AI has the potential to revitalize the economy on a global scale according to Goldman Sachs Research. As society at large embraces tools like chatbots and digital assistants, and more businesses adopt generative AI and tools using natural language processing (NLP), it is estimated AI will drive a 7 percent (or nearly $7 trillion) increase in global GDP and lift productivity by 1.5 percent over 10 years.

This is good news for businesses currently researching how they can leverage AI as it indicates the potential to drive large-scale growth for them. However, for AI to have a measurable impact on the bottom line, organizations will need to incorporate it into daily business processes, including workflows, IT infrastructure, communications, and collaboration platforms, amongst others.

Done right, AI can be a competitive advantage – but it can also become a competitive disadvantage for those who decide to take a “wait and see” approach.

To get the most out of their technology spend, organizations should look to implement AI with the goal of driving their company’s mission forward, increase efficiencies, and generate unparalleled team productivity across the organization. With that, the three AI trends and applications that will be top-of-mind for most companies in 2024 include:

AI, data classification, and document imaging scanners are a powerful combination that will create a better and more streamlined customer experience through the digital transformation of paper-based customer forms and documentation. An AI-driven customer experience is far more accurate and cost-effective because it requires less human intervention by eliminating manual key-entry requirements that are time-consuming and potentially error-prone.

AI can power predictive customer service for a more proactive approach to handling customer inquiries because it can predict needs and issues before they occur. More so, the ability to have a 360° view of all customer information in addition to the use of generative AI to quickly summarize information allows companies to proactively address concerns, improving customer satisfaction and loyalty. AI-powered chatbots have already made their mark on the quality of customer service that companies offer because they can provide instant responses to consumers any time of the day or night. Chatbots and virtual assistants will continue to mature in 2024 thanks to help from AI-driven NLP which enables systems to understand and interpret human language for more “human-like” communication between customers and automated systems. Balancing the use of technology with the human touch we’ve become accustomed to is crucial to ensure that AI augments the customer experience while still feeling authentic and on-brand.

While GenAI tools like ChatGPT have proven to be useful for companies and consumers alike, security was one of the immediate concerns for many companies, especially those in finance and healthcare -- both highly regulated industries. Another concern was how companies might put up guardrails and enforce employee policies that would prevent proprietary corporate information from “feeding” large language models (LLM) in publicly available solutions like ChatGPT. When choosing an AI tool or platform, it’s crucial to conduct thorough research on it, considering specific security requirements and consulting with cybersecurity teams to ensure that it aligns with the organization's security standards and regulatory compliance needs, including meeting specific standards, such as HIPAA, SOC, GDPR, and CCPA.

Security and compliance requirements are always a top priority which will lead more companies to consider GenAI-powered tools specifically for the enterprise, decreasing the potential for disastrous data breaches and fears of proprietary information data leaks or theft. There is a growing list of secure enterprise GenAI offerings, including Google’s Vertex AI, which can be used to build secure AI solutions with features like data encryption, identity management, and adherence to strict privacy and compliance standards. Another option is IBM Watson, which also prioritizes security with encryption, access controls, and compliance with various data protection standards. Azure AI by Microsoft also emphasizes security and compliance, providing features like data encryption, threat intelligence, and compliance certifications (such as GDPR and ISO).

AI may not be the job killer some predict it to be, but it can greatly increase productivity because teams will have more time to focus on the work that matters. As AI is embedded into more applications, such as document search, the time savings alone will return ROI that will make the investment in AI a no-brainer. For example, once content is digitized via document imaging scanners files can be searched using NLP, which understands the context and intent behind user queries, allowing for more accurate search results. Using AI models to implement semantic search, which understands the meaning of words and their relationships to one another, enables more context-aware and relevant results.

Organizations looking to empower their teams to be more productive and spend less time on routine and mundane tasks will have no lack of opportunities to apply GenAI across their organizations in 2024. Some of the other ways we’ll see organizations benefit from GenAI range from marketing content creation to Robotic Process Automation (RPA), which automates repetitive tasks such as data entry, invoice processing, and other rule-based activities. It will also play a bigger role in demand forecasting for products, assisting with inventory management, and optimizing logistics.

Security teams will use AI to detect unusual patterns in network activity, aiding in the early detection of threats and cyberattacks. AI algorithms will also be used to detect patterns indicative of fraudulent activities, ensuring customer data security and building trust by safeguarding their Personally Identifiable Information (PII).

As fast as AI evolved in 2023, one can only guess how fast it will advance this year. What’s certain is that more and more organizations will employ it to not only transform their businesses from the top down, but to create leaner, more efficient, and more profitable operations, maintaining a competitive edge now and well into the future.