AI Horizons: A 2023 Retrospective and Predictions for 2024

As we begin a new year, it's impossible to ignore the seismic shifts AI underwent in 2023.

In a recent Eigen webinar, our Founder and CEO Dr Lewis Z. Liu sat down with our Chief of Staff, Tom Cahn, to dig into what has happened in the world of AI in 2023 and their predictions for AI in 2024.

Dubbed by some as the "iPhone moment of AI," 2023 has witnessed the widespread adoption of artificial intelligence. Contrary to expectations, the surprise isn't in the technological advancements per se; rather, it's the explosiveness of AI into public consciousness, easily understood when realizing how popular ChatGPT has become.

Read on to hear a written recap of their informative webinar discussion.

What AI trends emerged in 2023?

Lewis attributed brilliant marketing as one of the key reasons 2023 was a breakout year for GPT. He also emphasized the need to preserve open-source AI technologies in contrast with GPT, and foreshadowed potential clashes between the blurring lines of property rights and democratic access to these technologies.

In the business to consumer (B2C) realm, ChatGPT has found several applications, from drafting papers to curating travel lists. However, the novelties of B2C applications are not as evident when applying them in business to business (B2B) settings.

Lewis reminded us enterprise AI is still navigating uncharted waters, grappling with questions of trust, cost and reliability. For AI to seamlessly integrate into enterprise workflows, it must be accurate and reliable while adhering to robust governance and intellectual property norms. Despite significant strides, the holy trinity of cost, trust, and reliability is difficult to reach, which has slowed the progression of AI applications in the enterprise domain.

Lewis highlighted the importance of model risk management frameworks, especially in heavily regulated industries, as a key element in maintaining control and confidence in AI applications. He acknowledged the persistent challenges facing the enterprise sector, while emphasizing the progress made in addressing them.

Peering into 2024: AI Predictions and Challenges

As far as AI growth predictions in 2024, Lewis discussed a surge in the use of large language models (LLMs) for Intelligent Document Processing (IDP) and data extraction, particularly in transforming and interpreting extracted data structures.

Tom and Lewis also discussed the regulatory and legal landscape of AI. Lewis underscored the need for thoughtfulness in the industry's trajectory, especially in addressing issues like copyright and model governance.

Preparing for AI Adoption at Scale

Tying up their AI retrospective and predictions discussion, Lewis provided insights into preparing organizations for AI adoption including understanding technology limitations, identifying automatable processes and focusing on pragmatic business cases as critical first steps. When looking at the factors that characterize organizations leading in AI adoption, Lewis highlighted practicality, focused use cases and avoiding analysis paralysis as key success factors.

When asked about the AI landscape 20 years from now, Lewis envisioned AI embedded in every facet of life, highlighting the need for responsible democratic development.

To hear Eigen’s take on 2023 Trends and 2024 Predictions for AI, watch the on-demand recording of Safe Enterprise AI: Part 2.

If the ever-evolving world of AI piques your interest, we invite you to join future episodes of our Safe Enterprise AI webinar series, where Eigen experts will explore additional topics including model risk management and governance, cybersecurity, intellectual property, legal risk and more.