Advancements in technology are charging along at a dizzying pace, transforming our working and personal lives.
But what are the significant trends that businesses should be watching out for, and responding to? Dr Nishamani Patabendige, lecturer in data at The University of Law Business School faculty, runs through the key areas to keep an eye on in 2024 …
ChatGPT and the rise of conversational chatbots
For Patabendige, 2024 will see the continued rise of conversational chatbots to enhance customer service processes – helped by the emergence of ChatGPT. “Chatbots used for customer services in the past had limited capabilities when it came to delivering human-like conversations or a seamless user experience,” she says. “Recent advancements of ChatGPT have allowed for more advanced capabilities to engage with customers. If implemented successfully, these conversational chatbots powered by ChatGPT have the potential to increase sales and enhance productivity at an unprecedented level.”
One area they will affect in 2024 is e-commerce, says Patabendige. “When it comes to adoption of conversational chatbots, the UK has been identified as the leading and most advanced e-commerce market in Europe. This is why this sector is growing particularly quickly when it comes to AI adoption.”
In an ideal world we’d prefer human-to-human contact, she says, but with e-commerce growing so rapidly, it’s just not possible, which is where these chatbots come in. She paints a picture of AI and chatbots delivering fast responses and having real-time conversations in any language to customers 24/7, 365 days a year. Whether they really can make online services more effective and accessible, and deliver cost savings, remains to be seen.
Continuing growth in e-commerce driven by the metaverse
A focus on the metaverse will be another significant trend next year, says Patabendige. The use of virtual or augmented reality to enhance the shopping experience, providing a more personalised service, is already being used by some e-businesses – from the ability to see what furniture looks like in your home using a photo and an app, to “trying on” eyewear and clothes virtually. “The metaverse powered by virtual reality is going to be one of the trends we look into in 2024,” says Patabendige. “This will mainly be aimed at tech-savvy gen Z and millennials who want that virtual reality experience during e-commerce shopping.”
Increased regulation of the new digital space
Concerns about advances in the tech space – from the way they will transform how we work to the wider societal impact – will lead to an important business trend in the form of increased regulation, says Patabendige. “Governments have a huge role to play in terms of regulating AI and implementing governance for advanced workplace technologies. We had massive hype about AI, but its capabilities were limited until very recently. Now if you use ChatGPT, you can see how advanced it is and how human-like conversations are. It doesn’t mean it’s 100% perfect, but we are at a turning point.”
The widespread adoption of AI and other technologies creates new opportunities for AI developers, machine-learning engineers and automation consultants, and a demand for skills in programming, cybersecurity and data science, she says. “But it may eliminate some roles,” she adds. “So what do we do for employees if they lose their jobs because of this digital transformation? This is where governments must regulate AI and technologies. We have to consider the societal impacts and work towards solutions that minimise negative effects on individuals and communities.” Measures such as upskilling and reskilling programmes could be part of the solution, she suggests.
A growing focus on humanity as well as tech
In the same way that digital transformation will drive regulation as a trend, it will also cause a growing focus on “human” elements, believes Patabendige, from investing in employees to a wider focus on sustainability and social responsibility. “The most important thing in this digital transformation era is to invest in people, not just technology – investment is not only about the amount we spend on AI, it’s about people feeling they are being invested in too.
“The focal point has to be using technology to get benefits for humanity, not the other way around, like humans losing control to machines. This is a really important topic and is definitely going to be a trend because researchers and industrial experts are talking about this particular area at this moment.”
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