In 2023, artificial intelligence (AI) technology may have achieved a breakthrough. However, in 2024, it is likely that the technology will reach unprecedented heights and impact nearly all areas of the investment world, according to technology experts.
Emerging AI-Focused Roles
The technology of artificial intelligence in 2024 is expected to affect organizations and companies from the Fortune 500 list to regional or local levels. Cliff Gorkiewicz, a technologist and Vice President of Global Strategy at Phenom, a human resources (HR) technology company, states that a variety of AI-focused roles are likely to emerge across all industries and sectors.
New AI-focused positions may include ethics officers, stewards, policymakers, legal advisors, trainers, auditors, translators, and others. Gorkiewicz mentions that creating an entirely new team dedicated to these considerations and other AI-related factors could lead to significant shifts in the financial and structural aspects of the company.
Companies that fail to establish these roles may find themselves facing lawsuits and regulatory hurdles. Germany, France, and Italy are among the latest examples of countries taking steps to implement new AI legislation.
Trust Issues
Although government legislation for AI is still in its infancy, it seems that the technology itself is likely to outpace regulation. This means that companies will need to convince customers and investors that they can be trusted to handle AI responsibly on their own.
Gorkiewicz added, “It is wise for investors to look at organizations that keep humans in leadership. In the absence of federal legislation, organizations need to self-regulate.” A company that is seen creating roles around AI ethics and governance may demonstrate that it takes this responsibility seriously.
The Rise of Personal Robots
Gorkiewicz also foresees that AI-driven personal assistant robots will be inevitable in the near future, adding that these robots will become “a routine extension like a phone.” These personal assistant robots are expected to quickly replace sophisticated virtual assistants like Siri and Alexa.
New companies may emerge as the struggle for dominance in this realm continues, and personal assistant robots are likely to have an immediate impact on human resources. According to Gorkiewicz, “Employees, hiring managers, and candidates will use a personal assistant robot to easily navigate a variety of hiring tasks.”
Accelerating AI-Powered Software Development
Software developers, including Epik Ozkan from the Software Engineering Institute at Carnegie Mellon University, have been skeptical about the ability of AI tools to assist in the development process. Ozkan noted that even with potential improvement tools available, it will be humans who will use and guide these tools in their intended application.
There are others who believe that AI could particularly transform the tech space in 2024 by streamlining many of the tasks performed by humans. Companies that position themselves to leverage the power of AI to accelerate traditionally slow processes while keeping humans in the loop are likely to see the greatest benefit.
Investors in tech companies may want to monitor not only whether these companies are using AI in their software development but, more specifically, how AI interacts with humans to enhance the process.
Real-Time Language Translation
AI technology has the potential to make real-time language translation truly useful in the business world. Gorkiewicz acknowledges that most of the current language translation software products on the market, at best, “only have about 60% accuracy.”
And with
With natural language processing tools and machine learning, the capabilities of machine translation are likely to accelerate rapidly. “Imagine colleagues from around the world, university professors and students, researchers, and doctors being able to collaborate truly in real-time in any language,” said Jorkevich.
AI-Supported Investment
Artificial intelligence can revolutionize the way individual investors make and execute investment decisions. Jeff Shen, co-head and deputy chief of systematic active equities at BlackRock, stated that he believes “the AI-supported investor that blends big data and large models with human insight … is the future of asset management.”
Unlike the software development discussed earlier, delegating all investment decisions to AI may be impractical. Instead, the most successful investors in the short term are likely to be those who can harness the immense power of AI to analyze and sift through data while maintaining a human touch.
Conclusion
ChatGPT, one of the first generative AI systems to reach widespread global usage, was launched just a year ago on November 30, 2022, and reached 100 million users in just a few months.
Even in the short time since then, AI has evolved at a staggering pace. This is likely to continue into the new year, and investors in the technology sector as well as the broader market should be prepared for the ways AI is likely to impact all types of businesses.
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Source: https://www.investopedia.com/ai-is-the-biggest-tech-investing-theme-for-2024-8404597
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