Generative AI in 2024 – Prepare Your Company for This Revolution

2024 will be the year of implementation of generative AI on a mass scale. Company leaders must seize this breakthrough moment so that their companies stay competitive. GenAI sets new performance limits for the many industries. Therefore, it is worth preparing your business for the upcoming revolution today. Keep reading to find out how!

GenAI – forecasts for the near future

Just a few months ago, people talked about the “future of generative AI” while it is here and now. The pace of development of the possible application of GenAI in various industries encourages company leaders to invest in more and more innovative solutions.

1. 72% of companies will invest in AI in the next 12 months

According to the Automation Anywhere report, 40% of companies have already implemented generative AI solutions, and 72% of companies will invest in AI/ML in the next 12 months.

2. AI market will reach a value of USD 1,345.2 billion by 2030

There will be a significant increase in the size of the AI market – according to Markets and Markets, it will reach USD 1,345.2 billion by 2030, with an annual growth rate of 36.8%.

3. GenAI will significantly stimulate creativity in businesses

Accenture research found that 97% of global managers agree that GenAI's core models will enable connections between data types, revolutionising where and how AI is used. Of this, almost everyone agrees that GenAI:

• will stimulate significant creativity and innovation (98%),
• will usher in a new era of corporate intelligence (95%).

While GenAI will have a far-reaching impact, to realise its opportunities fully, leaders must intervene now because it requires significant investments in data, people and adapting core models to the organisation's unique needs. – Paul Daugherty, CEO of Accenture Group

4. Already in 2023, the largest companies have implemented GenAI into their software

According to Forbes, companies are accelerating in 2023 to build GenAI capabilities into their software and applications – from search engines like Bing and Google to productivity tools like Office, to social apps like Snapchat, and industry-specific platforms like Expedia and Coursera.

It was highlighted that GenAI is becoming an effective strategy to attract customers to the next-generation experience. Applications in exemplary professions are indicated:

• lawyers – quick summary of case law, acceleration of contract preparation;
• doctors – preparing patient notes and descriptions of medical photos;
• developers – accelerate software writing, testing and debugging.

Understanding how we can enhance human intelligence and capabilities to get work done faster, more efficiently and more safely will be an important skill in the workplace in 2024.

The impact of GenAI – challenges for companies

According to the article by Code and Theory, product and marketing leaders are currently focusing on how GenAI can make a visible impact on customer experiences.

The challenges for 2024 include:

• redefining the value of your business;
• looking at the possibilities of new tools, features and service solutions;
• focus on operational efficiency – how AI will improve processes, speed up work, change teams and roles;
• what types of talent need to be acquired to power the next generation of AI-based solutions;
• how to automate existing data and information for which LLM training is possible;
• how to protect data for legal and privacy reasons.

GenAI enhances human capabilities as a co-pilot, creative partner or advisor

Organisations must strive to combine external and internal priorities to deliver benefits in both customer service value and business operations efficiency.

It will be possible when they create cross-cutting strategies that bring together multidisciplinary teams. Organisations that can support hybrid teams will be ahead of the curve in implementing AI.

GenAI – the ease of implementation

The universality and accessibility of Generative AI solutions are key factors in their growing popularity, bringing benefits to companies of all sizes across all industries.

1. Universal application in many industries. GenAI models have the ability to use a variety of data, allowing them to be used in many sectors. Their advanced algorithms process vast amounts of information, generating valuable results which significantly accelerate innovation.
2. Ease of use. Most GenAI solutions are based on communication in natural languages (Polish, English and many more) and are very easy to use, even for direct contact with customers or employees.
3. Low level of investment. Previous generations of AI solutions (e.g. Deep Learning classes) generally required many years of investment – in collecting data, processing it, training or creating your own AI models. Gen AI models are already prepared and ready for immediate use and integration into your datasets.

Key benefits from implementing GenAI

The factor that allows you to make the most of GenAI's potential is to take a new look at the work process and think about how to support teams in their tasks and help keep up with technological changes.

This technology is already radically changing how employees interact with each other and their customers, driving the growth of the entire organisation. As a result, GenAI brings business value and the ability to increase revenues, reduce costs and better manage risk.

Examples of benefits:

• improving productivity, efficiency and workflow through automation (manual or repetitive tasks);
• improving existing processes and generating new ideas;
• acceleration of research and development work.

