By Venu Bolisetty (Engagement Manager, 28Stone)
In the eyes of many around the world, it can easily be said that 2023 was the year of generative artificial intelligence (GenAI). While it wasn’t a brand new concept that was suddenly brought to the tech world in a stunning and gravity-defying way, there was certainly a blinding spotlight centered on its current and future capabilities, capturing the attention of the more general global population. With the eagerness to see what AI can do, we have seen some highs and lows, and sought the answers to many questions, but it’s clear that we are just starting to see all that it’s able to do.
As we know, it’s impossible to clearly and definitively see into the future - albeit we may try - but what we can say is that there won’t be any slowing down for AI in 2024. Take a walk through its possibilities with us as we explore what we could see in the near future and grasp the excitement surrounding artificial intelligence.
Moving Beyond the Chatbot
Although 2023 was filled with diverse examples of innovation in the tech world, giants like TIME Magazine and AP News are heralding it as the year of AI where the chatbot went viral and artificial intelligence went mainstream. Students and professionals alike started to lean on things like ChatGPT for assistance while creatives played with AI to mimic the voices of their favorite singers and create songs. On a more gloomy note, we saw leaders like Elon Musk warn of AI’s potential dangers and threats to humanity, calling for a pause on its use within all larger corporations.
While all of this buzz filled the media with frenzy, we know there’s much more to generative AI than chatbots and automation which is why here at 28Stone we’re excited for 2024.
At the 2024 CES Tech Show in Las Vegas, it came as no surprise that AI was at the forefront of many new innovations. It was remarked that it seems the common theme tethering almost all of the companies together was AI, and while many of their products are different, they’re being marketed to consumers very similarly.
Generally, this shows that AI will change the way businesses function over the next year and years to come. We’ll have to wait to find out what this will exactly look like. Outlying factors such as government regulations may have a large impact. After the buzz of 2023, leaders in the United States and European Union are looking to take a stronger stance towards its use. Although this may call for some adjustments, we do not believe that it will hinder the advancement of generative AI.
A World of Potential
Chatbots, headsets, and voice assistant technology – the list of AI capabilities goes on – but as a technology firm, we’re taking a look at some of the deeper and more complex use cases which will weave together the future of its implementation.
At 28Stone, we get the chance to work with a wide variety of capital markets clients with different and specific needs, and sometimes creating just-right solutions can be time consuming. With artificial intelligence, we have the opportunity to reduce the concept-to-completion time. While it still needs assistance from developers, it’s given us the chance to see how it can affect our toolbox.
As an example, for a client looking to create an auction matching algorithm, we were able to utilize AI to generate a functioning prototype within hours. Without AI, it would have easily taken any developer two weeks to create something tangible for a client to look at. While it will still require work and time to build out these capabilities, it shows the potential AI can provide to developers to not only be more efficient, but to provide clients with more.
The Human Touch: The Developer Is Key
We work with companies that are looking to get to, or stay on, the cutting edge of technology to ensure a competitive advantage and to drive growth. They have a wide number of requirements to get there and we have to work carefully with them as trusted consultants first and foremost. Our clients don’t all have the same problems to solve and their needs are often complex, requiring our input and expertise as partners for success.
Solving their business challenges means that we have to listen intently and work closely to really get under the skin of their business. This isn’t something that AI alone can handle. Years of industry experience with clients and cases of all shapes and sizes enables us to lift clients to new heights.
AI can do some amazing things but it can’t replace developers. Companies need teams who can go deeper and use AI as a tool. It isn’t the be-all and end-all but it can be quite the tool to get you ahead if it’s in the hands of people who know how to use it. 28Stone has the people who are already putting the power behind AI and we’re not slowing down.
So what will our 2024 look like with generative AI? A year of experimenting, developing, innovating, and discovering more of what the potential of artificial intelligence looks like so we can remain at the forefront of whatever exciting innovations the industry entrusts us to ideate, develop and deliver.