Generative AI, driven by OpenAI’s ChatGPT, is revolutionizing businesses with its potential in content creation, translation, and more. Executives foresee AI-driven disruptions, but face challenges including insufficient IT capabilities and non-IT factors such as regulatory risks and skills. As companies aim to deploy generative AI widely, they must address these obstacles to succeed.
Generative AI: Shaping the Future of Business
Generative AI, a rapidly advancing technology, has the potential to revolutionize business operations across various industries. From content creation to code writing, its impact is far-reaching and promises to reshape the competitive landscape.
Business Impact and Readiness
Companies are already witnessing positive ROI from generative-AI powered platforms and tools. However, to effectively implement generative AI, it’s crucial for organizations to understand their technological and business needs. A global survey of 300 senior executives reveals that while there’s optimism about the disruptive potential of generative AI, many companies may not be fully prepared to tackle the challenges of its adoption.
Expectations and Challenges
Despite high expectations for generative AI to disrupt industries, companies need to address IT deficiencies and non-IT factors such as regulatory risk, budgets, and skills to fully leverage its potential. Many companies are still in the early stages of experimentation and adoption, but there are ambitious plans to increase adoption in 2024.
Practical Solutions
To stay competitive and differentiate themselves as disruptors, companies can leverage practical AI solutions. By identifying automation opportunities, defining KPIs, selecting suitable AI tools, and implementing gradually, organizations can evolve their business with AI.
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