As business leaders usher in a new year, the enterprise landscape finds itself at the nexus of a remarkable technology evolution. This era of relentless innovation and transformative breakthroughs has proven that AI and generative AI are poised to bring significant shifts across industries and deliver impactful business outcomes.
For example, a recent AI study of senior executives at businesses across the US and UK confirmed that the influence of AI on financial performance will reach a critical inflection point for companies across all industries. Nearly half of senior leaders agree AI will impact their bottom line. More than half (56%) are prioritizing AI use cases that have an immediate impact on revenue or cost.
This finding underscores the value that AI brings to the enterprise. Woven throughout the diverse outlook on 2024 lies a recurring theme. There is an unwavering commitment to innovation and integration of AI into the fabric of businesses and industries worldwide, as outlined in the following predictions.
1. 2024 will be the year of cross-functional enterprise strategies with gen AI.
Forward-thinking enterprises will transcend traditional departmental boundaries in their approach to generative AI and data. Instead of narrow applications such as AI for legal, there will be a more holistic and multi-disciplinary approach to AI adoption and implementation. That approach will also help enterprises navigate the AI hype cycle with greater resilience and effectiveness. Integrating expertise across data scientists, finance, engineering, and legal, among others, will lead to a more cross-functional, agile, and efficient enterprise-wide environment. This environment will capitalize on cross-department data pools to up-level generative AI into a valued resource. Such a multi-disciplinary approach will be essential for ensuring the responsible use of AI and protecting the company’s security, data, and privacy. – Bernadette Bulacan, Chief Evangelist, Icertis.
2. Gen AI will shape the next generation of professionals and create an augmented workforce.
A recent study found that nearly 40% of legal operations professionals are uncomfortable with generative AI tools. An additional 33% feel they lack the appropriate technology required for their roles. Emerging technologies continue to redefine the workplace and professional landscape, and industries embrace AI. Legal and procurement departments will rethink their strategies to source top talent, retrain existing employees, and attract the next generation of professionals. This year will be the year of change management. One where enhanced training and upskilling programs will ensure that seasoned industry experts stay agile in this digitally driven age. Concurrently, these initiatives will also appeal to the rising cohort of tech-savvy professionals – merging traditional wisdom with modern innovation.
Additionally, the rise of the augmented workforce will leave a lasting impact on industries. More specifically, the changes anticipated to be life-altering because of COVID-19 will recede quickly as the augmented connected workforce becomes a critical component of every modern organization’s strategy. – Monish Darda, CTO & Co-founder, and Bernadette Bulacan, Chief Evangelist.
3. AI will establish itself as a strategic business partner.
Forward-thinking business leaders see the potential of AI-driven insights not just for operational efficiencies but for guiding critical strategic directions. This evolving relationship between AI and human decision-makers is on the cusp of triggering a profound transformation in business dynamics and operational strategies. This is why AI is poised to transcend its role as a tool and evolve into a strategic business partner that shapes high-stakes decision-making.
Moreover, businesses will also lean on strategic partners to expand their AI capabilities. Demand for enterprise AI solutions will continue to surge as companies recognize the immediate impact that AI will have on their bottom line. This year will witness a spike in partnerships and acquisitions to expand capabilities and build capacity to meet the demands for AI solutions. Businesses that forge strategic alliances around AI and combine resources, talent, and ideas will be at the forefront of driving innovation. – Monish Darda, CTO & Co-founder and Deanna Lanier, Chief Strategy Officer.
4. AI copycats will lose to competitors.
According to a recent study, 56% of C-suite leaders agree that AI will incite greater competition by minimizing gaps between competitors, underscoring the potential to transform entire industries and ways of working. To thrive in the gen AI era, businesses must focus on strategies that adapt to current market conditions and pioneer innovation. Companies should not merely look toward what competitors are offering and emulate a similar approach. They must build unique, customer-centric, enterprise-wide AI strategies that set new standards, push boundaries, and uphold responsible and ethical AI. These strategies should drive the AI conversation to differentiate from industry players, enabling them to emerge as industry leaders. Enterprises will likely focus on innovation and agility. They will explore new AI and gen AI applications and strategies that enhance their products, services, and customer experiences to stay ahead of AI-driven competition. – Deanna Lanier, Chief Strategy Officer, Icertis.
Predictions Realized in AI-Powered Contracting
Contracts are the foundation of commerce. They hold a treasure trove of data that AI can harness to transform operations in today’s volatile economic environment. However, enterprises are challenged by contracting complexities, evolving regulations, and the need to drive business outcomes. Companies with access to data will be best positioned to leverage AI for strategic advantage, and contracts are ripe for AI disruption because of the valuable data they contain.
Integrating AI across the enterprise is key to staying competitive and has become a business imperative in an era defined by the constant evolution of technology. As AI continues to evolve and forward-thinking enterprises position themselves as strategic partners, adopting a multidisciplinary approach and striving for innovation excellence will guide businesses toward success. The year ahead presents a unique opportunity for business leaders across industries to embrace AI and steer their organizations toward achieving critical outcomes that impact their bottom line.
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world’s most iconic brands and disruptive innovators trust Icertis to fully realize the intent of their combined 10 million+ contracts worth more than $1 trillion, in 40+ languages and 90+ countries.