Key Takeaways
AI Takes Center Stage
Artificial Intelligence (AI) grabbed the spotlight in 2023, as the media, individuals and investors were excited about how the new technology could shape the future. The truth is, AI is not as new as it seems. At its core, AI is the simulation of human intelligence by machines. For years, companies have automated processes and used pre-determined intelligence with functions like virtual assistants, speech recognition and predictive maintenance.
However, recent improvements in computing power, data availability and complex algorithms, has led the industry to innovate and develop Generative AI (Gen-AI). Gen-AI is a significant enhancement and allows models to take a vast amount of data and “generate” new ideas, products, outcomes and opportunities. Gen-AI makes the technology applicable to nearly every employee in every industry and will likely have a more significant effect of any technology in terms of productivity improvements and revenue opportunity creation.
Simply put, Gen-AI is likely to experience mass adoption based on its vast number of use cases. This is what makes Gen-AI so unique and such a massive opportunity. Every industry and every business have a unique set of data they can leverage to make critical and strategic decisions. Organizations are increasingly using data for business decisions (supply chain, sales, marketing, product development, workforce empowerment goals, accounting, etc.), and these decisions are becoming more complex as we transition to a more data-driven world.
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