at the end of the day. GenAI will create that successful partnership with human beings.
UNDERSTANDING AI CAPABILITIES I see the development of generative AI in terms of innovation. It’s understanding the analysis and understanding those trend summaries to provide efficient, intelligent advice in the future. The directions consumer trends are taking and how innovation can support that without spending a lot of time going through a lot of data during primary or secondary research; GenAI can eliminate that. It can also provide efficient solutions in ideation and do a lot of the background work that we do as human beings and as researchers and innovators. It will free up the space and time for us to think strategically and look at the big picture with the 40,000-foot overview and initiate that direction for the company while supported by generative AIs. It’s tactical but also strategic. It also helps to educate your labor force, whether it’s a division department, research department, new trends within the industry, new applications, methodologies, and techniques. There is huge potential for generative AI and overall AI without replacing our jobs. We will still need human oversight
ELECTION YEAR UNCERTAINTY On the one hand, you have more certainty because the economy is doing better—it’s more stable. But here in the U.S. we’re entering the election year where there’s going to be a lot of uncertainty for most of the year through November. Plus, we’re still not over the inflation hump. All those factors create a kind of “new normal” with uncertainty here to stay. This new normal for us as consumers and as professionals still creates this kind of vague environment where you need to anticipate many factors and you can be pulled in many directions. While the economy is doing better, this new normal of uncertainty is still here to stay for a while in 2024. Gradual improvement is going to continue. VENDORS WITH FORESIGHT VISION One of the key initiatives where suppliers can help those who focus on innovation is being foresight leaders. Often, vendors come to you and say, “Hey, we can do this. We can do that.”
FEI 2024 & Key Innovation Perspectives
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