Generative AI has revolutionized the tech landscape since OpenAI’s ChatGPT burst onto the scene in late 2022. In response, companies, across sectors, are swiftly pivoting their strategies and redirecting significant investments to capitalize on this revolutionary technology. In a recent survey of around 1,500 executives published by the Boston Consulting Group, about 89% ranked AI and generative AI as one of their top-three tech priorities for 2024, with 51% of them putting it at the top of their list.
This shift towards generative AI is reshaping the broader artificial intelligence field. While generative AI builds on the principles of machine learning used in predictive AI, its ability to create content and generate new data instances has captured widespread attention. Companies are now allocating significant resources to incorporate generative AI into their businesses and products. Consequently, projects using predictive AI are being overshadowed. According to McKinsey’s technology trends outlook for 2024, GenAI-related job postings have increased by 111% from 2022 to 2023, whereas job postings in applied AI, which encompasses predictive AI, have decreased by 29% during the same period. Despite this widespread attention and investment from companies, generative AI technology has yet to live up to its lofty expectations. Many organizations are struggling to demonstrate clear ROI from their generative AI projects. Predictive AI, on the other hand, has been a cornerstone of artificial intelligence in the pre-GenAI era and continues to deliver substantial value across myriad use cases and industries.
In this essay, we will explore why predictive AI still remains a powerhouse and continues to deliver value for businesses in today’s generative AI revolution.
To continue reading this article, click here.
