Transformative phase for Generative AI, ChatGPT and conversational platforms

29th December 2023
Transformative phase for  Generative AI, ChatGPT and conversational platforms
AI Image by starline on Freepik

Technology predictions 2024- 3
The year showed the potential of transformative impact of advanced AI, particularly through LLM-based applications like ChatGPT. Generative AI has set off an explosive phase of growth, with the introduction of transformer models such as GPT-3.5, GPT-4, and Google's Bard. One of the most significant potentials of generative AI lies in its ability to redefine the customer and employee experience across various touch points, including call centres and digital channels.
As we see it, 2024 will be a year that will unleash unprecedented innovation, especially with the strategic pairing of conversational AI and generative AI. We believe the combination of conversational AI and generative AI will influence customer experience, employee engagement, search experience and the role of automation in enterprises. It will play a pivotal role in helping banks, financial services firms, insurance companies and e-commerce platforms meet diverse demands and achieve hyper-personalization at scale. New use cases will emerge around tasks like conversation classification, text summarization, sentiment analysis, answering questions and executing complex tasks with immersive experiences that involve multimodal AI. To realize this immense potential, businesses need to make themselves ‘AI-ready’ and draw out strategies on how to deliver value through industry-specific implementations while ensuring responsible use of AI technologies for enforcing data privacy and compliance. Devendra Kumar (DK) Sharma, President and COO,