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Remember those early days of chatbots that couldn't understand a simple question? AI has evolved way past that.
In fact, according to a recent McKinsey report, generative AI is expected to make a huge splash this year. Small Language Models (SLMs) and Large Language Models (LLMs) are leading the charge, armed with specialized skills and the latest advancements.
After all, AI is expected to contribute $15.7 trillion to the global economy by 2030!
Large Language Models (LLMs) are extensive deep-learning systems trained on huge amounts of data. They use a complex setup called transformers, made up of neural networks with parts that can focus on different bits of information. Here's how they'll transform industries in 2024:
LLMs can analyze existing code and APIs to automatically generate clear and concise documentation. This will save developers countless hours spent writing technical manuals and free them to focus on innovation.
A key theme in 2024 is "explainability." As AI becomes more sophisticated, understanding how these models make decisions has become increasingly important. LLMs across industries will need to be transparent, allowing users to understand the logic behind generated content.
In 2024, expect LLMs to assist developers by generating code snippets, automating repetitive tasks, and even debugging existing code. This "democratization" of coding could allow citizen developers (those without any programming experience) to contribute to software development.
Small Language Models (SLMs) are smaller versions of bigger AI models that can understand and create human language. Though they're smaller, SLMs are very powerful and can do a lot with less computing power than their larger counterparts.
SLMs will analyze medical records, identifying potential diagnoses, drug interactions, and even predicting patient outcomes with improved accuracy. But the real game-changer? Doctors will be able to understand the reasoning behind an SLM's suggestion, building trust and collaboration in patient care.
Studies report a boom in SLM adoption within educational institutions. Picture an SLM-powered tutor that tailors its explanations to your learning style or an online course that adjusts its difficulty based on your performance. This level of personalization can truly revolutionize the way we learn.
Platforms like Hugging Face, Open AI, Databricks and more are driving innovation in both small and large language models, with developers using pre-trained models, sharing tips, and collaborating.
Despite their impressive abilities, AI models lack true “common sense.” For example, an SLM tasked with managing a brand's social media might misinterpret a sarcastic tweet, leading to an inappropriate response that damages the brand's image.
AI outputs are only as good as the data they're trained on. If the data is biased or incomplete, the AI's outputs will be too. That's why it's crucial to carefully curate the data and continually evaluate these AI models to ensure they are reliable.
People could exploit this capability to create realistic-looking but entirely fabricated content, fueling the spread of "deepfakes" and misinformation. Strong fact-checking and user education will be key to preventing the misuse of AI.
News headlines about AI-driven layoffs can be unsettling, leaving many wondering if their skills will become obsolete.
It is a common worry, especially in the IT fields, but before you hit the panic button, experts at Forrester believe that these developments will create new positions and change the way we work.
These limitations highlight the value humans bring to the table. We have the critical thinking, common sense, and ability to handle complex situations that AI currently lacks. By staying curious, learning new things, and developing skills that work well with AI (like data analysis or human-centered design), we can make sure our jobs not only survive but thrive.
AI is a powerful tool, but it works best when used by people who know its strengths and weaknesses.
So yes, AI can be intimidating, BUT…
The future belongs to those who can work effectively with AI. Platforms like Coursera, edX, and Udacity are some great resources to improve your skills in the advancing world.
So get some certifications, enroll in online courses, hone your human strengths, and continually try to one-up yourself. After all, change is the only constant.
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