Generative AI has great potential to be the technology that helps organizations achieve productivity, growth, and innovation at scale. If that seemed like a secret among the most tech-savvy before, you can officially consider that secret to be blown open today: Deloitte’s recent survey of over 2,800 business and tech leaders shows that 79% expect significant transformation from generative AI over the next three years, and a majority (62%) are excited by the possibilities the technology offers.
Let’s look at four primary generative AI developments uncovered in the Deloitte report and how they will shape business in 2024.
Considering generative AI’s rapid evolution, it seems inevitable that organizational leaders would hesitate to claim expertise with the technology. That doesn’t seem to be the case, as 44% believe they have high or very high levels of expertise.
Deloitte notes that this confidence might stem from leaders currently using a few generative AI tools on a small scale, not from teams deploying generative AI for organization-wide initiatives. The percentages could shift as more generative AI tools become available and leaders are confronted with a wider range of solutions.
The most AI-confident leaders also have more positive outlooks on the new technology, but this optimism is accompanied by feeling pressured to use generative AI. Leaders see what generative AI offers and understand that its abilities could up-end current operating models. This creates a sense of urgency to adopt and scale technology to meet organizational needs.
Cloudinary’s AI-powered smart tagging, moderation tools, and automated workflows are good examples of how new technology can be harnessed to meet business needs. Each feature takes what used to be a time-consuming task and streamlines the process to the point of being practically instantaneous:
- Automatic metadata tagging during video or image uploads eliminates the manual task of tagging individual files.
- AI-based moderation and curation allow users to upload images and videos from various sources while adhering to preset moderation standards.
- Automated workflows transform files based on user presets, ensuring that every file is ready to deliver right when you need it.
Even when presented with potentially game-changing technology, businesses will still prioritize productivity and efficiency over innovation to stay competitive and set themselves up for future growth. Leaders report using generative AI tools: for “improving efficiency/productivity (56%) and/or reducing costs (35%),” per the Deloitte survey. Ninety-one percent of leaders expect improved productivity when adopting generative AI.
Although only 29% of respondents specifically deployed generative AI for innovation and growth, this is expected to shift. In organizations where leaders expressed high levels of AI expertise, nearly 75% “had already begun integrating the technology into their product development and R&D activities, which are key drivers of innovation and growth.”
Leaders don’t have to choose between productivity and innovation with Cloudinary. A recent third-party analysis commissioned by Cloudinary (conducted by Forrester Consulting) found that enterprises enjoyed a 203% ROI after deploying Cloudinary solutions. Plus, developers use generative AI tools like Generative Fill, Generative Recolor, and Image Captioning to improve efficiency and free up time for more thought-intensive projects.
A majority of leaders are focused on off-the-shelf generative AI solutions that easily integrate with current tools in organizational tech stacks while serving their purpose as productivity and efficiency drivers. Cloudinary is unique because it can be used as an off-the-shelf solution or be customized to meet your organization’s needs. In either case, Cloudinary’s image and video optimization drives both efficiency and innovation, a win-win.
Leaders are generally enthusiastic about generative AI from a business perspective but are concerned about societal impacts. From Deloitte:
- 52% expect widespread adoption of generative AI to centralize power in the global economy.
- 51% expect generative AI to increase economic inequality.
- 49% think the increased use of generative AI tools will decrease overall trust in national and global institutions.
Generative AI offers substantial benefits, but leaders want more regulation and global collaboration to ensure the technology’s advantages outweigh potential disadvantages on a global scale. Seventy-eight percent of respondents favor more government regulation of AI, and nearly as many said, “There is currently not enough global collaboration to ensure the responsible development of AI-powered systems.”
While waiting for regulation mandates, leaders can take steps to ensure they’re using generative AI responsibly and mitigating risk. Using zero- and/or first-party data to train AI helps to ensure greater accuracy and more trustworthy results. Updated, bias-free data, in combination with team members trained to monitor and test generative AI systems, helps organizations remain compliant with legal requirements and industry standards until greater regulation and collaboration are in motion.
There are still plenty of questions surrounding generative AI, including how enterprises will address potential risks like inaccurate results, plagiarism, copyright infringement, and privacy and data ownership questions. However, technology as powerful and revolutionary as generative AI can offer great rewards to those who prepare to weigh any risks against the potential payoffs. Just as with adopting any other emerging technology, a combination of optimism and moderation can guide leaders in discovering how generative AI can power new initiatives in the future.
Ready to explore more AI possibilities? Visit Cloudinary AI applications and Generative AI playground today.
