Product Opportunities and Innovations to Watch Out For
Happy 2024! Here’s to a year of transformative AI successes and innovative product development.
Welcome to the first “Better AI” newsletter, a platform where our shared passion for AI meets actionable insights. Many of you have been part of our journey through AI events and projects. Let’s continue this journey, focusing on creating value and a better future with human-centered AI.
What to Expect:
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Key 2024 AI trends for AI Leaders & Builders
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Actionable opportunities from these developments.
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Preparing for the shift from “Proof of Technology” to “Proof of Value”.
Let’s dive in.
We Need to Move from “Proof of Technology” to “Proof of Value”
2023 was marked by awe-inspiring advances in Generative AI and a multitude of AI product launches. As digital product builders, we were amazed by the exponential potential of AI and LLMs’ capabilities. However, there was just one problem: most AI apps were demonstrations of technological advancement, prioritizing wow over practical value creation.
2024: Embracing “Proof of Value”
This year demands AI solutions that provide tangible benefits. Success hinges on products that offer clear value, exceeding their cost to customers.
2024’s AI Trends and Opportunities for AI Leaders & Builders:
1. Open-Source LLMs Gain Ground
We’re seeing open-source models, like Mixtral 8x 7b, employing a Mixture of Experts (MoEs) approach to challenge closed-source monolithic LLMs such as OpenAI GPT and Google Gemini.
Why it matters:
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Open-source LLMs are emerging as excellent alternatives when transparency, flexibility, and cost advantages are key considerations.
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They provide the option to finetune custom models for applications requiring specialization beyond what is achievable through prompt-engineering and RAG on custom data.
2. The Rise of Multi-Modal AI
Envision AI that comprehends not just text but also images, audio, and more. This year, multimodal AI is becoming mainstream, enabling richer, more intuitive user experiences.
Why it matters:
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It opens up new Human-AI interaction experiences through multi-sensory contextual enrichment.
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New wearables and immersive devices, like Apple Vision Pro, could accelerate user interest and awareness of these possibilities.
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Be prepared to support multi-modal RAG in your custom data AI applications.
3. The Advent of Local AI
AI is increasingly integrated into user devices. Upcoming “AI-first” devices include the Pixel 8 / Pixel 8 Pro with Google Tensor G3, Samsung S24 running Samsung Gauss, and mobiles & IoT devices with Snapdragon 8 Gen 3, all promising enhanced privacy and lower latency.
Why it matters:
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Privacy and security remain paramount concerns in AI adoption for both consumers and enterprises. Local AI could address enterprise security concerns and bolster user confidence.
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Low latency and real-time capabilities open up new, exciting AI-infused experiences and features that deliver substantial user benefits and value.
Opportunities Arising from 2024 AI Trends
In the landscape of 2024’s AI advancements, three significant opportunities stand out. While each opportunity is unique, together they blend to form ‘Proof of Value’ Applied AI solutions, collectively boosting user engagement and offering real value.
1. Human-Centered AI: True Value Creator
This approach focuses on AI solutions that align with human needs. By understanding and addressing your customers’ real-world problems and desires, you can design AI solutions that are not only intelligent but also relevant and impactful.
Actionable Insight:
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Dive into the ‘Jobs to be Done’ (JTBD) of your customers. Work with your team to uncover the customer journey, validate desired outcomes, and identify barriers to success.
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Such deep customer understanding among product team members not only brings clarity and informs prioritization decisions but also fosters a ‘Start with Why’ approach in product craftsmanship.
2. Private AI: The Rise of Personalized and Secure AI Solutions
As AI integrates more into our lives, the demand for privacy and personalization increases. Private AI, especially local AI on devices, offers a way to build user trust without compromising privacy.
Actionable Insight:
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Explore how your AI solutions can operate locally on devices, enhancing user trust with privacy and offering personalized experiences based on individual user data while maintaining strict data security.
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Stay alert for SDK availability, which could open up opportunities for creating personal assistants on mobiles or computers, with features like call screening and personal file lookups becoming commonplace. Additional opportunities arise in protecting against AI-powered fraud and cybersecurity attacks.
3. Marketplace: For Revenue, Engagement & Better AI Experience
The marketplace concept in AI goes beyond transactional exchanges; it’s about creating an ecosystem where AI-powered solutions, tools, and services are shared, refined, and monetized. This benefits both AI creators and users, engaging them in a value-driven AI landscape.
Actionable Insight:
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Recognize the opportunity to turn power users and domain experts into AI creators.
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Consider how your AI product can foster a marketplace model, creating a platform for AI-driven services and tools that cater to specific user needs, enhancing user engagement and opening new revenue streams.
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In the future, our marketplace will serve AI agents as well, offering a vast market potential. The best way to prepare is to start creating win-win value for your customers and partners.
What’s Your Next Step?
Turn these ideas into action. Your initiatives today lay the foundation for tomorrow’s AI.
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Reflect on which trends and insights are most relevant to your AI strategy in 2024.
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How will you integrate human-centered design to create more meaningful AI solutions?
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What steps will you take to prioritize privacy and build trust in your AI applications?
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What unique offerings could you introduce to an AI marketplace to enhance both user experience and business value?
Better AI Future - It Takes a Village to Raise a Child
“Alone we can do so little; together we can do so much.” - Helen Keller
I believe a “Better AI” future requires collaboration among people with diverse backgrounds and experiences. Together, let’s transform these AI opportunities into impactful realities.
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Explore How I Can Help You Navigate the AI Landscape:
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AI Product Partner: Ready to turn your vision into reality with a Human-Centered AI product? Whether you’re crafting an MVP or seeking a breakthrough in your mature product, I’m here to help you build solutions that deliver sustainable value and real impact. Hire me to start your AI journey.
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