2023 was a significant year for generative AI. Within a few weeks following its launch in November 2022, Reuters reported that Open AI was expected to make $1 billion in revenue in 2024. Reuters then confirmed a year later that the technology topped $1.6 billion due to its strong growth from its ChatGPT product by the end of 2023. The technology is destined for significant growth, with Forbes reporting that ‘the global artificial intelligence market size is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030, reaching $1,811.8 billion by 2030’.
It is clear that this year will see another year of growth for AI tools, especially as 2024 started off with a bang for Microsoft. The technology company announced plans to release its first wave of Microsoft Copilot Studio (formerly known as Power Virtual Agents) from April 2024, and it is expected that further developments will be released through September 2024 (although this is subject to change).
The launch signals Microsoft’s overarching mission as a business, which is ‘to bring the full power of Copilot to more people and businesses’. Following the announcement of Copilot Studio, Microsoft shared the following statement: ‘the software is an extension of Microsoft Copilot in Microsoft 365. It will help firms to build custom copilots for internal and external scenarios’. The goal of the technology will be to help users to design, test and publish copilots. The announcement of Microsoft Copilot Studio signals the success of the software, with the company reaching ‘more than 5 billion chats and 5 billion images’. Copilot is earning preference by users and thus proposes greater questions regarding the development of AI tools and their use.
It is certainly an exciting time for AI technology. At Alternit One (A1), we have been exploring the rise of AI tools and the ways in which our clients can adopt the software in order to optimise their work flows and the development of their projects. Regarding this potential for firms, Chris Steele, Chief Technology Officer at Alternit One shared that ‘there are potentially millions of ways in which a company can adopt AI’. Whilst this is an exciting prospect for companies, it is one that requires careful planning and consideration. To truly embrace AI amidst a backdrop of continuous product launches, innovation and developments, firms must question what they will be using it for and why.
Starting with ‘why’ is the first step. This could be as simple as wanting to automate tasks within the business and prioritise employee time for work on other projects. Alternatively, it could be that a company wants to use AI to solve a complex issue. The possibilities are endless. However, once companies know their ‘why’ and what problem they are trying to solve, they can strategise how to successfully embrace AI technology within the business.
The successful adoption of AI tools should be measured by the following:
· Their ease of use for people who need them in the business.
· Clear policies regarding user access and privacy controls.
· Proper and secure data integration (this will look different for different cloud solutions and on-premise data storage systems).
· Customisable tools to suit the business’ overall needs.
As Microsoft plans to release new Copilot developments throughout 2024, firms have the opportunity to successfully embrace their potential through careful planning. At Alternit One, we have helped many clients embrace AI technology to enhance their workflows and business operations. If you would like to learn about how we can assist your firm in 2024, contact us at info@alternitone.com.
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