Generative AI to revolutionize businesses across all sectors in 2024

WEF (World Economic Forum) predicts that 2024 will mark the onset of a “new era of turbulence”. This turbulence is associated with the rapid micro and macro level changes surrounding the various digital domains, especially across the business sector. Generative AI has a ripple effect across economies in complex ways, making AI remarkably accessible and scalable. As we already see the beginning of a new era, GenAI will increasingly impact how companies grow, engage with employees and customers, build business models, and conduct day-to-day operations.

Here are a few predictions for how GenAI will impact businesses in 2024:

1.Transforming organizations

GenAI will transform work for employees and leaders alike. This means that the C-suite adopting GenAI and transforming their work accordingly will greatly outcompete those who don’t use GenAI. Closing the gap between organizational and AI knowledge will be critical for employees of all levels. For example, in the future, widespread use of AI-powered virtual assistants for comprehensive business process automation will streamline enterprise operations. Though their widespread adoption is currently rare due to integration challenges and organizational readiness but in 2024 it will rapidly scale.

2. Responsible AI

Trust in AI is becoming more crucial by the day. This means deploying the right solutions with accurate data and policies to achieve reliable results will become essential. Going beyond just compliant, secure systems, enterprises will require responsible AI practices to be integrated within their systems. As GenAI becomes more prevalent, errors in tasks like financial reporting and software development could impede progress. Rising AI risks such as political deepfakes are drawing attention, prompting vendors to offer compensation. Ensuring trust in AI outcomes will become an important responsibility of businesses.

3. Transformational change

GenAI will speed up transformations by making sense of unstructured data, particularly when combined with cloud technology. It will empower various departments to handle complex tasks efficiently that were out of reach before including finance, tax, legal, IT, compliance, etc. Additionally, GenAI enables businesses to evolve applications in the cloud continuously, eliminating the need for frequent upgrades and facilitating adaptability to changing requirements.

4. GenAI and Data

GenAI will act as the essential bridge for data, enhancing value and speed in processing unstructured data. It will scan, summarize, and analyze complex data from various sources, boosting efficiency and intelligence creation. However, digitizing data, ensuring cloud accessibility and managing risks will remain crucial tasks for businesses. In 2024, 44% of business leaders plan data modernization efforts to fully leverage GenAI's potential.

5. New products and services

GenAI will revolutionize how businesses innovate, enabling "no code" activities for developing new offerings and revenue streams. We already observe existing tools such as, IBM Watson Studio that provides a comprehensive suite of tools for building and deploying AI models. Domain specialists and creatives can directly collaborate with AI and data, facilitated by robust governance. Cloud-based enterprise applications are already integrating GenAI capabilities such as in CRM softwares. We can easily foreshadow a future where GenAI becomes the core, leading to faster, more agile, and highly customizable AI-based applications. Additionally, the convergence of GenAI with other technologies like machine learning will spawn new products and services across extended reality, IoT, and beyond.

Conclusion

GenAI is predicted to revolutionize various aspects of organizations, from streamlining operations through automation to enhancing data processing and innovation. However, it also underscores the importance of responsible AI practices and the need for businesses to bridge the gap between organizational knowledge and AI capabilities.

Liquid Technologies recognizes these trends and has already begun implementing practices to leverage GenAI effectively. Through our services in AI, Development, Data, and Design, we aim to empower enterprises to utilize the full potential of GenAI and navigate the evolving realm of digital disruption. Additionally, we are committed to educating individuals and organizations about the benefits and ethical considerations of AI (GenAI) adoption to foster responsible and impactful use of these technologies.