This year saw an explosion of interest in Generative AI (GenAI), and the mass consumer adoption of ChatGPT is the most rapid uptake of any new technology in memory. According to McKinsey, 60 percent of organizations leveraging AI have progressed to using GenAI, and this pattern extends across all industries – not just Hi-Tech. Even more surprising, nearly one-quarter of C-suite executives say they are personally using GenAI tools for work. As 2023 draws to a close, given all this activity, there’s a natural question: what can we expect from GenAI in 2024?
To level-set, there’s a fundamental difference between the GenAI revolution and the last comparable tech upheaval: the advent of the commercial Internet in the 1990s. While eCommerce initially struggled to show a profit, GenAI has already demonstrated real business benefits, adding up to $4.4 trillion annually to the global economy, McKinsey states.
GenAI’s ongoing impact is why Persistent first invested in developing its GenAI solution portfolio and building out industry-specific use cases to deliver productivity and operational benefits to clients. Our early commitment to GenAI is also gaining us industry recognition from HFS, which named Persistent as a GenAI Market Leader in its recently released HFS Horizons: Generative Enterprise™ Services 2023 report (click here to download). This kind of market positioning gives us a unique vantage point by which we can peer into next year and envision new kinds of GenAI use cases throughout different industries and where this trend is headed overall.
Opportunity Across Enterprises
Nothing drives technology adoption like the promise of potential gain, whether those gains manifest as new revenue streams, productivity improvements, or streamlined business processes. From our market observations and client conversations, we’re convinced that GenAI will deliver significant returns across multiple industries through various use cases in 2024:
- In the pharmaceutical industry, GenAI will model and digitally test new chemical compounds, and develop new protein sequences to aid in drug discovery.
- In banking and financial services, GenAI will enable BFSI providers to develop precise customer profiles, generate highly personalized product offerings, and increase customer retention while driving cross-channel sales.
- In the healthcare industry, GenAI will accelerate medical research, and patient care will benefit from the automation of prescriptions, medical coding, medical imaging, and genomic analysis.
- And in all industries, business intelligence will be taken to the next level, as GenAI algorithms allow data scientists to uncover hidden trends and opportunities, and non-technical users to submit queries in natural language rather than SQL code.
The Criticality of Data for GenAI
To move ahead with GenAI initiatives, enterprises are taking a long hard look at the current state of their data which is essential for building usable large language models (LLMs) that power GenAI, how their data is integrated across multiple lines of business, and overall data management. It’s abundantly clear that data quality – including accuracy, completeness, reliability, relevance, and timeliness — will be a cornerstone of enterprise GenAI strategies in 2024.
In particular, data accuracy is emerging as an increasingly critical issue so GenAI applications to deliver accurate responses and outputs in context. Surprisingly, McKinsey report less than half of respondents in a recent survey said their organizations are mitigating the risks of data inaccuracy, even though glitches such as duplicate or incomplete data, format or transposition errors, different languages or measurement units, and even fraudulent data can derail GenAI applications. Many companies also want to leverage their data to migrate away from more general LLMs toward industry-specific ones that adhere to necessary security, privacy, and compliance requirements for particular verticals.
We appreciate the power of data, as our heritage is rooted in data systems, with decades of enterprise experience. We’re the ideal partner for firms looking to utilize GenAI across a variety of enterprise data sets – and we can help you build scalable cloud solutions, in collaboration with our hyperscaler partners, that in turn provide the compute resources needed for GenAI applications. Persistent also believes that working in GenAI demands the highest levels of data security, user privacy, governance, and information transparency in every client engagement.
Fundamental Strengths, Flagship IP
As the GenAI trend continues apace, we’re committed to maintaining a leading market position. In the HFS research report, analysts conducted a comprehensive evaluation of 35 major IT services providers and ranked them across three Horizons. Persistent was one of an elite group of Digital Engineering firms that earned the highest Market Leader ranking for our ability to redefine technology ecosystems, change ways of working, and exploit GenAI for competitive advantages.
HFS cited four specific Persistent capabilities:
- Our GenAI-powered Digital Engineering and Enterprise Modernization capabilities to accelerate outcomes for customers.
- Our AI-led software and quality engineering, industry solutions, and enterprise reinvention acumen.
- Our GenAI advisory and GenAI Fast Start programs, as well as our expertise in conversational AI, enterprise search and analytics, and bespoke projects.
- Our ability to deliver enterprise data maturity improvement across the data lifecycle.
In addition, Persistent has built up a unique portfolio of proprietary APIs, accelerators, and Digital Engineering tools designed to speed and improve cloud migration, legacy application sustenance and support, and the rapid creation of GenAI and machine learning solutions.
As we prepare for the New Year, we remain excited to collaborate with our clients to fully leverage GenAI for business value in the near and long term. Our Digital Engineering heritage, deep data capabilities, and domain expertise explain why we’ve been recognized by industry analysts and cloud hyperscalers alike as the optimal partner for to enable enterprise-level GenAI across industries in 2024.
