Generative artificial intelligence (GenAI) emerged as the top opportunity in 2024 according to the annual EY ranking, Top 10 opportunities for technology companies in 2024.
“By putting AI at the center of their strategies, technology businesses could leapfrog competitors who were previously ahead, not only by accelerating their transformation journeys but also repositioning operations to capitalise on rapidly emerging technologies and business models,” Ken Englund, EY Americas TMT Leader, said.
Top 10 opportunities
The top 10 opportunities in technology for 2024 based on the report include:
1. Inject GenAI into digital transformation strategies and establish a “control tower”
2. Experiment with GenAI in targeted front-office and back-office use cases
3. Invest in new forms of digital infrastructure in the burgeoning “edge economy”
4. Establish additional supply lines in emerging markets
5. Shape corporate investment strategy around the AI roadmap
6. Harness platform business models to industrialise and scale advancing technologies
7. Establish proactive and holistic responses to new and forthcoming tax burdens
8. Prioritise energy efficiency of data center in environmental efforts
9. Invest in advanced risk tools and revisit trade-offs between costs, risks, resiliency, and agility
10. Deploy advanced technology to reduce current and future cyber risks
Cautions
The report reveals that 90% of organisations are still beginning to use AI, underscoring the need to build an “AI control tower” for safe, human-centered, and ethical AI deployments.
“While GenAI offers great opportunities to accelerate, complement or replace some of the traditional white-collar tasks, the outcome of GenAI-based solutions can be less predictable with the variations of answers and bring additional risks,” Joongshik Wang, EY Asean Technology, Media & Entertainment and Telecommunications Sector Leader, said.
He said that organisations need careful solution design and additional controls to achieve the desired level of product maturity.
