Rodrigo Madanes is Global Innovation AI Officer at EY. Read Rodrigo Madanes' full executive profile here.
As 2024 progresses, generative AI advances continue to capture businesses’ attention and investment dollars. Enterprises are expected to more than double their global investment in GenAI solutions this year from almost $20 billion in 2023, according to, and this doubling might continue for a while. Although technology leaders innovate the models powering GenAI, businesses are determining how best to maximize the advantages.
The shortage poses larger questions for businesses concerning to what degree companies’ AI efforts will slow or stop if they can't gain sufficient access to chips. Industry watchers are also wondering whether greater competition will arise from emerging chip providers.AI capabilities that involve mixing large language models with audio, video and images have rapidly made large advances.
For example, GenAI investments can help introduce novel chatbots to the customer service department to reduce the size of the company’s contact centers. Or AI can enable the marketing department to develop image-generated media advertising that tailors each message to individual customers. Meanwhile, AI can assist the finance function in ways that boost productivity.
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