A recent study by the World Economic Forum predicts that 23% of global jobs will change in the next five years due to artificial intelligence and other technologies for processing text, images, and voice
Forbes
2023 was the year artificial intelligence became widespread. We saw how organizations began experimenting with it, searching for applications and use cases to make processes more efficient, and enabling people to have this assistant to support, guide, and, in some cases, assign them tasks.
It was the period to begin experimenting with this technology, testing its value and understanding its limitations, associated with the data it needs; the policies and guidelines for its operation, what it can do and what it should not do; and the cultural changes necessary to understand it, adopt it and, above all, to take advantage of it in the personal and organizational spheres.
In 2024, artificial intelligence will continue to be a key player and essential element in the business world. Companies will make significant investments to catch up in research and development and to leverage the productivity, efficiency, and innovation benefits that this technology promises.
Regarding private investment, according to the Latin American Artificial Intelligence Index, presented by the Economic Commission for Latin America and the Caribbean (ECLAC) a few months ago, while global investment reached US$190 billion in 2022, Latin American companies had only invested US$8.2 billion in total, figures that will surely change and should increase in the region in the coming months.
According to a November 2023 Gartner survey of 1,040 executives, business leaders are projected to allocate at least 6.5% of their functional budget to generative artificial intelligence by 2024. This represents a significant proportion of resources in the current challenging economic environment and is an area where this technology is expected to gain ground this year.
However, for this investment to not only yield economic returns but also successfully enable business evolution leveraging artificial intelligence, companies and their managers must consider three pillars: human talent, organizational processes, and regulation.
A recent study by the World Economic Forum predicts that 23% of global jobs will change in the next five years due to artificial intelligence and other technologies for processing text, images, and voice. Repetitive and routine tasks can be delegated to an "artificially intelligent" assistant, while roles requiring abstract reasoning or problem-solving skills will leverage AI to enhance and strengthen their capabilities.
Therefore, to stay current, companies will need to develop training and development plans for their staff in AI programs. However, this transformation will also depend on each individual's interest in staying informed, exploring the use of this technology, and connecting with knowledge networks (universities, groups, and communities) to understand how to leverage it in their daily work and personal lives.
Regarding organizational processes, there is already pressure from boards of directors and the highest executive level of companies for the implementation of artificial intelligence, because this technology is seen as an opportunity to improve the customer experience and make processes more efficient through the use and analysis of data and to increase the productivity of tasks involving language.
Goldman Sachs predicts that over the next 10 years, AI can increase productivity by 1.5% annually, which could translate into a 30% increase in profits for the 500 largest publicly traded companies in the United States over the next decade. For this to be viable in Colombia, companies that are still developing their digital processes must learn from the experience of digital transformation. Just as new players in many sectors have gained ground because they are "digitally born"—that is, their processes were designed digitally from the ground up—it is time for organizations that are not yet digitally advanced to start incorporating an AI component into everything they do, without forgetting that data is at the heart of this technology.
The key questions that will guide this conversation will revolve around whether data storage allows for scaling up its use and massive processing, whether the data is of sufficient quality for AI to use and learn from it, and whether the data is properly connected across platforms.
Finally, regarding regulation, 2024 will bring greater clarity to the rules and laws governing AI. In Colombia, there are currently four bills that incorporate principles of ethical, responsible, and trustworthy AI, following the recommendations of the OECD and UNESCO. Although only Bill 059/23 has passed its first debate in Congress, we will undoubtedly follow the regulatory path already initiated by China, the United States, and the European Union—some countries being more restrictive than others, both for companies developing these technologies and for those adopting them.
All of this must occur in parallel with the formulation of internal regulatory processes in organizations regarding the use of artificial intelligence, as well as the monitoring and support of the business sector for government regulatory processes.
2024 is a year to focus on these three pillars, take action, and ensure that the massive access of people to artificial intelligence programs results in benefits for organizations and their work teams, and not in a wasted opportunity for technological innovation.
