AI Leaders Take Center Stage: Seizing the Generative AI Opportunity
Artificial Intelligence (AI) has been transforming the world in unprecedented ways, and now generative AI is set to open up new possibilities for businesses and society. However, many enterprise leaders are struggling to incorporate generative AI into their business models without a clear strategy. This is where analytics leaders come in. With their data management skills and ability to bring together various stakeholders, analytics leaders are well-positioned to harness the power of generative AI.
The potential economic value of generative AI is immense. A study by McKinsey Digital estimates that generative AI could bring in an additional $4 trillion in economic value annually. In addition, it could lead to a 30-40% improvement in collaboration and decision-making, as well as double software development cycles.
Currently, organic adoption of generative AI is limited mainly to developers and lacks structure or measurement. Most companies have yet to move beyond this initial phase. This is why data and analytics leaders need to step up and take the lead. Their skills in data management are crucial, but they also need to bring together business leaders, IT, risk and compliance, legal, and people functions to ensure successful implementation.
Becoming an AI-first enterprise is not an easy feat, but it is necessary. In fact, 57% of Fortune 1000 companies report that their boards expect a double-digit increase in revenue from AI/ML investments in the coming fiscal year.
To achieve success, there are several building blocks that organizations need to focus on. These include embedding analytics in processes and workflows, establishing a cloud-based technical architecture, and creating a scalable operating model. However, there are three key steps that organizations should prioritize:
1. Identify the areas where generative AI can deliver the greatest value. Focus on opportunities with the highest potential, where high levels of accuracy or deterministic results are not crucial. For example, in the healthcare sector, generative AI can enhance the patient experience by enabling healthcare practitioners to make better decisions based on personalized patient health summaries.
2. Avoid falling into the productivity trap. Instead of simply doing the same things faster, prioritize creating end-to-end value and reimagining outcomes. Generative AI has the potential to transform various aspects of business operations, from product innovation to pricing to customer experience.
3. Invest in upskilling employees. AI will empower employees and create new career opportunities. However, it is crucial to invest in upskilling to ensure that employees can fully tap into the potential of AI. Organizations should focus on providing training and resources to help employees develop data literacy skills and understand the responsible use of generative AI.
Ensuring responsible and explainable AI practices is also vital, especially with the availability of generative AI tools to employees across the organization. To address evolving ethical, copyright, and intellectual property concerns, organizations need to develop a strategy and framework that maintain their reputation and credibility.
By embracing generative AI and implementing it at a systems level, businesses can unlock exponential gains. This requires the right technology stack, technology partners, and a scalable operating model led by chief data and analytics officers. The organizations that can swiftly shift and realign their business models with an AI-first strategy stand to gain the most from the AI revolution.
As we navigate the age of generative AI, analytics leaders are akin to the mythical figure Prometheus, who stole fire from the gods and bestowed it upon humanity. Analytics leaders have the power to turn AI and generative AI into an unimaginable force that can advance not only businesses but also societies and the planet at large.
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[AI Leaders Take Center Stage: Seizing the Generative AI Opportunity](https://www.genpact.com/insight/blog/ai-leaders-take-center-stage-seizing-the-generative-ai-opportunity)
