The integration of Productive Artificial Intelligence (GenAI) is the top opportunity for technology companies worldwide in 2024, according to the latest edition of Ernst & Young’s annual report “Top 10 opportunities for technology companies in 2024”.

The report notes, however, that most organizations (90%) are still at an early stage of maturity in leveraging artificial intelligence and urges companies to create an “AI control tower” to support the safe and ethical development of this technology. putting the person at the center.

The ability to experiment with GenAI in front-office and back-office functions is another emerging opportunity and ranks second in the relevant ranking. The report states that technology companies should focus on high-impact and high-value usecases that create opportunities for transformation. Examples include, the use of GenAI in software coding (front-office) and the development of artificial intelligence solutions to attract and retain human resources (back-office).

According to 65% of technology consulting directors who participated in the report, their organization must mobilize immediately to leverage GenAI in order to maintain a strategic advantage over the competition.

In this context, this year’s ranking includes – in fifth place – the formation of a corporate investment strategy according to the development roadmap of artificial intelligence.

The use of artificial intelligence and large language models (LLMs) is growing rapidly, and acquisitions, deals and partnerships can accelerate growth, helping companies in the industry overcome challenges such as demand for hardware , the high cost of education and finding the required talent.

In fourth place on this year’s ranking, independent of the GenAI revolution, is the opportunity to create additional supply lines in emerging markets.

The risk of supply chain disruptions remains, particularly for hardware-based businesses, leading to a race in sectors such as semiconductors to realign supply chains in a way that mitigates the effects of geopolitical tensions.

The report highlights a growing trend for setting up businesses in emerging markets, including India and Southeast Asian countries, with the aim of expanding operations away from areas exposed to trade conflicts.

Prioritizing the energy efficiency of datacenters is also included in the ranking of the top 10 opportunities for technology companies for 2024, occupying the eighth position. Data center energy consumption is expected to increase rapidly due to the enormous computing power required to train large language models and operate intelligent systems.

The report highlights that, by 2027, artificial intelligence could consume as much electricity as a country the size of the Netherlands. He also notes that businesses are responding to this challenge by working with energy equipment providers to develop innovative ways to power data centers – helping to reduce costs, both in the short and long term.

The full ranking of the top 10 tech industry opportunities for 2024 is:

1. Integrating GenAI into digital transformation strategies and creating an “AI control tower”

2. Experiment with GenAI for targeted front-office and back-office use cases

3. Investments in new forms of digital infrastructure (e.g. edge computing)

4. Creating additional supply lines to emerging markets

5. Shaping a corporate investment strategy around the AI ​​development roadmap

6. Utilization of new business models for the industrialization and scale-up of advanced technologies

7. Planning procedures for preventive and holistic management of new and future tax burdens

8. Prioritizing the energy efficiency of datacenters, among initiatives and actions for the environment

9. Investing in advanced risk management tools and rethinking the balance between costs, risks, resilience and agility

10. Use of advanced technologies to address current and future cyber threats.