How AI Will Change Your Business: Insights from the 2024 AI Index Report

How AI Will Change Your Business: Insights from the 2024 AI Index Report
<span class="bsf-rt-reading-time"><span class="bsf-rt-display-label" prefix="Reading Time"></span> <span class="bsf-rt-display-time" reading_time="2"></span> <span class="bsf-rt-display-postfix" postfix="mins"></span></span><!-- .bsf-rt-reading-time -->

The AI Index Report 2024, released last month by Stanford’s Institute for Human-Centered Artificial Intelligence (HAI) analyzes the trends and developments in Artificial Intelligence, including the opportunities and challenges that AI poses for humanity. 

“Although global private investment in AI decreased for the second consecutive year, investment in generative AI skyrocketed,” noted the Co-Directors of AI Index. “More Fortune 500 earnings calls mentioned AI than ever before, and new studies show that AI tangibly boosts worker productivity. On the policymaking front, global mentions of AI in legislative proceedings have never been higher. U.S. regulators passed more AI-related regulations in 2023 than ever before. Still, many expressed concerns about AI’s ability to generate deepfakes and impact elections. The public became more aware of AI, and studies suggest that they responded with nervousness.” 

If you are a small-to-medium sized business owner, you might wonder how artificial intelligence (AI) will affect your industry, workforce, bottom line. Here are some of the key findings from the report found that you should know: 

  1. “AI beats humans on some tasks, but not on all.” AI has made considerable progress in areas where routine tasks were once considered difficult or impossible for machines to perform. Some repetitive and routine business tasks can be automated, but AI cannot replace human creativity and problem-solving. 
  2. “Industry continues to dominate frontier AI research.” According to the report, there were “51 notable machine learning models” created by companies in the AI-industry, while “academia contributed only 15.” This means that you should keep an eye on the latest innovations and breakthroughs from leading AI companies, as they might offer new opportunities or challenges for your business. Also watch out for collaborations between academic institutions and some of these AI companies, as there has been quite the increase recently. 
  3. “The United States leads China, the EU, and the U.K. as the leading source of top AI models.” The U.S. has maintained its global leadership in frontier AI research, producing more than twice as many notable models as any other region in the world. You have an advantage as a U.S.-based business, as you can access the best talent, technology, and infrastructure for AI. 
  4. “Generative AI investment skyrockets.” Generative AI, which can create “original” content such as text, images, audio, or video, is a booming and lucrative field. You might want to explore how generative AI can enhance your business offerings, such as generating personalized content or focusing on improving customer experience.
  5. “The data is in: AI makes workers more productive and leads to higher quality work.” AI can be a powerful tool to boost your workforce productivity and quality, but you should also provide adequate training, guidance, and supervision for your employees.  

In conclusion, AI is transforming the business world in many ways, and you should be aware of the trends, opportunities, and challenges that it brings. AI can help you automate some tasks, improve your products and services, and enhance your workforce performance and satisfaction. However, you should also be careful about the ethical, social, and legal implications of AI, and ensure that you use it responsibly and sustainably. AI is not a magic solution, but a powerful tool that you can leverage to grow your business and achieve your goals.