**Global**: The integration of AI in 2024 is shaping various sectors, with trends like Agentic and Multimodal AI emerging. Companies rush to adopt tailored solutions, while the ethical implications and rise of Shadow AI prompt discussions on responsible AI use and accessibility.
In 2024, the integration of artificial intelligence (AI) into various sectors is becoming increasingly pronounced, marking what experts describe as a pivotal year for the technology. Key global players, including Nvidia, Google, Microsoft, and AWS, are solidifying their position in the AI landscape as they seek innovative ways to harness this technology for everyday applications in both personal and professional settings. TechCircle reports that AI, particularly generative AI (GenAI), is dominating discourse across IT conferences, product launches, and news cycles, signalling a remarkable shift in how technologies are perceived and implemented.
One significant trend emerging this year is the development of Agentic AI, which is reshaping traditional business operations by enhancing decision-making and adaptability. Kiran Raj, Practice Head of Disruptive Tech at GlobalData, highlighted that this technology facilitates a transformation by merging perception, reasoning, and autonomous action. He noted that “Agentic AI represents a big shift from traditional automation,” allowing enterprises to navigate complexities with increased agility and precision, leading to improved efficiency and cost savings. Examples of Agentic AI applications span across various sectors, from healthcare to finance, showcasing its versatility in monitoring environmental risks or managing investment strategies.
Another notable advancement in the field is the rise of Multimodal AI. This innovative approach consolidates data from diverse sources—such as text, images, audio, video, and sensors—into cohesive models. Dhruv Pathak, co-founder and CTO of INDmoney, articulated that this enhances AI’s ability to make decisions and increase accuracy by processing sensory information similarly to human cognition. Real-world applications are also gaining traction, especially in healthcare, where it can analyse intricate patient data more accurately, as well as in insurance for fraud assessment by utilising both unstructured and structured data.
The push towards open-source AI is also becoming prevalent, providing a framework that democratises access to powerful AI systems, which have traditionally been reserved for major tech corporations due to their cost and resource requirements. Murali Brahmadesam, Chief Technology Officer of fintech company Razorpay, discussed this shift, stating, “The rise of open-source AI is democratising access and fostering innovation.” Companies like Razorpay have embraced this model by open-sourcing over 140 projects, aiming to tighten security while promoting collaborative progress.
Organisations are increasingly turning to tailored Enterprise GenAI models as they seek cost-effective solutions that cater to specific industry needs. Sathesh Murthy, Managing Director and Engineering Head for India at RingCentral, explained that as the demand for customised generative AI grows, companies prefer to fine-tune existing models on domain-specific datasets to maximise relevance and efficiency, particularly in areas like supply chain management and customer support.
The proliferation of Shadow AI—where employees utilise unapproved AI tools—has emerged as yet another critical topic in the discourse surrounding workplace technology. With Salesforce reporting that over half of generative AI users are dependent on such unapproved applications, Sreekanth Menon, global head of AI/ML at Genpact, forewarned about the potential disturbances this trend could cause to organisational integrity, emphasising the need for clear AI policies and employee training.
Additionally, as AI technology expands, ethical considerations are coming under scrutiny. The rise of tools like ChatGPT has led to copyright disputes and concerns over data integrity and privacy violations. In response, various governments and organisations are advocating for responsible AI development. Notable legislative movements include comprehensive AI regulations proposed by the EU and the enactment of legislation in US states to enhance accountability and prevent algorithmic discrimination. Muthumari S, Senior Director at Brillio, stated the importance of operating within ethical boundaries to mitigate risks and foster trust in technology.
The year 2024 is illustrative of the transformative potential of generative AI in supplier relationship management (SRM), especially through its capacity to analyse unstructured data and extract valuable insights to enhance supplier interactions. As organisations navigate this rapidly evolving technological landscape, the implications for SRM are significant, promising improved relationship dynamics and operational efficiencies.
Source: Noah Wire Services
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