The whispers of “generative AI” and “ChatGPT” might have seemed like science fiction a few years ago. Today, those whispers have turned into a groundswell, and businesses are rapidly waking up to a fact: Artificial intelligence isn’t just a passing trend – it’s the single most transformative force shaping the future of work.
If you’re still on the fence about AI’s significance, buckle up. I believe with absolute conviction that within the next three years, every successful company will become an AI company in one capacity or another. Don’t believe me? Let’s explore the driving forces behind this unstoppable wave.
2023: The Year of Discovery
Last year was a watershed moment for generative AI. The public launch of game-changing tools like ChatGPT, DALL-E, Midjourney, Stable Diffusion, Claude, Llama, and Perplexity sparked a collective “a-ha moment” for businesses globally. It wasn’t the technology itself that was revolutionary – AI has been developing for decades – but the sheer accessibility and user-friendliness of these new tools.
Suddenly, AI was not confined to the tech giants with teams of data scientists and PhDs. Its power became accessible through a simple text-chat window, prompting businesses to ponder its potential applications. This now raised the question: How can we put this tool to work for us?
So companies started to educate themselves and maybe put a small team together to define problem statements and define use cases. The response varied: while some companies adopted a wait-and-see approach, others, including Coca-Cola, Walmart, EY, Accenture, McKinsey, dived in headfirst to gain a first-mover advantage.
2024: Experimentation and Internal Revolution
2024 marks a year of bold exploration. Forward-thinking companies don’t just see AI as a shiny toy; they view it as a catalyst for reshaping their internal operations. This stage isn’t about launching AI-powered customer products just yet. Instead, businesses will focus on:
- Streamlining tasks: Departments across the board, from marketing to HR, will experiment with automating repetitive, time-consuming work. The goal? Free up employees to focus on strategy, creativity, and human connection.
- Enhancing decision-making: AI’s capacity to analyze vast datasets will play a vital role in smarter decision-making. Expect real-time insights drawn from customer data, market research, and operational trends.
- Upscaling employees: A focus on upscaling will take center stage. Businesses understand that AI isn’t about replacing workers; it’s about equipping them with an incredibly powerful co-pilot.
Each of these comes with the understanding that there are teams internally who are becoming comfortable with AI and GenAI. These organizations probably have established an AI Centers of Excellence or task forces focused on the liability of using these tools. However, the risks of putting out public facing GenAI solutions at this point has proven to be risky. Sorry Alaska Airlines.
If we think about this year, 2024, early adopters will begin to really see the benefits and understanding how to deploy GenAI solutions at scale. Other organizations will start to wake up to the fact that they need to start taking GenAI seriously. If nothing else, the tools that companies use every day will start to publish GenAI features into their products that address these three areas, thus forcing companies to address GenAI in some way.
2025: Realizing Value and the Competitor Gap Widens
By 2025, early adopters won’t just be fiddling with AI: they’ll be reaping the rewards. This is where the competitive playing field takes a drastic turn. The proof points pile up:
- Efficiency gains: Companies using AI to optimize workflows consistently outperform those that don’t. Reduced costs and faster turnarounds will be the hallmarks of success.
- Data-driven innovation: AI will help identify potential areas for new products and services, based on a deep understanding of markets and customer pain points.
- Competitive Pressure: Early AI adopters will set a new standard, forcing businesses in every sector to catch up or risk obsolescence.
New Large Language Models (LLMs) will have emerged, some being industry specific. Some companies may even build their own LLMs specifically to use with their own data. Additionally, every company will have tools in their technology stack that has AI features and functionality at the fingertips of their employees, and the value realization will start to become inevitable and evident. Our risk tolerance will start to wane as AI literacy plateaus.
2026: AI as the New Normal
In a stunningly short time, by 2026, we reach the tipping point where AI isn’t just an advantage—it’s table stakes:
- Software eats AI: Popular business software from CRMs to design tools will have generative AI features baked in. Using them without AI capabilities will feel archaic.
- The new AI workforce: AI-generated content, whether it’s draft emails, initial market reports, or social media copy, will be woven into workflows by a skilled human workforce trained to optimize the tool.
- Ethics and the Human Touch: Ethical concerns and AI regulation will come to the forefront as businesses grapple with the balance between efficiency and the irreplaceable value of human judgment and empathy.
The playing field flattens and AI and GenAI will be second nature. We will have moved into a state of normalcy and everything from your smart home device to your enterprise applications will be using GenAI in ways we can’t live without.
It’s Not Just Hype
These predictions aren’t mere speculation. Studies support the accelerated pace of AI adoption:
- A Gartner study found that by 2025, 75% of enterprises will deploy at least one AI solution within their businesses. (https://www.ciodive.com/news/gartner-AI-enterprise-projections-2024/580240/)
- McKinsey predicts that AI could deliver an additional global economic output of roughly $13 trillion by 2030, increasing global GDP by about 1.2% annually. (https://www.mckinsey.com/capabilities/quantumblack/our-insights/how-artificial-intelligence-can-deliver-real-value-to-companies)
Embracing the Inevitable
This AI-powered future can be intimidating. But for those willing to embrace change, it offers incredible opportunities. Companies that take AI seriously are the ones that will stay in the race. The next three years are going to be critical for every company as they address AI both internally for efficiencies, but also as they consider building products and services. Are you ready to make your company an AI company?
Disclaimer: Generative AI was used in the creation of this content.
