Across the globe, 2023 was heralded as generative AI’s breakout year, and it hasn’t really slowed down since. So now experts are asking what AI trends will come this year and what the business impacts will be.
Tech and finance consulting giant Deloitte recently studied the state of generative AI in 2024, examining common use cases and goals, as well as broader societal implications.
Here are some highlights from the report, as well as practical tips to leverage AI safely in your organization:
Generative AI for more productivity and efficiency
The research surveyed more than 2,800 leaders across various organizations currently piloting or implementing generative AI. Most (62%) cited emotions of excitement, as well as fascination (46%), while 30% reported feeling uncertain around generative AI.
The majority saw the technology as a tool to gain more efficiency within their businesses, along with these cost benefits:
- Improve efficiency and productivity: 56%
- Reduce costs: 35%
- Improve existing products and services: 29%
From the respondents who sought more productivity, here’s where they plan to reinvest in that newfound efficiency:
- Encourage innovation and growth: 29%
- Shift workers from lower-value to higher-value tasks: 26%
- Uncover new ideas and insights: 19%
Talent still a barrier to successful generative AI adoption
Less than half of the respondents cited having sufficient employee expertise or education on generative AI, with about 55% planning to improve their learning and development strategy in the next one to two years.
This is a consistent challenge that we’ve seen across multiple research studies, including IBM’s for the Canadian market.
So how can an organization turn these plans into action? According to the respondents, the top three investments are being made in:
- Generative AI fluency and education: 74%
- AI recruitment and hiring: 74%
- Reskilling: 73%
Global collaboration and governance needed for equity in generative AI
The IMF recently found a whopping 40% of jobs will be affected by AI globally, with more advanced economies seeing that number jump to 60%. The advanced economies see the tech as a compliment, while lower-income countries and emerging markets experience more job replacement.
Will this disparity contribute to a wealth gap? Many of Deliotte’s respondents seem to think so, with 51% saying they expect generative AI to increase economic inequality.
The majority of respondents agreed that responsible AI development requires more global collaboration (72%) and governance (78%).
Deloitte suggests these results reflect an understanding that generative AI could be too powerful for individual organizations to regulate themselves — but that doesn’t absolve them from behaving responsibly.
For individual businesses, this means paying close attention to government guidelines on responsible AI use and research on AI’s effects over time. Additionally, collaborating and sharing information across different businesses, industries, and even countries can help maintain responsible use of AI in society.
While companies are racing to keep up with these rapidly evolving AI solutions, “the key is to maintain a beginner’s mindset” reads the report. No matter how much of an expert you think you are, there’s always more to learn.
Read the full of the report here.
