You can jump in with both feet, but like any other bleeding edge technology, AI can’t help your company if you don’t know at the outset what the goal is.
There is a well-worn joke about a tourist lost in the countryside who asks a local for directions to the city. The reply comes: ‘Well, if I were you, I wouldn’t start from here.’ It’s the absurdity of the joke that makes it work. Where you are today is where you must start from. There’s wisdom in it too: where you have come from, and the road you’ve taken, can be just as crucial to the success of your onward journey.
A Microsoft study found that organizations already using AI were performing an average of 11.5% better than those that were not. It was published in 2019, which shows that while excitement around Generative AI (Gen AI) may be relatively new, the value AI more generally can add to business is well under way.
Gen AI represents the next wave of technology with the potential to unlock dramatic business efficiencies and outcomes, and to create new digital products, services and experiences. With AI, up until now, what we’ve had the opportunity to do is leverage data sets fundamentally to answer deterministic questions or to provide insight that could predict how something could play out.
The significant difference with Gen AI is using the same data sets you would have used to predict, you can use to create new original content informed by the training data sets. That allows the creation of code, original content, new product design and processes.
In this sense, it is unlike any technology we have ever seen before and the temptation to rush headlong into its implementation, or at least to not get left behind, is understandable.
“According to a MarketsandMarkets report, the global Gen AI market is expected to grow from $111 million in 2019 to $4.5 billion by 2025, at a compound annual growth rate (CAGR) of 44.6% during the forecast period.”
Future success depends on having the correct vision and foundations in place and ensuring that you evolve your organization’s capabilities to continually change at pace with the changes taking place around it.
As businesses stand on the brink of this next technological wave, to harness Gen AI’s power effectively, CEOs must pose three critical questions before embarking on the journey:
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