Tech Trends and predictions for 2024 from Moneypenny

The pace of technological innovation and advancement has been massive, and it will continue to travel along the same trajectory. The Tech Team at Moneypenny, leaders in outsourced calls and communications and consistently recognized for their people x tech powered business strategy offer their insights into what 2024 has in store for us.

  1. Quality data over quantity. Prioritizing high-quality data over vast quantities of data is becoming increasingly important. Studies on large language models show that those trained on smaller, high-quality datasets often surpass those trained on extensive but lower-quality data. Given that data is fundamental to AI systems, the focus going forward will be on securing high-quality data to create efficient and reliable AI systems. For forward-thinking businesses, acquiring and possessing unique, high-quality data will become a crucial factor in achieving a competitive advantage.
  2. AI TRiSM. AI TRiSM stands for AI Trust, Risk and Security Management. It is a framework that helps organizations ensure that their AI models are trustworthy, fair, and secure. In 2024, we will see more and more companies move towards frameworks such as AI TRiSM as they become aware of the risks associated with AI. This will be further fuelled by upcoming legislation in the UK and EU to address AI risk.
  3. Outsourcing non-core functions. In the past the driving forces behind this surge were to reduce expenses and enhance operational efficiency*. Today and moving forwards it is about collaborating with partners to integrate services that organisations cannot rapidly develop on their own. This approach aims to drive innovation, fuel transformation, and propel growth. Organisations are realising that to remain competitive, they need access to cutting-edge technology, and forming strategic partnerships with experts is the most effective way to achieve this without in-house recruitment. Agile partnerships are poised to shape the business landscape in 2024 and beyond.
  4. Industry Cloud PlatformsIndustry cloud platforms are cloud computing platforms that are tailored to industries, such as healthcare, finance, and manufacturing. In 2024, we will see key sectors start to move away from generic cloud platforms towards industry specific cloud platforms as they look for ways to improve their agility and efficiency.
  5. AI able to save lives. According to a peer-reviewed paper published by DeepMind in the journal Science. GraphCast, outperformed the European Medium Range Weather Forecasting model, one the best in the world, on more than 90% of factors. It accurately predicted where Hurricane Lee, a storm that hit the Atlantic coast of the US and Canada in September, would make landfall, nine days ahead (giving three days more warning than EMRWF did). Could AI save lives by predicting extreme events sooner?
  6. Managing the AI message. There’s been a lot of negative press recently and companies will need to work out how to bring customers along with them on the AI journey. The acceptance of AI lies in addressing fears and negativity and how it can be applied responsibly to enhance and empower people to be better, live better and work better.

The pace of progress will not be slowing down anytime soon. In looking to the future, technology inextricably plays a vital role in building a sustainable and secure business. Every business needs to find the right way to empower their people and their technology in paving the way for a future that is better for all.