READ MORE: Genie out of the bottle: Generative AI as growth catalyst (Deloitte)
Since 2015, machine learning applications have often been labeled as artificial intelligence. Generative AI, with accelerated computing power and advanced neural networks, is now blurring the line by imitating human cognition, and advancement that leads to significant productivity gains and innovative products. AI tools like ChatGPT, Dall-E 2, and Anthropic’s Claude 2 have shown exceptional capabilities, often surpassing humans in cognitive tests and various recognition tasks.
The real challenge, according to Deloitte’s Tech Trends 2024 report, is no longer questioning AI’s intelligence, but figuring out how to deploy it to maximize business impact.
Generative AI’s rapid public adoption began around late 2022 and early 2023, with OpenAI’s ChatGPT reaching 100 million users in just 60 days, surpassing even TikTok’s explosive growth. This surge in interest extends to enterprise settings with significant investments flowing into startups that integrate AI into their core, promising a new era of business technology.
Despite concerns about AI replacing jobs, says Deloitte, business leaders plan to use AI to enhance content quality, gain a competitive edge, and scale expertise without reducing the workforce. AI is primarily seen as a tool to offload repetitive tasks, allowing employees to focus on creative and strategic initiatives. Nearly two-thirds of CEOs feel pressure to adopt AI swiftly to keep up with business demands and investor expectations.
However, incorporating generative AI into processes solely because it’s innovative may not yield significant benefits, Deloitte cautions in its report. A strategic approach, focusing on solving specific business problems, can help companies stand out.
The potential of generative AI to transform business functions and drive innovation will be realized through a tailored approach to data and technology strategies, says Deloitte. Similar to maintaining systems in rocketry, the infrastructure for AI needs to be robust, allowing for scalable and sustainable AI integration, primarily through application programming interfaces (APIs) that allow businesses to access AI capabilities without extensive infrastructure changes.
Selecting the right use cases is crucial, warns the consultancy. AI can streamline operations, enhance customer engagement, and foster innovation, but it isn’t a replacement for human creativity.
“As generative machines continue to find purchase in the many nooks and crannies of our professional lives, people will determine whether these tools scale with magic or mediocrity,” Mike Bechtel, chief futurist at Deloitte, notes in his introduction to the report.
To properly employ AI at scale, Bechtel urges companies to prepare beforehand by organizing their enterprise data and upgrading infrastructure. “A creaky core in desperate need of modernization will buckle under tomorrow’s AI-fueled workloads,” he says. “An undifferentiated computation strategy will increasingly break the bank. Cumbersome interaction modalities will mussy our message, to say nothing of disengaged talent, or worse, cyberthreats.”
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