01/03/2024
In the words of Jean Bodin: "There is no wealth but men", and in the words of AddValorem C.F.R.M. Inc.: "There is no treasure but your data". In this new information-dominated society, data is every entity's most important asset. And data-driven decision-making is the approach we advocate, as it is less subject to interpretation or instinct. However, data should be put into perspective within a well-defined context. Becoming data literate is the starting point of this approach. It starts with the definition of the appropriate strategy in alignment with the company's business strategy, through to the use of appropriate tools (IT architecture, programming software such as Python and R, data science...) for effective decision-making. The advent of ChatGPT and the various models of generative artificial intelligence has drastically shaped the business environment, boosting productivity. Nevertheless, this technological advance raises ethical issues and concerns about its meteoric rise. AddValorem C.F.R.M. Inc. will try to answer your questions throughout 2024.
Datacamp's excellent article (Source: Datacamp: Data & AI Trends & Predictions 2024) on trends and predictions for 2024 gives you an overview of what's expected:
- Artificial intelligence is going mainstream, and more and more companies are adopting it.
- The battle between Open Source and Closed Source is intensifying, with strong arguments on both sides, but the balance is tipping more towards Open Source.
- Generative artificial intelligence makes it possible to perform so-called boring tasks in an extraordinary way, such as document extraction and summarization (particularly in the legal field), data entry and other routine processes. In a word, the increased automation of routine tasks.
- Companies increasingly prefer smaller LLMs (Large Language Models) specialized in certain fields (ChatLaw in the legal field, Med-PaLM, an LLM adapted for medical data developed by Google, Bloomberg GPT by Bloomberg, and Replit Code v1-3B developed by Replit for data coding).
- The risks associated with generative artificial intelligence are beginning to surface: data leakage, prompt injections (direct or indirect), and hallucinations (halo effect).
- The rise of artificial intelligence is intensifying efforts in data governance (especially data quality, because according to Deloitte, the Garbage in Garbage out effect also exists in generative artificial intelligence).
- Data Literacy and AI become table stake to the succeed with generative AI. AddValorem C.F.R.M Inc. will support you in this process.
- Prompt engineering (queries sent to an LLM model) will become a valuable skill set for many functions but will not be a career path.
- Generative artificial intelligence will focus the data profession on value creation.
We'll be back later to explain some of the trends and predictions.
AddValorem C.F.R.M defines itself as an eco-consulting firm specializing in data, sustainable finance, sustainability and climate risk, PPPs, and infrastructure climate resilience.
Please visit our website www.addvalorem-cfrm.com.
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