The release of ChatGPT in November 2022 sparked a rapid increase in interest in generative artificial intelligence (AI), leading to significant growth and development in the field throughout 2023. Now, the Deloitte’s Tech Trends 2024 report delves deep into the events of the past year in order to help businesses understand how generative AI will impact them in the next 12 months.

Each year, Deloitte releases its Tech Trends report to provide business and IT leaders with insight into how emerging technologies might affect their organizations and how to deploy these tools effectively. Unsurprisingly, generative AI was a major focus of Deloitte’s 15th annual report.

In their first 60 days of public release, OpenAI’s ChatGPT attracted 100 million users. This rapid rise in interest was likely due to the user-friendly nature of ChatGPT and the numerous apparent applications of the chatbot.

Business leaders’ interest in generative AI mirrors that of the public, with 80% of business leaders in a Deloitte survey from Summer 2023 agreeing that generative AI will enhance efficiencies within their organizations.

Generative AI is a remarkably powerful and intelligent technology, often surpassing human capabilities in various tasks. This has led to concerns about generative AI replacing human workers, though the report states there is no substantial evidence that business leaders seek to automate knowledge-based jobs to a significant degree.

Although there may not be a widespread replacement of knowledge workers due to generative AI, there are substantial risks involved in the use of the technology, including the potential for malicious attacks such as deepfakes, phishing, and other cybersecurity threats.

To make the most of generative AI while minimizing risks, businesses are advised to focus on maintaining enterprise data, implementing strong governance practices, and adopting generative AI through a step-by-step approach, rather than rushing the process.


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