In our current blog series, we are exploring predictions and trends to close out 2023 and head into 2024 strong. We have already looked at the general construction market, the risks that exist, and the worker shortage. Today, let’s build on that conversation and begin to look at predictions for technology in the years to come. Perhaps there is no better place to start than with generative AI (artificial intelligence).
We know growth is rapid, with more than half of organizations either already piloting or in production mode with generative AI, having increased investment in this particular technology in the last 10 months.
In fact, Gartner polled more than 1,400 executive leaders and found 45% reported they are in piloting mode with generative AI, and another 10% have put generative AI solutions into production. This is in stark contrast to a poll from March and April 2023, which shows only 15% of respondents were piloting generative and only 4% were in production. The growth here in such a short period of time is astronomical.
Still, as we have discussed many times here on this blog, generative AI brings both benefits and risks. Many companies have concerns about reliability, bias, and data privacy. Others are considered about the lack of talent to implement the technology while some are concerned about legal and regulatory issues. Others just simply have teams that are resistant to change.
Then, there is also perhaps the biggest concern: the security of it all. There are still plenty of concerns about data being leveraged in unacceptable ways that must be addressed. Too often companies don’t have guidelines or ethics around AI, which is also a cause for chaos. Some of us simply don’t know what we don’t know, and struggle to even foresee what the potential ramifications could be.
Even amid all of this, at the same time, organizations can use generative AI for predictive maintenance and equipment monitoring, natural language processing and chatbots, and data analysis and visualization, just to name a few.
In fact, that Gartner survey shows 78% of survey respondents believe that the benefits of generative AI outweigh its risks. This is higher than the 68% who reported this sentiment in the earlier poll.
Looking to the future, we see another survey shows more than 80% of enterprises will have used generative AI APIs (application programming interfaces) or deployed generative AI-enabled applications by 2026. So, we see the future is bright for this technology too.
As we head into a new year, consider how generative AI might impact your business. The best way to see the benefits is to prepare for it. Set clear objectives, select trustworthy technologies, and ensure the right privacy and transparency components are also put into place. How will you proceed? Throughout the next few weeks, let’s really dig into some predictions in order to better plan for the year ahead.
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