Artificial Intelligence (AI) is poised to exert a transformative impact across various sectors in 2024, according to predictions from SAS, a leader in AI and analytics. Key trends and developments in AI for the upcoming year have been forecasted by SAS executives and experts.
One notable trend is the integration of Generative AI as a complementary element to comprehensive AI strategies across industries. Bryan Harris, Chief Technology Officer at SAS, emphasizes that Generative AI will augment existing AI strategies rather than replacing them. In banking, simulated data generated by Generative AI will enhance stress testing and scenario analysis for risk prediction and loss prevention. In healthcare, it can contribute to the generation of personalized treatment plans, while in manufacturing, Generative AI is expected to simulate production processes, identifying opportunities for improving quality, reliability, maintenance, energy efficiency, and yield.
Contrary to concerns in 2023 about potential job losses due to AI, the focus in 2024 will shift to the job creation potential of AI, according to Udo Sglavo, Vice President of Advanced Analytics at SAS. New roles such as “prompt engineering,” bridging a model’s potential with real-world application, are expected to emerge, strategically fostering economic growth.
Other predictions for AI in 2024 include advancements in responsible marketing, enhanced fraud protection in financial institutions, improved government operations, refined patient care in healthcare, and more effective climate risk management in insurance. SAS is addressing the potential biases in AI by deploying ‘model cards,’ analogous to an ingredient list for transparent and fair AI algorithms.
AI is anticipated to play a critical role in addressing complex challenges, including increased fraud vigilance due to Generative AI and ‘deepfake’ technology. Additionally, SAS experts foresee developments in multimodal AI and AI simulation, with applications in augmented reality (AR), virtual reality (VR), and the simulation of complex physical systems like digital twins.
From a public health perspective, AI is set to transform interventions, with a surge in academic researchers conducting AI-driven modeling and forecasting on behalf of governments, as noted by Dr. Meghan Schaeffer, National Public Health Advisor and Epidemiologist at SAS.
In summary, SAS anticipates AI to be a driving force for positive transformations and innovations across diverse sectors in the coming year.
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