In 2024, GenAI will take business process automation to revolutionary levels, catalysing a new era of efficiency. It will:

• provide unprecedented speed and creativity in the area of design research;
• significantly increase developer productivity by automating code writing and quickly converting one programming language to another;
• significantly support business management and information security by protecting against fraud and improving regulatory compliance.

Generative AI – areas of use

Whatever field or industry you represent, GenAI modifies processes, supports individual departments and ensures effective communication between them, resulting in quick decision-making. It is an excellent tool for comprehensive customer service or the employment process.

Thanks to GenAI's ability to generate speech, translate spoken and written texts, create images, and transcribe audio, you can save time and money.

How can GenAI transform your company?

• searching unstructured data (product offers, legal documents, contracts with customers);
• analysing trends and detecting anomalies;
• classification and categorisation of information;
• automatic creation of high-quality marketing content (product descriptions, social media posts);
• answering customer questions (implementation of the order, service, and complaint process);
• content creation (adapting the structure and style of content to the medium and audience);
• HR services (analysis of candidate profiles, initial selection, personalised communication);
• software development (code generation, code review, refactoring);
• legal departments (analysis of compliance of contracts with assumptions, suggesting legal provisions);
• work in the sales department (personalisation of the offer, answering questions about the offer, handling communication related to closing the sale).

You can read more about the possibilities of Generative AI and examples of use in various areas, as well as what to do to enter its revolutionary stage today.

Conservatism or experimentation – what is your approach to GenAI?

Conservatism

While prioritising GenAI implementation, some leaders prefer to wait until new AI technologies are established. They avoid getting involved in potentially risky endeavours and allow other organisations to lead the way. They will look for proven tools from reputable sources.

The disadvantage of this approach is that it will only allow the company to modernise systems in the mainstream market and will not provide any competitive advantage. Internal teams won't learn much along the way, and AI will be seen as just another skill.

Experimentation

The second group of leaders has been experimenting with and learning from AI from the very beginning. They believe that AI development is a journey, and the sooner they start using the potential of GenAI and implementing its tools, the better their position in the market will be.

By creating a work environment that encourages experimentation and innovation, these organisations will not only be able to develop iteratively. Still, they will attract early-stage talent to help them stay ahead of the competition.

Which approach do you and your company represent?

Whether you approach the topic more cautiously or experimentally, getting acquainted with GenAI's capabilities costs nothing. It is the first and non-binding step in the process of possible implementation of these technologies in your company.

Implementing GenAI – the first step

Step 1: Identifying your company's needs

While every leader faces the same challenge, only some have the same mindset and needs when it comes to implementing GenAI tools. Additionally, the classic division within a company into technology and business departments may provide different perspectives on GenAI-driven strategies.

Technology-oriented teams need time to consider available options and choose the exemplary architecture, while business- and customer-oriented teams will strive to offer the latest services and solutions.

Identifying the company's needs depends on various factors and questions:

• Does the company have previous experience with traditional artificial intelligence and machine learning?
• Does the company manage sensitive data?
• Does the company promote a culture of innovation, experimentation, and intrapreneurship?
• Is the competition already advancing thanks to investments in GenAI, and if so, how?

GenAI technologies should be responsible and compliant that models and applications do not pose business risks

There are certainly differences in the approach to GenAI-driven change depending on company size.

High competitive pressure means that larger ones may (but do not have to) suffer from this situation because they will operate slower than smaller ones. These seem to be better organised or culturally more attuned to innovation, focusing on the speed of decision-making and the implementation of new services.

Choosing the right GenAI partner

For the proper functioning of every company, not only a modern but also an effective data architecture covering the entire organisation is necessary.

Properly implemented AI in your company will create a foundation of trust among your consumers

Noting leaders' openness to experimentation depends mainly on a solid foundation of responsible AI supporting the ethical use of generative technologies.

Including security measures throughout the design, development and implementation of GenAI solutions protects data and privacy and prevents abuse.

Only a professional and experienced IT company can meet such high GenAI computing requirements. We encourage you to familiarise yourself with our offer – see if WEBSENSA will be the right partner for developing GenAI tools in your company.

Summary

Given that GenAI technologies evolve rapidly and will continue to do so, technological innovation is becoming a business imperative.

The year 2024 will bring a significant change – the conservative way of thinking of some leaders will be put to the test. There will be a shift from the cautious approach we see today towards risk-taking as more companies see that the pace of GenAI development continues unabated.

At WEBSENSA, we support the safe, responsible and sustainable implementation and scaling of GenAI. Our experienced team of experts will respond to your company's AI needs with diverse services and consulting solutions. Contact us today.