2024: AI Rules Shift for Finance & Business

In 2024, the landscape of finance and business is undergoing a profound transformation, driven by the rapid advancement of artificial intelligence (AI). This technological evolution is not only changing how businesses operate but also the rules that govern the development and application of AI. As AI technology progresses, companies must adapt to these changes to stay competitive and relevant in the market.

One of the key rules to follow in 2024 is the “FOMO Rule.” Early adopters of AI have primarily focused on improving internal operations. However, in the coming year, there will be a significant shift towards creating AI products for external use. This transition will bring a wave of innovative features and functionalities to the market, putting pressure on companies to keep up with customer expectations and industry trends.

Another important rule is the “Elvis Rule,” which emphasizes action over conversation in AI applications. While chatbots have been prevalent in recent years, 2024 will see the emergence of AI products that can perform tasks autonomously. For example, Broadridge’s OpsGPT platform leverages large language models to automate complex workflow tasks, enhancing the productivity of operational teams.

The “Productivity to the Max Rule” highlights the transformative impact of AI tools like Microsoft’s Copilot and ChatGPT Enterprise. These tools empower office workers to accomplish more in less time by summarizing meeting notes, generating action items, and providing insights. While these tools enhance productivity, they also raise expectations for employees, setting a new standard for performance in the workplace.

Amidst the rapid innovation in AI, the “Back to Basics Rule” reminds companies to stay focused on their core objectives. With new AI models being released almost weekly, it can be tempting to chase after the latest technology. However, companies are advised to choose an enterprise AI solution and build a solid foundation based on data, safety, and AI hygiene to create long-term value for users.

Data will play a crucial role in AI development in 2024. As new AI breakthroughs emerge, they will be powered by high-quality, secure, and accessible data. Companies are encouraged to invest in data security and reliability to ensure they can capitalize on the value of AI in the future.

Ensuring the safety and ethical use of AI will also be paramount in 2024. With AI becoming a ubiquitous part of corporate functions, companies must implement the right safeguards to protect personal data, eliminate bias, and comply with regulations and industry standards.

In conclusion, 2024 will be a transformative year for AI in finance and business. By following these rules and embracing the potential of AI, companies can position themselves at the forefront of innovation and drive meaningful change in their industries.