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Looking for imaginative leaders: new opportunities from artificial intelligence

One of the most frequently asked questions these days is how to achieve business breakthroughs with generative AI without the risks that come with the technology overshadowing its benefits. Deloitte's Tech Trends 2024 study seeks to answer this question and concludes that, applied correctly, generative AI does not replace human creativity, but enhances it.

Budapest, 30 January 2024

One of today's most exciting technology trends is generative artificial intelligence, which can create novel, realistic content. The large language models at work in the background are similar to deep learning algorithms developed in the previous decade, and while they are not a huge breakthrough from a technological point of view, the emergence of generative AI has triggered a real revolution in business. 80% of business leaders believe these solutions will make their business processes more efficient and 55% are already testing them. But successful adoption will require overcoming strategic, technological and ethical challenges, according to Deloitte Tech Trends 2024.

Learning to walk before we can fly

There is increasing pressure on leaders to accelerate the adoption of generative AI and stay ahead of their competitors. However, it is not profitable to incorporate this technology into any process just because it is the latest trend. It makes sense to take an evolutionary approach rather than trying to fly right away.

It's important to choose your first projects carefully and to take small steps.  The initial phase requires a significant investment of time and experimentation, so it is best to start with the ideas that promise the greatest profit and still ensure a return on investment. Once we have proven the value of the solution, scaling up will require a well thought-out AI governance framework that captures the company's vision for AI use and identifies the risks and objectives to be achieved.

- said András Rusznyák, manager of Deloitte Hungary's
Technology Consulting business. 

Let's take an example of an online store where generative AI is used to create product descriptions. The first step is to introduce a tool that product managers can access and control the output.  Once trust is established, we can automatically update product descriptions with benefits from customer reviews or introduce a product recommendation chatbot.

A solid technological basis is needed

Generative AI is a more advanced and larger version of previous models, which means it requires more data. Data is the fuel that drives the AI engine, and the quality of that data determines how far we go down the road. Therefore, no deployment project can be successful without a solid technology foundation.

To be accurate and provide a competitive advantage for the company, you need to add large amounts of clean and reliable proprietary data, from which generative AI can create business value. In addition to securing data, attention must be paid to the sustainability of the solutions to be implemented, new information security requirements, and easy user access to the results produced. The message is clear: don't be so blinded by generative AI that you neglect to consolidate the technological foundations.

To use the example of the online store, this means that product data should be available in one place, easily accessible and free of errors.  If you also want automatic updates or a product recommendation assistant, you need to ensure integration and, where appropriate, real-time data flow with the framework that powers the website.


Generative human intelligence

In the absence of new business models, one goal comes to mind for many business leaders at the mention of generative AI: cost reduction. This is not a new idea, companies have been experimenting for years with using AI to automate and thus reduce workforce demand.

There is an understandable fear that this technology will reduce demand for intellectual labour in the short term. But the real power of generative AI is that it multiplies our creativity, and to do that it needs the spark that triggers the creative process. It can only turn mediocre ideas into mediocre solutions. So the key to success is not efficiency or low cost, but who asks the best questions. And to do that, you need people who are the soul of the company and, even more importantly, leaders with vision.

- said András Rusznyák.

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