Generative AI is Taking the Enterprise World by Storm, Says Mastercard CDO
In the fast-paced world of technology, advancements are happening at an incredible rate. Just a year ago, the focus was on predictive AI, minimizing bias, and model creation. However, at this year’s Women in AI breakfast at VentureBeat Transform 2023 in San Francisco, JoAnn Stonier, Chief Data Officer at Mastercard, revealed that generative AI is now the talk of the town. Stonier compared the buzz around generative AI in the enterprise to the award-winning movie Everything, Everywhere, All at Once.
Last year, the discussion revolved around individual companies and organizations. It was a rather exclusive club, with each entity trying to navigate the world of AI on its own. However, there has been a significant shift in mindset since then. Stonier explained that the fear of missing out (FOMO) has taken hold, prompting every organization to delve into generative AI and adopt the right approach for their enterprise.
Emily Roberts, Senior Vice President of Consumer Platforms at Capital One, and Xiaodi Xhang, Vice President of Seller Experience at eBay, also participated in the Women in AI panel. Roberts expressed excitement about the potential of generative AI but acknowledged that it hasn’t yet transformed the day-to-day operations at Capital One. Nevertheless, she emphasized the importance of building continuous learning organizations and developing structures to embrace the possibilities that generative AI offers.
Zhang shared eBay’s experience in introducing generative AI into its listing flow for customers. The company has been testing and iterating the technology, and Zhang was pleased to report that customers have reacted positively. eBay users are not just after efficiency; they also value having control over the tools they use. Zhang suggested that companies consider conducting internal hackathons to tap into their employees’ skills and capabilities in the field of generative AI.
Mastercard, on the other hand, has expanded its AI council to evaluate various generative AI tools. Stonier highlighted the areas where they are seeing promising results, including knowledge management, customer service, chatbots, advertising, media services, and interactive tools for customers. However, she stressed the importance of ensuring a clear distance between input and the validation of output, especially for critical outcomes. While Mastercard is refining its plans, it is not yet ready to implement them.
Generative AI has emerged as a team sport in the corporate landscape, with organizations eager to harness its potential. This revolutionary technology promises exciting possibilities, but it is still in the early stages of adoption for many enterprises. As leaders and product developers contemplate the future, they are exploring ways to integrate generative AI into their strategies and stay ahead of the curve.
