SAS, a leader in artificial intelligence and analytics, sought predictions from its executives and experts across various departments on the key commercial and technological AI trends for 2024.
Generative AI Enhancing Overall AI Strategy:
Brian Harris, Executive Vice President and CTO at SAS, emphasized that while generative AI technology has immense capabilities, it cannot do everything, in 2024, a fundamental shift is expected, with organizations moving from treating generative AI as a standalone technology to integrating it as a complementary component of sector-specific AI strategies, for example, in banking, data will assist in simulating stress tests and analyzing risk prediction scenarios to prevent losses.
AI Creating More Job Opportunities:
Udo Sglavo, Vice President of Advanced Analytics at SAS, mentioned that concerns about AI eliminating jobs in 2023 will shift to discussions about the jobs AI will create in 2024, he highlighted the role of rapid engineering in linking model potentials to real-world applications.
AI Boosting Responsible Marketing:
Jennifer Chase, Executive Vice President of Marketing at SAS, stressed the importance of practicing conscious, responsible marketing, including being aware of AI’s potential flaws and biases, she mentioned that SAS is implementing model cards similar to ingredient lists but for AI, emphasizing the necessity for all marketers to review these cards, check the effectiveness of their algorithms, and adjust them as needed, regardless of technical expertise.
Financial Companies Adopting AI to Combat Increasing Fraud:
Stu Bradley, Senior Vice President of Fraud and Security Intelligence at SAS, noted the emergence of generative AI and deepfake technology, giving fraudsters powerful tools for sophisticated schemes, this situation has led to banks and credit unions rapidly adopting AI to keep pace with regulatory changes demanding more accountability for increasing fraud incidents.
Challenges Due to AI Shadow Technologies:
Jay Upchurch, CIO at SAS, spoke about the new challenge of “AI Shadow Technologies,” solutions used or developed by organizations without official approval or oversight from IT departments, he discussed the daily struggle of IT managers in deciding how much to adopt these generative AI tools and the necessary safeguards to protect their organizations from associated risks.
Multimodal AI Simulations Reaching New Frontiers:
Marinela Profi, AI and Generative AI Strategy Advisor at SAS, mentioned the integration of texts, images, and audio in a single model as the next frontier of generative AI, known as multimodal AI, it processes a variety of inputs simultaneously, enabling more context-aware applications for effective decision-making.
Adoption of Digital Twin Technologies:
Jason Mann, Vice President of IoT at SAS, discussed the critical role of AI analytics and IoT in driving key economic sectors like manufacturing, energy, and governance, he predicted an acceleration in the adoption of digital twin technologies that analyze sensor and operational data in real-time, replicating complex systems like factories and smart cities for improved operations, product quality, safety, reliability, and emission reduction.
Insurance Companies:
Troy Haines, Senior Vice President of Risk Research and Quantitative Solutions at SAS, discussed how climate change, no longer a speculative threat, is pressuring global insurance companies, with insurance losses from natural disasters exceeding $130 billion in 2022, insurance companies are increasingly adopting AI for dynamic pricing, risk assessment, claim processing automation, fraud detection, and customer service development.
Growing Importance of AI in Government Work:
Reggie Townsend, Director of Data Ethics at SAS, highlighted the challenges governments face in attracting and retaining AI talent, governments are increasingly adopting AI and analytics solutions to enhance productivity, automate routine tasks, and mitigate talent shortages.
Generative AI Enhancing Patient Care:
Steve Kearney, Global Medical Director at SAS, predicted the development of generative AI tools for personalized medicine in 2024, such as creating patient avatars for clinical trials and individual treatment programs, he also anticipated new AI systems supporting clinical decisions and providing real-time guidance to consumers, service providers, and pharmaceutical companies.
Strengthening Public Health:
Dr. Megan Schiferl, National Public Health Advisor and Epidemiologist at SAS, emphasized the unprecedented use of modern technology in public health, she predicted an increase in academic researchers developing AI-based models and predictions on behalf of the government, especially post-COVID-19, to protect populations, requiring exceptional technology adoption and collaborative relationships.
