Develop a generative AI strategy and deploy the technology across businesses. For example, a generative AI model is focused on customer service. The model fills out service tickets, so people don't have to, and it provides easy Q&A access to data from reams of documents on the company's immense line of products and services. This strategy helps service representatives route requests and answer customer questions.
The boost to productivity and employee satisfaction is significant, but the next part is where the real ROI will come to help people work smarter and focus on higher value efforts. That same generative AI model, with a little refinement, can fill out other forms for other uses like procurement, accounts payable and requests for proposals. It can also provide Q&A access to data and insights in other functions, including finance, compliance, HR and supply chain management. Meaning, generative AI not only offers a performance uptick. It is also so scalable that you can implement it throughout your company relatively quickly. The boom in productivity can be so significant that it can boost short-term profits as a result.
There are some myths that could limit success of your business. Let's take a look at a few that have been spoken of.
Myth #1 - GenAI won't affect my business. Generative AI WILL access your company. Many employees are likely already experimenting with publicly available GenAI tools. Generative AI is quickly entering applications that you already use to run your business. Google, Microsoft, Salesforce and other software providers are embedding generative AI capabilities in their offerings. Guidance, governance and procedures are needed to comply with any relevant regulations to use new capabilities securely and effectively.
Myth #2-GenAI is so massive that we have to go slow. Generative AI's remarkable potential to scale quickly has the effect to think big from day one. Start with a few generative AI models. You'll want to build a framework with governance and oversight, tools and skills, cloud capabilities and APIs, so that it can replicate and scale.
Myth #3-GenAI is too new and risky. This technology has existed for years. However, until recently, it just was not powerful or accessible enough to interest most businesses. Generative AI DOES have risks such as data breaches and legal violations, but generative AI framework can help manage risks through covering every stage of the generative AI life cycle from strategy (board and CEO) to control (governance and compliance) and responsible everyday practices.
Myth #4- GenAI will replace employees. Generative Ai is a predictive tool. It is trained on past examples of how, for example, human language or software code typically flows. If you give generative AI the right prompt, it can predict what words or snippets of code should come next. This can help generate new material, troubleshoot what people have made and provide faster, easier access to data. Generative AI does not think. All it can do is make your people vastly more productive.
Myth #5- You'll have to hire new talent for Generative AI. GenAI does require specialized roles and skills, such as data engineer and data scientist and model mechanic. However, you do not have to build your own AI models from scratch as conventional AI usually requires. Instead, you can license a private version of generative AI model that comes pre-built and pre-trained on public data. Additionally, you customize this model with your own data and expertise.
When production, innovation and upskilling has advanced enough, workplaces, marketplaces and industries will be transformed. Companies that fail to adapt will likely be left behind, unable to match their competitors' productivity and shut out of the new business models that this productivity enables. It is so important not to wait and see, but to think big and act now. Rethink what your company's knowledge workers can do and how they can do it with generative AI assisting them. Rethink too what your company can do with a more productive workforce and faster access to data and insights. Act to bring this technology into your company by being equipped with this vision and a suitable roadmap. Your company can become a leader in the new world for business that generative AI is creating with the right approach.
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