70% of CEOs Predict GenAI Will Impact Their Business - PwC Survey
PLUS: 26 Prompt Principles, AI as Your Market Researcher, GenAI in Video and 2024 Data Predictions.
Hola, and welcome back. This week's edition will cover the following topics:
70% of CEOs Expect Generative AI to Change How Their Companies Create, Deliver Significantly, and Capture Value - PwC Annual CEO Survey
AI Productivity Tip: 26 Prompt Principles To Elevate Your GPT Answers
AI in 2024: Your Partner for Innovation and Market Research
GenAI in Video - The New Area - Check out Pika.art
2024 Data Landscape: Predictions for AI-Centric Enterprises
Let’s go!
CEOs: 70% see AI reshaping business - PwC Survey
The recent PwC 27th Annual Global CEO Survey, polling 4,702 global CEOs, reveals Generative AI's growing influence in the corporate world. Key insights and stats include:
50% of CEOs expect generative AI to enhance stakeholder trust within a year.
60% foresee improved product or service quality.
Nearly 70% predict generative AI will drive business model changes and increase competition in three years.
CEOs with full generative AI integration anticipate its significant impact in the short term (12 months) and medium term (three years).
With generative AI still in its formative stage, this is the moment for CEOs to elevate their AI strategies. Check the full PwC Report here.
AI Productivity Tip: 26 Prompt Principles to Improve GPT Responses
A recent paper has compiled and tested 26 principles that can significantly enhance the responses of LLMs (Large Language Models), showing improvements of over 50%. The tests were done across GPT-3.5/4 and LLaMA-1/2 (7B, 13B, and 70B).
Here are some surprising prompts:
Add “I’m going to tip $ for a better solution
Incorporate the following phrases: “You will be penalized.”
Repeat a specific word or phrase multiple times within a prompt.
Check the full paper here.
AI: Your 2024 Partner for Innovation and Market Research
A recent HBS read introduced me to two fascinating Generative AI trends emerging in 2024.
AI as Your Innovation Partner: Generative AI will help rapidly prototyping ideas from a vast database of industry trends, past crowdsourcing challenges, market research, and consumer behavior. Humans will then apply their critical thinking and creativity to these AI-generated concepts, refining them with the subtleties of market understanding, ethical judgment, and human intuition. Details here.
AI as Your Market Researcher: A Harvard Business School and Microsoft study has demonstrated that Generative Pre-trained Transformers (GPTs) can effectively simulate customer preferences. In the study, a version of GPT-3 was employed to generate thousands of simulated responses, revealing demand patterns similar to those found in human studies. The study highlighted AI's capacity to accurately mirror realistic demand curves and comprehend consumer choices, such as preferences between different toothpaste brands at various price points. AI-generated data provided insights consistent with established economic theories, underscoring the technology's utility as a consumer simulator. This approach can significantly enhance productivity and reduce costs in market research while also improving the quality of survey designs and the insights generated in the industry. Read more here.
Generative AI in Video: Amazing Results Now Available
Prompt: A Mammoth Walking in New York
The emergence of generative AI in video production, exemplified by Pika, marks a significant leap in content creation. Pika, now public, stands out in the AI video domain, offering a user-friendly platform to transform the text into high-quality videos in seconds. Here's a brief guide to using Pika:
Visit Pika's website.
Sign in or create a new account.
Input a text prompt for your video.
Wait a few seconds for Pika to generate your video.
Download, edit, or upscale the video as needed.
With $55 million in funding and a nearly $200 million valuation, Pika competes with significant players like Runway, Adobe, and Stability AI. This technology democratizes video creation, providing easy access and creative freedom in a field once limited to professionals. Check it out at Pika.art.
Data Predictions For AI-Centric Enterprise Growth in 2024
Mining Untapped Enterprise Data with Generative AI: Companies will use generative AI to extract value from unused data, enhancing decision-making and model training.
Need for Sophisticated Data Infrastructure: The demand for robust data infrastructure will intensify as AI applications expose current limitations.
Prevalence of Intent Data for Go-to-Market Teams: Intent data will be essential for sales and marketing alignment, driving proactive customer engagement.
Rise of Vector Databases: Vector databases will become crucial for complex data analysis in AI-driven systems like recommendation engines.
Relational Databases Breaking Free of SQL: Modern applications will increasingly adopt flexible databases suitable for AI, IoT, and edge technologies.
Challenges in Onboarding AI Products: Friction will arise in businesses over strict data access policies during the AI product integration process.
For more insights on Data Predictions for 2024, check out this article.
Stay curious,
Luis Poggi
Insightful as always, and the prompt refinement graphic was immediately helpful. Thank you!