2024 PREDICTIONS: ELEVATING BUSINESS PERFORMANCE WITH GENERATIVE AI

In the pursuit of efficiency and sustainable growth, businesses are turning to Gen AI to automate work processes and optimize costs. By 2060, over 80% of businesses are anticipated to integrate Generative AI into their operational frameworks, marking a substantial increase from less than 5% observed in 2023 (Gartner, 2023)?

Gen AI promises to reshape the future of work, exerting profound influences across various facets of business operations, from revenue generation, customers and employee engagement to new business models formulation. However, to leverage the true power of GenAI, decision makers need to learn risk management and implement technology to unlock its full potential.?

The following are six new predictions for businesses globally to make concrete AI investment actions that can create value for many years to come.?

1. The right AI choices will provide companies a significant edge?

To find attractive ROI from GenAI, it is crucial to avoid the pitfall of isolated use-cases. Simply employing GenAI in isolated scenarios will yield limited benefits. Rather, focus on identifying "patterns" that have the potential to scale.?

Additionally, it's essential to encourage employees not only to adopt the new technology but also utilize it to augment their jobs. With ongoing technological advancements and decreasing costs, leadership needs the ability to embrace novel operations and business models.?

2. GenAI will redefine the work of leaders as much as employees?

AI is poised to transform the way everyone — especially those at the highest levels — conduct their professions.??

Employees will require skills, guidelines, and incentives to responsibly deploy AI, while managers will be faced with even greater challenges. Middle managers, in particular, will need expertise to supervise and evaluate the team’s results where AI agents play a significant role. To the C-suit, bridging the gap between organizational understanding and AI knowledge will be crucial.?

3. The moment of truth for trust in AI is coming?

This will be the moment of truth for responsible AI for two reasons. First of all, mistakes generated from GenAI including stalling transformation initiatives could have wide-reaching impacts. We also expect potential AI risks to attract public attention as we may see a GenAI-related crime, such as a political deepfake, hit the headlines.?

4. GenAI will be the ‘missing link’ for data?

GenAI can answer one of the greatest challenges for many companies: processing and deriving insights around large sets of complex and unstructured data. According to a PwC survey, 44% of business leaders plan to implement data modernization initiatives in 2024 to capitalize on the capabilities of Generative AI.?

5. GenAI will transform transformation?

GenAI has the potential to handle complex tasks in various domains such as finance, tax, legal, IT, compliance. Furthermore, it may eliminate the need to upgrade common enterprise applications by facilitating their migration to the cloud. In this cloud ecosystem, applications and customized Generative AI modules will continuously evolve to align with evolving organizational requirements.?

6. GenAI will give rise to new classes of products and services??

Building new processes, developing new products and services, and creating new environments for customer engagement are all transitioning to “no code” activities thanks to GenAI. We can anticipate the emergence of products and services that are the outcome of the integration of GenAI with other technologies, such as machine learning. Technologies like extended reality devices, IoT networks, and machine learning procedures will soon be dependent on GenAI.?

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In a recent publication of CMC Global delving into the landscape of Asia's technological panorama and strategic necessities, a significant emphasis placed on the advent of AI as a linchpin for success in 2024.?

Explore our latest ebook - "Stagnate or Innovate: A Deep Dive into Asia Technology Outlook & Strategic Imperatives" ?now to further gain insight into every aspect of Gen AI including:?

??The Democratized GenAI Model?

??The Lastest Development of GenAI?

??The Impact of GenAI on Business?

??Recommendations Actions for Business Leaders??

Download our Ebook to obtain intelligence on AI and beyond ???

Sincerely,??

The CMC Global Team??

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CMC Global Company Limited??

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