Since ChatGPT's launch in November 2022, AI has captured global attention. The platform’s capabilities continue to impress, with new features rolling out almost monthly. While consumers have quickly adopted ChatGPT, businesses remain more cautious about GenAI due to concerns about ChatGPT's hallucinations and general security concerns. Retrieval-Augmented Generation (RAG) helps mitigate this risk, and many companies are now exploring its potential.

A massive amount of new AI tools are released but many of them are not worth the money. There is no tool that is good at everything and the challenge is to understand which tool is good for which task. Open Source language models like Llama, Boom and Mistral have become available but the commercial models still outperform them.

GenAI leeds to significant productivity gains, but since the technology is widely accessible, it will likely not enhance a company's competitive position.

Meanwhile, other AI technologies like Anomaly Detection, Time Series, Computer Vision, and Recommender Systems, which can significantly impact a firm's competitiveness, have taken a backseat, that is for now.