights the dynamic and multifaceted nature of AI regulation and policy development, suggesting that 2024 will continue to witness significant evolution and attention in this space. The post provides an in-depth analysis of EU, US, and international developments, underscoring the ongoing efforts to harness AI’s potential while addressing associated risks and concerns.

In the fast-paced world of technology, artificial intelligence (AI) continues to dominate as a critical trend across various industries. With a growing number of executives and managers looking to boost their investments in generative AI, it’s clear that the industry’s potential for growth is substantial. However, when it comes to investing in AI stocks, it’s essential to consider factors such as value, growth, and momentum to maximize returns.

For value investors, finding stocks that are priced below their intrinsic value is key. Two notable AI stocks that exhibit this potential are Alibaba Group Holding Ltd. (BABA) and Aptiv PLC (APTV). As a major player in e-commerce, cloud computing, and digital entertainment in China, Alibaba presents a promising opportunity with a low price-to-earnings (P/E) ratio of 10.2. Aptiv, on the other hand, specializes in automotive parts and utilizes AI and machine learning in its vehicle software, offering value with a P/E ratio of 10.4.

When it comes to growth stocks, revenue and earnings per share (EPS) growth become important factors. Dynatrace Inc. (DT) and ServiceNow Inc. (NOW) are both rapidly growing AI stocks worth considering. Dynatrace, a software development firm with cloud solutions, boasts impressive EPS growth of 592.4% and revenue growth of 16.4%. ServiceNow, known for its cloud-based Now Platform and collaboration with Visa, demonstrates substantial growth with EPS growth of 426.0% and revenue growth of 23.8%.

For investors looking to capitalize on the momentum of AI stocks, Nvidia Corp. (NVDA), Meta Platforms Inc. (META), and Advanced Micro Devices Inc. (AMD) stand out. Nvidia, a leading chip manufacturer, experienced significant growth in 2023 and has shown a 12-month return of 223.7%. Meta Platforms, the company behind popular platforms like Facebook and Instagram, has witnessed a sharp rebound in advertising revenue, resulting in a 12-month return of 176.9%. Advanced Micro Devices, specializing in chips for various computing needs, has demonstrated remarkable growth with a 12-month return of 145.3%.

As with any investment, it’s crucial to acknowledge the risks associated with AI stocks. The sector’s unpredictability, the potential dangers of AI, and the inherent risks of newer companies can pose challenges for investors. However, the transformative potential of AI technology and the wide-ranging applications across industries make it an enticing investment opportunity.

Remember, this commentary is for informational purposes and reflects the analyst’s views as of the publication date. It’s important to conduct thorough research and consult with financial advisors before making any investment decisions in the AI market.