A Dice report reveals that 60% of companies have plans to adopt generative AI in 2024. Generative AI has been growing in importance, with the market expected to expand significantly in the coming years. According to the report, companies are looking to implement generative AI technology for various purposes, including chatbots, language translation, and data analysis.
The report highlights that 38% of respondents believe that generative AI will improve their company’s competitiveness, while 18% are concerned about job losses due to automation. Furthermore, 40% of respondents think that generative AI will have a positive impact on their company’s revenue.
The report also explores the benefits of adopting generative AI, including improved efficiency and reduced costs. However, concerns about data security and bias were also raised. To mitigate these risks, companies must develop and implement robust data governance frameworks.
The report notes that 81% of respondents reported a positive experience with generative AI technology, while 54% reported improved productivity. Moreover, 42% of respondents reported increased customer satisfaction due to the use of generative AI.
Looking ahead to 2024, companies are excited about the prospects of generative AI, with 61% planning to invest more in the technology. The report highlights the importance of skills training for employees, as companies need to develop capabilities to work with AI technology effectively.
In addition, the report notes that companies should understand that it will take time to achieve the full benefits of generative AI technology and that scaling will require effort.
Lastly, the report emphasizes the need for company leaders and stakeholders to better understand the risks and opportunities presented by generative AI, and collaborate with experts to harness the full potential of this technology for long-term success.