Monthly Tech Bites #31 | The 2024 State of AI: GenAI Business Risks, CMOs' Future, and AI Assistants

Hello there!

Time to catch up on the latest in AI! This month, we’ll look at McKinsey’s insights on AI’s growth in 2024, and learn strategies for managing GenAI risks. Plus, we’ll see how CMOs are driving growth with GenAI and why AI assistants are becoming must-haves.

Excited? Let’s dive in!

Today’s agenda:

?? The state of AI in early 2024

?? Navigating the Risks of Generative AI in Business

?? How CMOs Are Shaping Their GenAI Future

?? Why AI assistants are having such a moment?

Psst! If you missed the latest AI Waves #9 webinar on the EU AI Act, you can catch up here. Discover how to protect your business from bans on AI systems that pose unacceptable risks.

The state of AI in early 2024: GenAI adoption spikes and starts to generate value

McKinsey's latest report reveals a significant surge in generative AI adoption, with 65% of surveyed organisations regularly using this technology —? nearly twice as many as last year. Companies are experiencing tangible benefits, such as reduced costs and increased revenues, particularly in marketing, sales, and product development. Top-performing organisations are leading the way by using AI in more areas and implementing strong risk management strategies. They’re also setting a blueprint for successful AI integration.

For more details, you can read the full article here.

However, as GenAI becomes more integrated, businesses also face challenges such as inaccuracy and intellectual property risks. How can you navigate these issues? Scroll down to learn more!

Navigating the Risks of Generative AI in Business

Effectively addressing the risks associated with GenAI in business requires careful planning and execution. Common pitfalls include deploying AI in projects where it's not needed and relying on tools that are not yet production-ready. Take the popular library LangChain , for example. While it excels in building proof of concepts, its frequent updates and breaking changes can lead to significant time and resource losses and introduce vulnerabilities.

It's crucial to ensure organisational readiness and adequate resources to support AI initiatives effectively. Tailored AI solutions and partnerships with experienced professionals can significantly enhance the success of AI implementation.?

I explored these common mistakes and risks of using generative AI in this article and provided an ultimate checklist to avoid these errors. Read more here.

How CMOs Are Shaping Their GenAI Future?

CMOs are faced with navigating a tough environment, balancing short-term demands for marketing efficiency with long-term investments in digital transformations and AI adoption. Boards, CEOs, and CFOs are closely examining marketing’s overall performance and the payoff of recent technology investments. In the face of this pressure, many CMOs see generative AI as a tool to improve efficiencies and unlock growth.?

A survey by BCG and the Association of National Advertisers (ANA) highlights that over 75% of CMOs express optimism about GenAI's impact, with more than half expecting at least 5% topline growth from GenAI initiatives. Approximately 80% have already implemented GenAI to streamline processes like content creation and social media engagement.

How can GenAI transform your marketing strategy? Click here for details.?

Why AI assistants are having such a moment

AI assistants are evolving rapidly, making digital interactions smoother and more efficient. Gone are the days of clunky voice commands; today's AI assistants are smarter and more human-like. They can help with everyday tasks, from summarising work notes to providing personalised diet advice. Major tech companies like Microsoft, Apple, and Google are leading this transformation, integrating advanced AI capabilities across their platforms. You can read why AI assistants are having such a moment in this article.

Even more exciting is the rise of custom AI copilots built for specialised business tasks across various industries. These bespoke solutions offer tailored support, boosting efficiency in unique business environments. Imagine the possibilities when these AI solutions are integrated into your business operations!

That’s it for today.?

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