We have written before about the popular artificial intelligence (AI) tool, ChatGPT, from both a functionality perspective and a data protection viewpoint. This article explores the latest trends in using generative AI (GenAI) and offers some AI business predictions.
This year sees AI’s role in business becoming even more crucial as it drives data analysis and customer service innovation. Companies are using AI to better understand their customer needs and to predict market trends so they can offer services that are more personalised and efficient. AI is also contributing to security measures and fraud prevention, as well as creating new challenges and opportunities for business growth. 2024 is expected to be crucial for AI integration in various business aspects, forcing companies to adapt and innovate.
Based on its longstanding leadership in AI and seven years’ experience in making AI predictions, PwC feels confident in making six AI business predictions for 2024:
What will these predictions mean for companies?
AI’s advantage lies in its adaptability and scalability but not everyone knows how to harness the two features. PwC’s 2023 Emerging Technology Survey finds that 54% of respondents have already implemented GenAI in some business areas, yet a very small proportion know how to use this technology properly. The main stumbling block is use cases, meaning the isolation of separate business cases and situations where AI is used. Instead, companies should be focusing on scalable patterns, such as creating data insights from raw data, something AI does efficiently.
Workers need skills to use AI responsibly, yet business leaders and managers in charge of teams using AI in their day-to-day work are facing an even bigger challenge. There is one key feature of AI tools all CEOs need to be clear about: AI tools are unable to understand context, so human involvement is necessary. Combined with organisational skills, this insight will help CEOs drive the successful use of AI in their companies.
AI is already helping companies prepare their financial statements, automate some parts of their software development, analyse patents, and do other tasks that demand a high level of responsibility. The work done by AI clearly involves risks, so AI rules have been adopted and companies are working on policies and guidelines to help AI technology evolve in a secure way. The development of AI methodology is also expected to boost the trusted and ethical use of AI tools.
AI can enhance the value of your data and improve your cost-benefit ratio, but for this purpose you need to digitise your data, move it to cloud, and give access to it, as well as making it compliant. A PwC survey finds that 44% of business leaders say they are planning to take data modernisation measures in an attempt to make the most of AI in 2024.
AI opens up opportunities for handling complex business processes in financial, IT, legal and tax aspects. PwC’s predictions suggest that traditional updates to corporate applications will no longer be so effective, while the migration of AI modules to cloud will be able to accelerate corporate transformation and will make it more accessible.
In developing new products and services, companies are relying on no-code solutions, such as Power Automate and Alteryx we explored earlier. The trends suggest that these solutions, which started out as add-ons, will evolve into core elements of corporate applications and that AI combined with other technologies (including machine learning) will be able to create new products and services.
AI integration will be a key driver of corporate growth and innovation in 2024. PwC’s predictions describe AI as an effective way to adapt to the changing market requirements and create new opportunities in business strategy. Yet this is forcing companies to make significant changes and bring the AI skills of their workers and management up to speed. If AI becomes a key element in the development of new products and services, it will drive innovation and efficiency.
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