Beyond the AI Buzz: Reflections on 2023 and Predictions for 2024 with Goran Cvetanovski

Yesterday, we had the chance to sit down with Goran Cvetanovski, Founder & CEO of Hyperight and the Editorial Director of Data Innovation Summit. In an insightful conversation, Goran shared his personal retrospectives of 2023’s AI revolutions, following up with a glimpse into what 2024 might hold for the world of AI.

As we delve into this year’s achievements, challenges, and substantial developments in AI, Goran’s expertise sheds light on the intricate tapestry of technology, regulation, and business strategies that have defined the enterprise AI landscape.

Join us as we explore the key takeaways from 2023 and venture into the predictions for 2024, uncovering the fears, hopes, and trends that will shape the future of Enterprise AI!

Photo by Hyperight AB® / All rights reserved.

2023: The Year AI Redefined Interaction, Value, and Society

As we look back on 2023, it’s clear that it was a year of substantial evolution in artificial intelligence, characterized by significant developments that reshaped user experiences, ushered in transformative changes, and challenged our understanding of value and disruption in technology and business.“ states Goran.

Hyperight: In 2023, what noteworthy progressions defined the landscape of generative AI tools?

Goran Cvetanovski: The dramatic pace of innovation in AI marked this year is no secret. Developments in generative AI, particularly tools like ChatGPT, captured the public’s imagination and brought AI into mainstream discussions. The hype around these advancements wasn’t just noise; it signified a collective realization of AI’s potential and its immediate impact on various industries and everyday life.

Hyperight: What did ChatGPT and similar technologies have the most impact on this year?

Goran Cvetanovski: One of the most noticeable impacts of AI this year was on user experience. ChatGPT and similar technologies revolutionized how people interact with AI. AI’s conversational tools democratized access, making it intuitive for diverse users to harness its power across various applications.

This shift towards more natural interactions with technology is perhaps one of the most enduring legacies of 2023’s AI advancements.

Hyperight: How did the widespread application of generative AI across diverse sectors in 2023 reshape the operational dynamics of these industries?

Goran Cvetanovski: Change was a constant in 2023, with generative AI altering how we approach work, creativity, and problem-solving. The introduction of AI in various sectors from healthcare to education, showed that AI’s potential to enhance efficiency and foster innovation was not just theoretical but practical and actionable.

Hyperight: How did organizations in 2023 shift their perspective on AI and its potential?

Goran Cvetanovski: Amidst the rapid adoption of AI, a critical lesson from 2023 was the importance of focusing on value. Organizations learned that the question isn’t “What problem can AI solve?” but “Can AI help solve my challenge?” This value-centric approach ensures that technology serves as a means to an end, rather than an end in itself, aligning AI’s capabilities with real-world needs and objectives.

Hyperight: What are your thoughts on the importance of agility in 2023, when it comes to reinvention?

Goran Cvetanovski: 2023 made it clear that even disruptors, who had seen their share of the past two decades, are not immune to disruption. As AI undergoes continuous evolution, it stands ready to once again redefine industries and reshape business models. Companies and individuals alike must stay agile and open to reinvention to thrive in this new era.

Hyperight: How did 2023 empower individuals to use AI responsibly, understanding its societal impact and ethical considerations?

Goran Cvetanovski: 2023 underscored that at its core, AI is about people. The technology’s rapid development brought to the forefront the need to educate and empower individuals to use AI responsibly and effectively. The focus has shifted toward understanding AI’s societal impact, ethical implications, and leveraging it for the greater good.

2023 was a year when AI dramatically changed the landscape of technology and society. It was a year of drama, innovation, and significant shifts in understanding and utilizing AI. As we move forward, the lessons learned will shape the future, ensuring that AI continues to serve as a tool for enhancement, empowerment, and ethical progress.

2024: The Year of Reckoning and Realignment in AI

”As we approach 2024, this year is predicted to be a year marked by ‘FEAR’ — a period compelling organizations to reassess their engagement with AI.” states Goran. According to him, this year is expected to force a critical introspection on the value, governance, and ethical implications of AI technologies.

Hyperight: What are your thoughts on the EU AI Act reshaping organizational AI strategies in 2024?

Goran Cvetanovski: The impending EU AI Act, coupled with heightened global regulation, will significantly drive change. It will compel organizations to scrutinize their approach to AI, questioning not only the efficacy but also the ethical and legal frameworks surrounding their AI implementations. The stringent requirements of the Act will push companies into a ‘Fear of Being Sued’ (FOBS) mode, similar to how the GDPR did, prompting a thorough evaluation and, in some cases, the dismantling of existing AI models that fail to meet the new standards.

Hyperight: What do you think about organizations shifting their AI priorities from experimentation to value-driven investments?

Goran Cvetanovski: With inflation rising and the economic climate turning turbulent, ‘money is expensive’. Organizations are already scaling down or reorganizing their AI investments. The focus will shift from expansive experimentation to strategic, value-driven implementation. Companies will scrutinize the cost against the value of each AI model. Therefore, this will ensure that every investment aligns with broader organizational goals and economic realities.

Hyperight: Does the EU AI Act have the potential to fuel the fear of being sued for AI ethics and governance consultants?

Goran Cvetanovski: Organizations are scrambling to become compliant within the two-year window. Consultancy and law firms specializing in AI governance and ethics are likely to see a boom. These entities will play a crucial role in guiding companies through the complexities of compliance, leveraging the pervasive FOBS to offer essential services.

Hyperight: What are your thoughts regarding the EU AI Act and US regulatory divergence driving innovations? Who will thrive the most in this complex AI landscape?

Goran Cvetanovski: Despite the overarching climate of fear and regulation, technology will continue to advance. However, the gap between companies in the EU and US is expected to widen, with differing regulatory landscapes influencing the pace and nature of AI adoption. Organizations that adeptly navigate these regulations and continue to innovate will pull ahead, leveraging AI for strategic advantage.

Hyperight: As Large Language Models mature, will the buzz fade to responsible integration?

Goran Cvetanovski: The excitement over Large Language Models (LLM) will settle as these technologies integrate into the standard applied AI landscape. The focus will shift towards effective governance, ensuring that these powerful tools are used responsibly and transparently within organizations.

Hyperight: As data demands rise and budgets tighten, will FinOps be the key to unlocking cost-efficient AI?

Goran Cvetanovski: Data management will continue to be a pivotal process, with an increased emphasis on understanding, organizing, and ethically leveraging data. Simultaneously, AI computing cost management will become critical as organizations strive for efficiency in a financially constrained environment. FinOps practices will become integral, ensuring that AI’s benefits justify its costs.

2024 is poised to be a watershed year for AI. Predictions indicate that regulatory changes, economic challenges, and ethical considerations will drive fear. Consequently, this will compel a recalibration of how society perceives, implements, and governs AI.

Organizations overcoming challenges will not just survive but thrive, emerging stronger and more resilient in the evolving landscape of AI. As this year unfolds, it will undeniably leave a lasting imprint on the future of AI. This sets the stage for a new era of responsible, value-driven, and ethical AI use.

In Summary

In conclusion, 2023 redefined the possibilities of AI, while 2024 will be about ensuring its responsible and ethical implementation.

The future of AI hinges on striking the right balance between fear and progress. This ensures that this powerful technology serves humanity for the greater good.

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