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2024 AI Outlook: Artificial Intelligence and its impact on business


As business and technology become inextricably linked, today’s innovative tools are forging the way for companies to thrive. Technology has established its place in every industry as it evolves to keep up with ever-growing consumer demand.  

From an idea that was once science fiction fantasy, Artificial Intelligence and Machine Learning are now a very real frontier into a brighter, smarter future. As we continue to learn more about Artificial Intelligence and its impact on business, it’s clear that we’re only beginning to understand the potential of this technology. In fact, some studies found that a staggering 47% of companies are looking into using machine learning for business purposes.  

This blog is dedicated to guiding you through the most anticipated trends in Artificial Intelligence for 2024, offering insights into the numerous Machine Learning benefits for business. Continue reading to teach yourself about the future of AI and how it can drive your business forward.

Discover how Lateral can help you implement AI and Machine Learning solutions for your business.

Artificial Intelligence and its impact on business

In today’s competitive business landscape, companies must pay attention to the Machine Learning revolution. As the landscape of Machine Learning rapidly evolves, exciting developments are poised to dramatically transform industries in the near future. Machine Learning applications for business represent a golden opportunity for companies to embrace technological advancement, streamline operations more effectively, and enhance the overall customer experience. Staying abreast of the latest news and trends, along with strategic planning on leveraging these technological advances, will arm your business with the essential tools to enhance efficiency, increase sales, and achieve scalable growth amidst ongoing changes.

Machine Learning Trends for Business

The evolution of machine learning algorithms

As AI and Machine Learning tools like ChatGPT soar in popularity, we will see further development accelerate to cater to the varying needs of different business sectors.

In the healthcare sector, we will see a transition from using general AI to more specialised algorithms for disease diagnosis, treatment planning, and patient management. This will further ease administrative burdens and enhance patient care. Additionally, this puts more emphasis on accuracy, especially with the inherent sensitive data that healthcare handles.

Beyond healthcare, the rise of AI and Machine Learning has also raised questions about ethics and security. In 2024, Machine Learning algorithms will be scrutinised in terms of their safety in handling data. Efforts to address these concerns are well underway already, along with the implementation of laws, policies, and industry frameworks.

As AI proliferates across industries, there will be trending innovations that will make the development of machine learning in business intelligence easy and accessible. No-Code Machine Learning allows you to program applications without the complexities of developing, designing, and deploying. This means you can easily drag and drop inputs, enabling a quick implementation with a lower cost.

Then there’s AutoML, a rising trend that will enable accessibility to building Machine Learning applications. As AI and Machine Learning continuously become helpful in the business world, so does the demand for off-the-shelf solutions. AutoML provides simplicity through templates, omitting the need for lengthy and complex development.

The Integration of AI into business processes

Customised enterprise generative AI models will establish their prominence in 2024 as more businesses look to power their processes using a more specific model to cater to their niche requirements. From customer support to supply chain management to document review, tailored generative AI tools are built to give you better data control and improve privacy and security.

Another rising trend to look out for is Agentic AI. This proactive Artificial Intelligence is an advanced system with the ability to act independently. Take environmental monitoring, for example; the AI agent can collect data, analyse patterns and initiate preventive actions in response to early signs of forest fires. These AI agents can also make reservations, plan a trip, and connect to other services, giving you ease and saving you time.

Machine Learning in business intelligence and decision making

Compared to relying on human feedback to drive change, a data-driven tool using AI and Machine Learning provides unbiased insights and informed strategic choices for you. This allows you to have a complete and accurate overview of your processes and operations, which supports smart decision-making. It can also help you better identify automation opportunities, making your business conducive to efficiency.

AI and Machine Learning Benefits for Business

With all these trends sprouting left and right, here are ways you can have these up-and-coming innovations become your powerful business arsenal:

  1. Replacement of traditional rule-based processes with intelligent ones capable of autonomously discovering new patterns in extensive, unstructured datasets and providing strategic suggestions and predictions.
  2. Enhancement of customer experience and service through the implementation of intelligent assistants, reducing the time required to address customer queries and concerns.
  3. Improved understanding of data patterns influencing crucial business events, enabling the provision of relevant insights.
  4. Accelerated decision-making facilitated using advanced algorithms for process automation.
  5. Achievement of heightened innovation and growth by leveraging data patterns to capitalise on emerging opportunities.
  6. Acceleration of business operations by establishing more rapid workflows, streamlined business processes, and enhanced scalability.

Ready to get started using Machine Learning in your business?

Embrace the possibilities within the vast realm of AI and machine learning applications tailored to suit your business needs across various industries. As Perth's leading custom software developers, we invite you to explore how our expertise can elevate your business by delivering precisely crafted solutions.

Step into the forefront of the computing technology revolution with us. Connect today to uncover the incredible potential that awaits your business.

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