AI Trends Shaping Business Strategies and Sustainability in 2024

In an interview with TimesTech, I discussed transformative AI trends for 2024, their impact on business strategies, and the role of AI in enhancing cybersecurity and promoting sustainability.

You can read some portion of the interview.

TimesTech: Can you elaborate on the AI trends you foresee shaping business strategies in 2024? How can organizations leverage these trends to gain a competitive edge?

AmitKumar: While potentially transformative, the current enthusiasm for AI requires a strategic approach and time to harness its potential. Enhancing operational efficiency, evolving from essential virtual assistants to Intelligent Virtual Assistants, and integrating advanced code writing support and quality checks are pivotal. However, it’s critical to focus on cost savings and carefully evaluate the practical deployment of AI technologies.

Now is the optimal time to strategically position AI within the organization to gain a competitive edge. This involves AI maturity assessment, governance framework, identifying your ROI and way to measure it, placing knowledgeable leaders in AI-specific roles, and developing a talent pool.

Initially, the focus should be internal—enhancing efficiency and productivity through automation and refining internal processes to reduce costs. Simultaneously, it is advantageous to pilot customer-centric AI solutions, allowing for real-world testing and feedback. This demonstrates commitment to innovation and builds trust with our customers, which is essential for the long-term growth of our AI initiatives.

TimesTech: How is Creative AI revolutionizing workplace efficiency? Could you share some examples of how businesses are saving time, money, and energy using Creative AI?

AmitKumar: Creative AI is transforming workplace efficiency by automating and optimizing diverse business processes. For instance, AI-driven inventory management systems detect out-of-stock items and predict future inventory needs, reducing overstock and shortages. AI avatars provide personalized customer service, adapting responses based on customer behaviour and history, thus enhancing the shopping experience and reducing the need for extensive customer service teams. Additionally, targeted marketing techniques using personalized videos or celebrity voice synthesis further enhance customer engagement and personalization. Another innovative use is AI in design, where tools like generative design software help create product prototypes at a fraction of the time and cost, streamlining the development process and fostering innovation. These examples showcase how Creative AI is not just improving existing tasks but also enabling new capabilities that redefine workplace efficiency.

TimesTech: What advice would you give to individuals looking to build a career in AI? How can they cut through the clutter and focus on the most impactful areas of AI?

AmitKumar: Focus and patience are essential as AI is evolving rapidly. Prioritize areas that genuinely interest you to ensure sustained engagement and effectiveness. To stay abreast of the latest developments, regularly engage with social media, research papers, relevant companies, and podcasts, and attend AI conferences. Hands-on experience is crucial—start by experimenting with basic projects using cloud systems, APIs, and open-source platforms. Also, you may have an advantage if you pursue any diploma or degree and have some domain understanding. Additionally, finding a mentor or receiving on-the-job training can be incredibly beneficial. These steps will help with the latest trends and opportunities in AI.

TimesTech: In what ways is AI transforming cybersecurity? What are some of the key benefits and challenges of integrating AI into cybersecurity measures?

AmitKumar: AI can revolutionize cybersecurity through innovations like generative AI for threat modeling, autonomous response systems, and possibly quantum-resistant cryptography. These advancements enable more accurate threat detection, proactive vulnerability assessments, and robust data protection against emerging quantum threats. Additionally, AI-enhanced biometric methods improve authentication security, while AI’s role in supply chain analysis helps mitigate risks associated with software and hardware components.

However, the rapid integration of AI also presents challenges, including sophisticated AI-driven attacks by cybercriminals, privacy concerns due to extensive data access, and the complexity of AI systems, which can obscure decision-making processes. The emergence of deepfakes represents a particularly insidious threat, enabling disinformation, identity theft, and sophisticated social engineering attacks. Addressing these issues requires a multifaceted approach that includes deepfake detection AI, enhanced media literacy, robust authentication processes, and legal frameworks. Moreover, the scarcity of skilled professionals and the potential for false positives or negatives in threat detection necessitates a balanced approach that combines AI capabilities with human expertise to build effective, trustworthy cybersecurity defences.

I also answered 2 more questions:

TimesTech: How is AI being applied to promote sustainability in business operations? Can you provide some insights into the role of AI in building a sustainable business ecosystem?

TimesTech: How are emerging technologies addressing the challenges of sustainable operations? What innovations are you particularly excited about in this area?

You can read the entire interview at timestech

Connect me at LinkedIn (Head of AI, Fujitsu Fellow & Global Fujitsu Distinguished Engineer)