Top Data and AI Breakthroughs (and Controversies) of 2024

We’re on the cusp of something extraordinary. We are witnessing one of the most fascinating technological breakthroughs. With projections suggesting a staggering $10 trillion boost to global GDP by 2028 (according to McKinsey), it’s clear that AI is set to ignite an economic revolution.

Isn’t that thrilling? I am genuinely excited about this.

The data and AI landscape has evolved dramatically in 2024. It’s time to take stock of our journey, recalibrate our strategies, and set our sights on 2025 and beyond. I personally feel we have made incredible strides this year. The latest McKinsey Global Survey on AI reveals a staggering 65% of organizations now regularly use generative AI, almost double the figure from just ten months ago. This exponential growth underscores the transformative power of AI and the speed at which it’s being integrated into businesses worldwide.

Let’s delve deeper into the key trends shaping 2024 and explore how we can capitalize on them to drive success in the coming years.

Human Intelligence + Artificial Intelligence = Augmented Intelligence

Augmented Intelligence—developed to enhance human Intelligence rather than replace it—plays a crucial role in increasing efficiency without compromising data integrity and accuracy. It combines the strengths of both human cognition and AI algorithms, resulting in a powerful synergy that transforms various industries including the finance sector.

In the finance sector, high-risk data requires human intervention. Augmented Intelligence can efficiently process and analyze large volumes of data, such as PDFs and spreadsheets, for risk assessment. While automation is useful for simple tasks like directing web traffic or answering yes/no questions, complex financial situations necessitate human involvement. Rather than transferring customers to a representative after 10 minutes of chatting with a bot, it’s better to engage with a human from the outset of the interaction.

Augmented Intelligence can enhance digital customer communication, not replace it with algorithms. As per a recent report, Augmented Intelligence market share is expected to increase to USD 54.7 billion by 2027!

2024 taught us weak Data security systems can cost you millions! The massive ransomware attack on Change Healthcare in February 2024 crippled US healthcare. The cyberattack, claimed by the Blackcat/Alphv group, exposed sensitive medical data of millions of Americans. Hospitals, pharmacies, and other healthcare providers faced severe disruptions in operations and finances. The ransom itself is estimated at 20 million dollars!

The first AI Act passed this year, Regulation (EU) 2024/1689, represents a pivotal moment in global AI regulation. It sets forth comprehensive guidelines for AI developers, deployers, and users, aiming to strike a delicate balance between innovation and safeguarding citizens’ trust. Notably, its impact extends beyond the European Union (EU), reaching any organization with operations or influence within the EU. Penalties for non-compliance can range from substantial fines—up to 7% of global annual revenues—to fixed amounts. In essence, the AI Act shapes the future of responsible AI adoption worldwide.

One clear lesson from 2024 so far – invest in data security!

The February 2024 Air Canada incident shows that AI hallucinations can come at a price. Air Canada’s chatbot giving wrong information to the customers about policies created a storm in the news.

AI hallucinations might seem like a setback, but they are invaluable learning opportunities. Rather than dismissing them as failures, businesses should view them as opportunities for improvement. By carefully analyzing these instances, you can identify gaps in their AI systems, enhance data quality, and refine algorithms.

Beyond their role as error indicators, hallucinations may spark innovation. It is essential to foster a culture of experimentation where hallucinations are not simply dismissed.

As we approached the second half of 2024, the fervor surrounding artificial intelligence (AI) began to wane—not because AI’s future isn’t promising, but because some companies had fallen into the trap of implementing AI merely for the sake of doing so. The critical question emerged: Were they truly addressing real-world problems or meaningful business use cases?

The central challenge in AI adoption lies in estimating and demonstrating the value of AI projects. As organizations scale their AI initiatives, they must consider not only the immediate productivity gains but also the total cost of ownership and the broader benefits that extend beyond efficiency improvements.

During the year, we’ve witnessed growth in the use of AI for straightforward tasks like summarizing meetings, drafting emails, and creating job postings. These tools are enhancing productivity, but they represent just the tip of the iceberg in terms of AI’s potential. There’s a vast landscape of possibilities yet to be explored. The rise of AI agents (also known as AI-powered bots) is evident, though they are still finding their footing. For the next 10 years, Gen AI will augment humans, not replace them. In the short term, AI agents will automate parts of the business processes—but not all of them.

As we start to see where AI truly makes an impact, those who have effectively harnessed its capabilities to achieve business value will stand out as clear winners. The future holds immense potential for AI, and we’re just beginning to scratch the surface of what it can achieve!

Stay Ahead in the AI Revolution

In this era of rapid advancements in AI and data, it’s essential to keep your strategies aligned with the latest trends to stay ahead of the competition. Infocepts is here to guide you in implementing these critical recommendations, ensuring your business harnesses the full potential of AI. Connect with us today to discover how we can drive your transformation. Don’t miss out on our exclusive AI Strategy Workshop — an invaluable opportunity to shape your AI roadmap and lead the way in innovation.