05th Jan, 2024

The Year of AI-generated Revenue: Enterprise Generative AI Predictions for 2024

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Generative AI Predictions

2023 was a pivotal year for Generative AI. The viral launch of ChatGPT in late 2022 sparked mainstream interest in Generative AI. This took GenAI from a niche solution mainly used by data scientists and other technical professionals and put it in the hands of more creative professionals and everyday people. As we venture into 2024, the opportunities and challenges of using enterprise Generative AI will bring more changes. Let’s explore our biggest enterprise Generative AI predictions for 2024. 

5 Generative AI predictions for the enterprise

Prediction #1: GenAI growth in 2024 will be top down and bottom up

The pace of business investment in Generative AI solutions is predicted to increase in 2024. Viewed from the top down, enterprises increasingly will be investing in GenAI solutions to improve their businesses. Some will be looking to build a fully proprietary model. Others will use open source models such as GPT-J, BERT, and FLAN-T5 as a foundation, and bring in their own data to customize it. Some will rely on pre-built solutions for a specific use case. These different approaches reflect the evolution of the space, which will continue to grow in 2024 as enterprises seek more options to build out a GenAI strategy.

As part of the top-down evolution, we will also see organizations implement more industry-specific AI strategies. Retailers rely on Generative AI in e-commerce to create engaging, personalized online shopping experiences that inspire customer loyalty. Marketing leaders look to Generative AI to recognize patterns in customer behavior and create content at scale that reflects the preferences of various marketing segments. Marketing is considered one of the most mature use cases. In fintech, for example, we may see broader use of simulated data for stress testing and scenario analysis. Generative AI in travel has resulted in personalized booking experiences and travel itineraries along with stronger loyalty programs. And so on.

Yet even as organizations adopt AI at the enterprise level, so too will employees continue to explore how GenAI tools can help them. Some will do so using consumer GenAI tools they adopt on their own. Forrester research predicts that 60% of workers will engage in “Bring Your Own AI” (BYOAI), creating a growing issue with “shadow AI.” This is just one internal governance issue that will push more organizations to develop more formal and holistic AI policies.

Prediction #2: The end of GenAI multiple personality disorder

GenAI multiple personality disorder is the consequence of disconnected AI tools without a centralized feedback loop. This fragmented approach keeps data siloed, prevents businesses from properly leveraging it, and results in numerous inconsistencies. In response to this issue, forward-thinking enterprises will take a more unified approach to Generative AI in the coming year. 

Assaf Baciu, Co-Founder and Chief Operating Officer at Persado, recently stated that businesses will start deploying a central GenAI “brain” to manage the myriad disparate GenAI systems currently littered across the tech stack, particularly in marketing. This master brain will bring orchestration and order to AI model training and decision-making, much as CRM did for email and CDPs are doing for customer data.

Prediction #3: AI impact on talent will trend positive

With increased AI adoption comes concern that efficiency gains will enable organizations to reduce their human headcount. Yet the flip side is also true: AI needs humans to flourish. AI-friendly employees will identify new ways to perform tasks and bring to life new activities that increase value and revenue. Professionals skilled in AI content generation and data science are in growing demand. 

Some organizations may respond to AI efficiency gains by considering reducing headcount—but not all will. We go further to predict that headcount reduction as a result of AI will be rare in 2024. The few that do reduce headcount will only do so temporarily as it won’t have a positive effect long term. Instead, we expect more organizations investing in talent who embrace learning to use AI—including leaders. The advance of AI in 2024 will lead to many new jobs and roles that will help drive economic growth. Creative professionals with experience using Generative AI will have an advantage in the job market. 

Prediction #4: Outcomes > outputs. More enterprises will unlock the revenue-boosting potential of Generative AI 

In 2023, businesses experimented with and funneled resources into Generative AI to improve productivity and efficiency. Moving into the new year, Generative AI solutions of all price points and use cases have proven their ability to instantly produce high-quality, conversational content at scale. Most solutions have been so efficient that that is no longer a market differentiator. Now that the novelty of instant content generation is fading away, in 2024, enterprises will look to Generative AI to achieve greater business outcomes and growth rather than just increased outputs. 

According to Lisa Spira, Vice President, Content Intelligence at Persado, brands will want to understand the why behind what AI-generated content drives the most conversions and engagement. It will be increasingly important to understand what emotions and narratives underpin content that motivates action. In this way, brand marketers and GenAI solutions will be partners in creating the right content for any given brand, audience, channel, and goal.

Persado Motivation AI leverages a knowledge base built from 10+ years of machine learning insights from Fortune 500 campaigns to generate the highest-converting on-brand digital marketing messaging across every stage of the digital journey, including in the online cart. Enterprise brands can generate the highest-performing copy in real time across digital channels and campaigns with Essential Motivation and/or serve personalized language in the online cart to convert more browsers into buyers with Dynamic Motivation. Both of these solutions do not just bring efficiency, but effectiveness (i.e. conversions) as well.

Prediction #5: GenAI will bring about an era of brand value over brand voice

Brand voice will remain a core part of brand identity. However, the digital customer journey has revealed some of the limitations of traditional brand voice. Today, brands have more digital channels and marketing segments than ever. Oftentimes, the established brand voice may not be the perfect fit for every digital channel or segment. This can make brand voice a constraint for digital marketers. While most Generative AI solutions for marketing are compliant with brand voice, the role of brand voice will change with technology. 

In the words of Vipul Vyas, Senior Vice President of Vertical Strategy at Persado, brand voice has historically been a need dictated by the technologies of the day, such as print advertising, broadcast television, etc. Enterprises will slowly realize these constraints don’t exist and will be more willing to meet consumers where they are because they can more discernibly know what a customer needs. We will move into an era of consistent brand values vs. just focusing on brand voice. 

Brand voice can be used to specifically target certain segments and exclude others. However, even within target segments there is a growing understanding of significant variability. In fact, the same customer may be responsive to different language based on the content. For example, relatable language may be different whether they are on their mobile device or their laptop. AI has provided a growing understanding of what language can have influence and when. Enterprises will take advantage of these new learnings.

Final thoughts on Generative AI predictions for 2024

2023 brought Generative AI into the limelight. 2024 will highlight new use cases and business value as more businesses adopt it. While Generative AI is more likely to create jobs and provide creative professionals with new skills, adopting it also involves changing operational and individual processes. These changes are likely to be challenging in the short term, but beneficial in the long run.

This past year numerous enterprises explored Generative AI, but without a sense of urgency to adopt a solution, they sat on the sidelines. Enterprises shouldn’t wait any longer to implement Generative AI. It is paramount today to give customers the personalized experiences they want at scale and to enable individual career development as the job market for professionals with experience with AI grows.

Start the new year off with a risk-free trial of Persado Motivation AI

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