Prospects and Impacts of ChatGPT in 2024 from a Corporate Utilization Perspective

Prospects and Impacts of ChatGPT in 2024 from a Corporate Utilization Perspective

Yong Xune Xon PhD. >RE::VISION consulting. 2023.12

This is an excerpt from a draft for the upcoming report "AI Corporate Utilization Forecast 2024," focusing on the prospects and impacts of ChatGPT in 2024 from a corporate utilization perspective. Authored by Yong Xune Xon PhD from Revision Consulting, the content, dated December 22, 2023, delves into the transformative role of ChatGPT in AI application and utilization within businesses throughout 2023. It highlights the rise in adoption rates by companies, supported by a surge in "Enterprise AI" interest, as indicated by Google search trends.

The report outlines several key advancements in ChatGPT during 2023, including user experience improvements, expanded functionalities like integration with the GPT-4 model and multi-file upload capabilities, and enhanced platform accessibility with mobile app launches.

Furthermore, it discusses the widespread application of ChatGPT across various industries. Examples include Morgan Stanley in finance, Bionic Health and Massive Bio Inc. in healthcare, Beamery in HR management, Zurich Insurance in the insurance sector, and Klarna in retail. In the media sector, Koo and Salesforce's integration of ChatGPT into their platforms are noted. Korean companies like Yanolja and Baedal Minjok are mentioned for accelerating digital innovation through ChatGPT adoption, with POSCO integrating it into their internal operations.

2024 Expansion Outlook

The United States, virtually leading the global AI technology and market, is expected to see an increase in the active adoption of ChatGPT across various industries as a global leader in AI technology. This is particularly anticipated in sectors like financial services, healthcare, retail, and manufacturing, reflecting the country's robust technical infrastructure, abundant venture capital, high demand for innovation, and strong research and development environment.

The following illustration encapsulates the changes expected in 2024, based on a comprehensive review of data and opinions by ChatGPT. Especially in the technology sector, companies that have already adopted ChatGPT at a high rate are expected to see an even greater increase. On the other hand, the manufacturing sector might experience slower and more hesitant adoption. This could be due to the limited data analysis capabilities of ChatGPT, which impose constraints on its application to key manufacturing operations like quality control and supply chain management (SCM), and the nature of manufacturing that does not permit even minor errors.

Meanwhile, Korea, thanks to its already digitalized nature, is expected to see a steady increase in AI adoption. The adoption of AI is likely to be active in manufacturing, financial services, and IT sectors, with particularly notable AI utilization in advanced technology fields. However, Korea's relatively strong legal framework for ethical AI use and data protection compared to other countries suggests that this regulatory environment might influence AI adoption.

Important Changes Expected in 2024

• Increased Adoption and Impact of ChatGPT and Generative AI: The popularity of ChatGPT is expected to continue, and businesses will likely shift their AI and automation investments beyond the Proof of Concept (PoC) stage, focusing more on business performance, governance, and risk management.

• Potential Upgrades of ChatGPT: Improvements in ChatGPT's performance and upgrades are anticipated, including better context understanding, multimodal functionalities, personalization, language support, and enhanced query processing capabilities. Although not officially confirmed by OpenAI, the release of GPT-4.5 or GPT-5 is a possibility, considering the numerous rumors. Also, considering OpenAI's track record in 2023, continuous small yet significant upgrades are expected to proceed in 2024.

• AI Implementation Trends: A broader adoption and growth of AI technology are forecasted, which is likely to enhance operational efficiency and accelerate product development for businesses utilizing it.

In 2024, ChatGPT and AI technologies are anticipated to significantly influence corporate strategies and operations, offering various benefits from efficiency enhancement to strategic market insights for businesses.

The report concludes with projections for 2024, expecting ChatGPT and AI to significantly impact corporate strategy and operations, enhancing efficiency and strategic market insights. It also predicts advancements in multimodal AI features, emphasizing the need for responsible AI practices and regulatory challenges in data privacy and security. The corporate adoption of generative AI like ChatGPT may face challenges such as data privacy concerns and the need for model interpretability, necessitating collaboration with external agencies and data anonymization.

This summary provides insights into the expected developments and challenges in AI adoption and utilization in corporate settings for the year 2024.

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