Adaptation is one of the most important survival tactics in the business world today. Competition is fierce, so we should all aim to evolve alongside new and improving technologies to stand out against our competitors. 2024 has a lot in store for technological innovations, but three recent advances will surely make big changes in the next year!
Generative AI
Generative AI has the capability to produce text, video, imagery, or even music based on ideas, patterns, and data the systems have been trained on, often utilizing neural networks, deep learning, and reinforcement learning techniques. Hundreds of AI tools such as ChatGPT and DALL·E have stormed the market, becoming household names within years of their release.
Adobe Photoshop's new Generative Fill feature is a good example of what generative AI can accomplish.
Beginning with an image, you can type in any prompt. From here, Adobe Photoshop’s Generative Fill feature will add to your image seamlessly! For this example, we asked for a closeup of a cat astronaut.
Generative Fill delivered! Of course, our cat astronaut needs a way back home, so we had the program create a rocket ship in true Liftoff Commerce fashion.
Thanks to generative AI, we have a new image ready to launch! For promotional purposes, we could add our logo or make additional changes within the same application. Generative Fill also has the ability to expand this image; by taking inspiration from the existing image and similar sources, Photoshop’s AI can add to its boundaries and take an “educated guess” at what might be outside the camera’s view.
Generative AI is a versatile innovation that is rapidly changing the way we advertise and create. There are innumerable use cases for generative AI, but here are a few major roles this technology can play for your business:
Creative content generation: Generative AI can be used to automate content creation processes, such as generating product descriptions, writing articles, or designing graphics. While this is not always a perfect process, it can provide an outline for what you may be looking for.
Personalization: Businesses can leverage generative AI to create personalized experiences for their customers, such as customized product recommendations or personalized marketing messages. A more personalized feel will leave your customers feeling valued and well-taken care of.
Innovation and product development: Generative AI can assist in generating new ideas, prototypes, or designs, accelerating the innovation process in various industries.
Sustainable computing
Also known as green computing, sustainable computing is the design, manufacture, use, and disposal of computing systems in an environmentally friendly and energy-efficient manner. This involves minimizing the environmental impact of computing technologies, including reducing energy consumption, minimizing electronic waste, and using renewable resources.
Sustainable computing can have an incredible impact on your business operations. Let’s take a look into a few of the many benefits:
Cost savings: Sustainable computing practices, such as energy-efficient hardware and optimized data centers, can lead to reduced energy bills and operational costs for businesses! It’s a win-win for both businesses and the environment.
Corporate social responsibility (CSR): Adopting sustainable computing practices demonstrates a commitment to environmental concerns and can enhance a company's reputation among environmentally conscious consumers and stakeholders.
Regulatory compliance: With increasing regulations and standards related to environmental sustainability, businesses that prioritize sustainable computing can ensure compliance with relevant laws and regulations. Inability to comply with these regulations can result in devastating fines and penalties.
Augmented analytics
Augmented analytics refers to the use of artificial intelligence and machine learning techniques to enhance data analytics processes, including data preparation, analysis, and interpretation. This cutting-edge approach empowers users of all levels to effortlessly navigate complex datasets through natural language processing and intuitive visualization tools. Essentially, it acts as a cognitive amplifier, transforming raw data into actionable intelligence that fuels informed decision-making, enabling faster insights, and sparks innovation across organizations.
Augmented analytics can revolutionize the way you collect and use data. Here’s how:
Data-driven decision-making: Businesses can extract insights from large volumes of data more quickly and more accurately with augmented analytics. Many programs provide actions and next steps to take based on this data and similar situations.
Simplification: By automating complex analytics tasks and providing intuitive interfaces, augmented analytics tools make data analysis more accessible to non-technical users across the organization.
Improved operational efficiency: Augmented analytics can streamline data preparation and analysis processes, reducing the time and effort required to derive insights from data and allowing businesses to operate more efficiently and effectively.
What’s in store?
2024 will undoubtedly be a major year for technology! Advancements in generative AI, sustainable computing, and augmented analytics are poised to revolutionize business operations in the coming year and beyond. By leveraging new and improving technologies, companies can explore creativity, enhance their operations, and deliver better customer experience all while contributing to a more sustainable future. Keep an eye out for new opportunities; your next breakthrough could be just around the corner.