The Business Case for Generative AI

Even in today's rapidly evolving technology landscape, Generative AI (Gen AI) stands out as a groundbreaking innovation that promises to reshape industries and redefine productivity. According to a recent McKinsey survey, almost 75% of organizations made GenAI adoption a key initiative this year.

But as companies strive to stay competitive, understanding how to invest wisely in Gen AI becomes crucial. Especially when the same McKinsey survey found that “companies that fail to act and adapt now will likely struggle to catch up in the future.” This blog post will help you understand whether you should leverage Gen AI for your business and how to implement it effectively.  

What is Generative AI? 

Generative AI is like a super-talented personal assistant who learns quickly. The best part is that the more information and direction you give it, the better it becomes. It can produce new images, video, music, speech, text, and even product designs when provided with a descriptive prompt.   

Is the hype justified? 

Absolutely. But we’re a long way from Skynet. The reality is that AI is still limited. But, much like the introduction of Google search, it is a revolutionary technology that will help everyone do their jobs better. Which is why many organizations are moving from exploring to piloting Generative AI. To remain competitive, even small to mid-size organizations need to consider specific use cases that they can pilot as a proof of concept for Gen AI in their organizations. 

What are some use cases for Gen AI? 

Make sure you are not seeing Gen AI as your hammer, and every problem you have as a nail. You have a wealth of technology tools these days, and Gen AI should only be used for specific use cases — preferably where you are already capturing a key performance indicator (KPI). Some common use cases include:  

• Summarization: the new “Cliff Notes” for email conversations, meetings, articles, webpages, etc. 
• Research: Connecting your workforce to knowledge sources to locate answers quickly 
• Content production: Writing a “draft” document 
• Grammar & Tone: Real-time coach for improving written communications 
• Virtual Customer Service Agents: Chatbots that intelligently respond to customer inquiries 
• Sentiment Analysis: Review of communication(s) such as social media, emails, surveys, etc., to determine the emotional tone (satisfaction) of a customer  
• Product Development: Provide product examples and have Gen AI create a unique product based on these examples 

Leveraging tools like Copilot can help you with several of the above use cases. These use cases help you defend yourself against the competition by providing your talent with the same productivity tools that your competitors are using. The key here is, as your workforce becomes more productive; you need to make sure that their job roles shift to use the efficiencies gained. 

Other areas where Generative AI is still being developed include: 

• Creation of Synthetic Data: What the heck is this, you may ask. Well, it’s when Gen AI is trained against a very small sample size of data, such as health data, and then creates data that is user agnostic. This will become more important for industries that have significant privacy restrictions. 
• Agents Taking Action: This is where a bot will make a recommendation and act for you. Instead of just suggesting a travel itinerary for you, it will book your flights, cars, hotels, etc. 
• Legacy Code Modernization: Have an old app that needs to be replaced? Have Gen AI take the first pass as recreating it. 

There are some tools being developed out there, but we are a bit farther off from these use cases if you want to buy an off-the-shelf solution. Many small to mid-sized organizations are standing back and allowing others to be early adopters here because it just doesn’t make sense from a return on investment (ROI) perspective. 

Where does it make sense to invest now? 

Think about your business goals for a second. Are there any opportunities for Gen AI to help you achieve them? Are there any gaps in your business that Gen AI can address? Reach out to a technology vendor to determine if Gen AI is the right hammer for the nail you have. 

One option is to strategically roll it out. Identify a key outcome you want help with, and then include checkpoints or milestones along the way.  Each milestone that is successfully met could unlock additional funding to accelerate adoption. This allows you to identify challenges early, ensure feasibility, control costs, help stakeholders visualize the potential value, make informed decisions along the way, and reduce risk. 

Research shows us that the majority of the market is already piloting Gen AI. So, it begs the question. Could your business afford to ignore it?  

I’d argue that it can’t.  

Much like how Google revolutionized how we research, learn, and empower our employees. Gen AI has become the next revolutionary tool. The key here is that it is not here to replace your people. It allows them to do better work, faster.  

If you’re considering piloting AI at your organization, here are a few recommendations:  

• Ensure you train your workforce on how to use their new tools 
• Monitor usage and recognize individuals that are early adopters 
• Be prepared to help your workforce shape their jobs so that productivity gains are realized and not just lost along the way 
• Be clear on what your priorities are and ensure tools are being used to return the highest value by being aligned to these priorities 
• Highlight chains of work that can be positively impacted by leveraging new tools 

In conclusion, the landscape of Generative AI is both exhilarating and transformative, offering a myriad of opportunities for innovation and growth. By investing wisely and strategically in Gen AI, businesses can not only enhance their productivity, but also secure a competitive edge. As we navigate this exciting journey, it is essential to remain agile, continuously evaluate the impact of these technologies, and adapt our strategies accordingly. Embrace the potential of Generative AI with an informed and thoughtful approach, and watch as it drives value and success for your organization. Ignoring it is no longer an option.