Published on November 17, 2023, 8:34 am

Icertis, the contract intelligence company specializing in contract lifecycle management (CLM), has recently published its first-ever AI impact report titled “The Future of Generative AI: C-Suite Perspectives for 2024 and Beyond.” The report is based on a survey conducted with 500 senior executives from businesses in the U.S. and U.K., shedding light on their views regarding the transformative power of AI in various aspects such as workforce, data privacy, competitive landscape, and more.

According to the report’s findings, AI is expected to have a significant influence on financial performance, reaching a critical turning point for companies across all industries by 2024. Nearly half of the senior leaders surveyed agreed that AI will impact their bottom line in the coming years. Additionally, 56 percent of respondents are prioritizing AI use cases that provide immediate revenue or cost benefits.

Monish Darda, CTO and Co-founder of Icertis, stated that we are currently living in an era where generative AI is gaining prominence. He emphasizes that forward-thinking leaders concur that AI will indeed deliver value for businesses. The effects of AI on enterprises are imminent and pivotal decisions need to be made regarding which use cases deliver tangible outcomes. By tapping into rich internal data pools within organizations, companies will be able to harness the full power of AI across critical functions such as legal, finance, procurement, and ESG initiatives.

The impact of AI on various aspects is a concern among leaders surveyed. Key concerns include data privacy and security (42 percent), workforce transformation (42 percent), company financials (41 percent), company technology strategy (37 percent), industry competition (37 percent), and regulatory environment (34 percent). However, further analysis reveals areas where strategic advantage can be reimagined through discordant perspectives on these key themes.

To gain further insights into these findings, you can read the full report titled “The Future of Generative AI: C-Suite Perspectives for 2024 and Beyond.” It highlights valuable perspectives from senior executives on the potential role of AI in shaping the future of businesses.

The need to accelerate AI initiatives is pervasive across all industries. The integration and deployment of AI inferencing with pre-trained models can significantly reduce development time, providing scalable secure solutions that have the potential to revolutionize how organizations capture, store, analyze, and utilize data to gain a competitive advantage.

In today’s fast-paced world, driven by demands for speed and efficiency, the field of clinical development has undergone remarkable transformation. Decentralized clinical trials (DCT) have become mainstream, and the collection of clinical data from wearables and remote monitoring devices has become common practice. These advancements are propelling the industry forward while enhancing operational efficiency and patient outcomes.

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As we move toward 2024 and beyond, it is evident that C-suite leaders recognize the potential impact of generative AI. With careful planning and strategic implementation, companies can leverage this technology to transform their operations and stay ahead in an increasingly competitive business landscape.

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