AI Technology Trends for Enterprises in 2023

Over the past decade, tremendous progress has been made in the development of artificial intelligence, leading to significant breakthroughs in pattern recognition and relationship understanding. Looking ahead, the role of AI will expand further, including applications like OpenAI's ChatGPT, which has garnered attention for its impressive output quality and level of detail. For instance, educators are now adapting their teaching methods to ensure students produce original work, recognizing the potential of ChatGPT to aid in completing assigned essays.

When it comes to AI for businesses, companies are actively exploring innovative ways to harness the significant advancements in AI technology to propel their growth and foster innovation.

According to Pitchbook's prediction, the enterprise market for AI is set to experience impressive growth at a Compound Annual Growth Rate (CAGR) of 32%, reaching a substantial value of $98.1 billion by the year 2026.

As AI gains momentum and undergoes further evolution, business leaders anticipate the following  trends to emerge.

Top 4 Enterprise AI Technology Trends

The launch of ChatGPT in the previous year had a significant impact on the pace of innovation within the field of AI. It led to explosive growth in the adoption of AI technology, with major tech giants such as Microsoft, Google, and Salesforce regularly announcing their integration of this technology into their respective platforms.

Given the trend, the AI software development industry is anticipating the following trends for the future:

1. Enterprise Data will Be at the Core of Generative AI

The recent surge of generative AI tools has been primarily focused on utilizing publicly available data. However, there is immense untapped potential in applying generative AI to enterprise data.

The urgency for leveraging generative AI in this context arises from the increasing scarcity of institutional knowledge. Enterprise data is expanding rapidly, but a significant portion, around 80% , remains unstructured, including PDFs, videos, slide decks, and audio files, making it challenging for employees to locate and utilize the relevant information.

The inefficiency of information retrieval is resulting in a considerable waste of valuable data that employees are unaware of or cannot find. This leads to employees spending a significant portion of their workday searching for information. Moreover, when they can't find what they need, it disrupts the productivity of their colleagues as they seek assistance or directions.

Given the importance of time and cost-efficiency, organizations are actively seeking innovative ways to drive productivity, cut costs, and operate efficiently, especially during economic challenges like a recession. As a response to these demands, more companies are turning to generative AI to enable effortless internal data searches and empower their workforce to access and utilize information more effectively.

2. Customer Service Will Be at the Forefront

The improvement of voice technology and the integration of AI language models in mobile phone assistants present opportunities for enhanced user experiences.

With more natural conversations and improved voice recognition, businesses can provide customers with more helpful interactions when engaging with AI systems. This advancement is set to revolutionize how we interact with technology, making it more convenient and efficient.

For instance, the application of advanced AI language models, like ChatGPT, enables chatbots to engage in conversations that closely resemble human interactions. These chatbots can handle complex tasks such as appointment bookings, product orders, and customer support.

As a result, the overall user experience is expected to significantly improve, and businesses can streamline customer service operations by automating various tasks.

3. Integration will Be the Key

In today's rapidly evolving technological landscape, big players like Microsoft are integrating generative AI, such as ChatGPT, into their offerings.

Microsoft's recent announcement of Copilot 365 showcases how generative AI can enhance productivity by pulling data from Outlook calendars and emails to create meeting preparation materials and generate Word and PowerPoint documents based on existing content. While this integration provides tremendous value to users within Microsoft's ecosystem, it's essential to note that only a quarter of enterprise data typically resides within Microsoft platforms.

The majority of the enterprises’ data is spread across various systems like Google Drive, ServiceNow, SAP, Salesforce, Box, Tableau dashboards, and other third-party subscriptions. The true potential of generative AI for enterprises lies in its ability to leverage federated search. By accessing data from an organization's entire suite of tools, generative AI can promptly respond to queries and surface relevant information, regardless of where the data is stored.

4. On-Premises AI will Become Ubiquitous

Currently, enterprises mainly rely on costly cloud-based AI tools offered by major tech companies. These tools stored data on servers controlled by these tech giants, which could be restrictive and financially challenging for many companies.

However, utilizing AI for enterprise use should be more accessible, affordable, and safer. For larger organizations seeking greater data control, cost efficiency, and the flexibility to customize visual AI tools, on-premises software emerges as a more appealing alternative.

Here is why on-premises will be the star of the game:

• Data privacy and security: On-premises AI gives companies more control over their data and how it is used. This is important for companies that deal with sensitive data, such as financial or healthcare data.
• Compliance: On-premises AI can help companies comply with regulations that govern the use of data. For example, the European Union's General Data Protection Regulation (GDPR) requires companies to store and process personal data within the EU.
• Performance: On-premises AI can offer better performance than cloud-based AI for some applications. This is because on-premises AI can be deployed on dedicated hardware that is optimized for AI workloads.
• Control: On-premises AI gives companies more control over the AI development process. This allows companies to customize AI solutions to their specific needs.

Ethical AI is the Need of the Hour

AI is undergoing rapid evolution and is expected to have a profound impact on businesses and industries beyond 2023. As its prevalence grows, it becomes crucial to prioritize transparency, accountability, and AI ethics to ensure responsible and beneficial usage. By adhering to the standard principles, we can unlock the full potential of AI and effectively tackle some of the most pressing global challenges.

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Category: Artificial Intelligence AI Profile: Biz4Group is a leading provider of business solutions. The company offers a wide range of services, including AI Development Services, IT consulting, cloud computing, and managed services. Biz4Group is committed to helping businesses succeed, and the company’s new AI services are a testament to this commitment.