Generative AI in 2024: Separating the Hype from Reality
Get industry-specific insights and actionable strategies from over 2,500 business leaders involved in AI decision-making
A year ago, generative AI was the talk of the town, promising transformative potential for businesses everywhere. The excitement was palpable—sky-high expectations, boundless possibilities.
Fast forward to 2024, and the story has shifted. While enthusiasm remains strong, the pace of adoption has tempered. Lucidwork's second annual Generative AI Global Benchmark Survey reveals a slowdown in spending—only 63% of companies planning to increase AI investments in the next 12 months (compared to 93% in 2023).
The hurdles? Implementation costs, data security concerns and the accuracy of outputs. Yet, hope isn’t lost. Retailers and tech leaders are spearheading progress, and practical applications like FAQ generation, responsible AI governance and cost-saving initiatives are delivering real results.
So, what does this mean for your business? It’s time to balance ambition with strategy. This report is your guide to navigating generative AI’s evolving landscape with confidence, offering:
- Industry-specific trends: See how your sector stacks up in AI adoption and investment.
- Key challenges unpacked: Tackle the top barriers to AI success head-on.
- 80+ best practices: Proven tactics to optimize your AI ROI.
- Strategic roadmap tips: Build a tailored approach for your organization’s AI journey.
