We know generative AI (artificial intelligence) is on the rise for many global markets, with some suggesting it could become a $1.3 trillion market by 2032, as the market balloons to a whopping 42%, according to Bloomberg. When looking at what global vertical markets tend to stand the most to gain, GlobalData identifies IT (information technology), manufacturing, government, retail banking, and retail, as the industry standouts.
With this comes a change in technology. For today’s blog discussion, let’s pull back the curtain and take a closer look at how AI is advancing and expediating business decisions, ultimately deciding their path forward for 2024 and beyond.
How AI Is Advancing
We have reported here two big ways technology will change. First, it will need to adapt to allow for more powerful AI algorithms. Cloud will be key here to deliver more computing power. Also, another set of technologies will develop as a reaction to AI, according to Akhil Seth, head of open talent, UST. For example, debiasing algorithms will attempt to stamp out bias. We have heard much discussion about the need to debias AI already, but even more rules will need to be set in place.
We see many companies working in the technology sector to bring new solutions and capabilities to market to drive generative AI deeper into everyday businesses. Consider the recent case of Vodafone and Microsoft, which are working together to transform the customer experience.
Let’s break this example down a bit to see what is really happening behind the scenes and how this will impact future B2B developments. Vodafone will invest $1.5 billion during the next 10 years in cloud and customer-focused AI services developed in conjunction with Microsoft. Additionally, Microsoft will use Vodafone’s fixed and mobile connectivity services.
Microsoft also intends to invest in Vodafone’s managed IoT (Internet of Things) connectivity platform, which will become a separate, standalone business by April 2024. Additionally, the digital services created by the new partnership will use the latest generative AI technology to provide a personalized customer experience across multiple channels. The companies say this will be built on unbiased and ethical privacy and security policies under Vodafone’s established framework for responsible AI.
Digging in a bit deeper, the two companies have identified five areas of collaboration including generative AI, scaling IoT, cloud transformation, and enterprise growth/support for SME (small-to-medium enterprises). Finally, the companies aim to accelerate digital in Africa. Here Microsoft intends to help further scale M-Pesa, a large financial tech platform. The goal is to enhance digital literacy, skilling, and youth outreach programs, as well as offer digital services to the underserved SME market. As I see it, AI and IoT have a long future together if Vodafone and Microsoft have any say about it.
This is simply one case of how two companies are working together to spur the latest in generative AI. As we move forward into 2024, we must consider how we will leverage these technologies to accelerate our business even further.
How Businesses Can Prepare
With all this in mind, business executives must take that next step. Where should they begin? It doesn’t mean throwing the baby out with the bath water. It means taking a long hard look at your solutions and finding an intelligent way to integrate the best solutions for the best outcomes. It almost always starts with identifying a business need, creating a strategy for how to address that need, and then recognizing how technology can fill in the gap.
From there, companies must establish change management within the companies, while also reskilling and upskilling employees. Finally, companies leveraging these technologies must continue to stay abreast of the changes that are happening.
The pace of change is only going to pick up. Let’s approach it with intention, strategy, and knowledge. This is how we will continue to leverage the power of AI while keeping our businesses humming. And sometimes that means leveraging IoT and more.
Want to tweet about this article? Use hashtags #IoT #sustainability #AI #5G #cloud #edge #futureofwork #digitaltransformation #green #ecosystem #environmental #circularworld