Top executives are keen to leverage generative AI in their businesses, but are taking a slow and careful approach. They must evaluate the upside potentials, including increased productivity and innovation, against the downsides like data privacy risks. Fortunately, a plethora of providers have lined up to provide support.
Bain & Company, the consultancy firm, made a big splash when they announced a collaboration with OpenAI in February, later showcasing their Coke Create Real Magic campaign successes. Deloitte has recently established a practice aimed towards helping their clients make the most out of generative AI investments. PwC, meanwhile, is investing a whopping $1 billion to get ahead in generative AI, hoping to equip their clients with the know-how to avoid data privacy mishaps.
Cohere’s President and COO, Martin Kon, noted that competitors that fail to innovate could ultimately fall behind. He said an “army” of providers is ready to help businesses navigate the complex process. Meanwhile, Rohit Gupta of Auditoria.AI warns that companies still lack consistent evaluation methodology and a way to quantify their AI ROI over the long term. But with the right data controls and approaches, Drayton Wade of Kognitos believes companies can reap automation-driven productivity gains safely.
OpenAI’s ChatGPT Business subscription could further provide consumers with more control over data management. But Kon noted that bespoke, custom approaches are needed to maintain a competitive advantage. Generative AI might be new from an enterprise deployment context, but executives should not fear the potential of the technology. Instead, they should use experienced providers to manage and avoid risks associated with enterprise data.
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Bain & Company is a global management consulting firm founded in 1973 and headquartered in Boston, Massachusetts. They are a full-service consultancy dedicated to helping their clients exceed their high expectations in strategy, customer experience, healthcare transformation, and more.
Mohamed Kande is a Vice Chair of US Consulting Solutions co-leader and Global Advisory Leader at PwC. He has held various positions in strategy, finance and general management roles at companies such as Pepsi, AT&T, and Nortel. He is helping PwC’s clients understand and gain the best ROI out of implementing generative AI solutions in their organizations.
