The year 2024 will likely witness a quantum leap in artificial intelligence, data control, and ethics, according to predictions from Antti Nivala, CEO of information management specialist M-Files. Key factors driving this transformation include an increased focus on AI ethics, AI assistants, and generative AI, with the ultimate aim to enhance business growth using sophisticated data management and governance strategies.
Nivala underscored the significance of holistic knowledge management, asserting that it is vital to the productivity of knowledge workers and, subsequently, the growth and profitability of businesses. "Over the next year, we can expect to see organisations approach knowledge work in a more holistic manner to increase the productivity of knowledge workers by embracing automation. Automation can eliminate information chaos and improve process efficiency, reducing the amount of time-consuming busy work to allow employees to work smarter and drive better customer experiences," he highlighted.
A surge in Generative AI is expected to propel a new wave of transformation. By automating the classification of data, extracting its meaning, and interacting with it using natural language, businesses could unlock knowledge embedded in myriad forms, from documents to virtual meetings. The promising aspect of this transformation is the deliverance of greater productivity, deep insights, and enhanced customer experiences, according the M-Files CEO.
Ethics in AI will also take centre stage in 2024. Artificial Intelligence is rapidly becoming the focus of global government regulation. He further emphasised the importance of companies leveraging data-quality solutions, stating that the "adoption of AI presents one of the most significant opportunities in corporate history." Hence, it's crucial for organisations to take an ethical approach to AI and understand how Large Language Models (LLMs) operate and collect their knowledge from.
Generative AI, despite showing increasing potential, particularly in the financial services industry, does have hurdles to overcome, such as customisation for specific use cases, reliability of generated output, regulation and lack of talent. Additionally, Nivala predicts a stronger emphasis on data curation and integrations to feed data to AI tools, and continued development of AI assistants, tailored to specific high-value tasks, to support knowledge workers more effectively.
Data governance is also on the CEO's 2024 prediction list. Given that AI assistants are reliant on quality and current content, they require rigorous data governance to function effectively. "We will see organisations turn to metadata in 2024 to better achieve data governance," Nivala explained.
Finally, Nivala predicts that AI will become more accessible, particularly to small and mid-size organisations, as a result of expected adjustments in the cost of AI features.