From setting AI vision to executing value-driving AI initiatives using the four pillars to build your AI strategy: Vision, Value, Risk, and Adoption.
The Rise of Generative AI
2023 has been the year of innovation. We have seen the rise of large language models (LLMs) such as ChatGPT and Generative AI is currently on everyone's radar. In the year 2023 alone, Generative AI has already attracted funding of $17.8 billion, a huge increase from previous years driven by the rapid technological advancement demonstrated by LLMs. And large tech companies such as Microsoft have poured billions into the space, integrating ChatGPT into their Office suite of products.
Nevertheless, according to Gartner Research, only 10% of organisations experimenting with AI have extensive experience and success deploying AI - but will this change with the rise of Generative AI adopters? Generative AI holds the promise of significantly reshaping current economic and social structures, as we have seen with the transformative impact of the internet. The critical consideration for your business lies in how AI can align to support and grow your organisation’s goals.
Current mature organisations have seen how Generative AI can:
Improve Customer Engagement
Reduce Costs and Improve Productivity
as outlined in the real-world case studies below.
Real-World Case Studies
Autodesk's Generative Design Tool
Autodesk, a leading software company, introduced a generative design tool that utilises AI to optimise product design. Engineers were responsible for providing input design parameters in which the AI would then generate multiple design iterations, considering factors like material usage and manufacturing constraints. This resulted in more efficient and innovative designs, such as lighter and stronger structures for aerospace and automotive components.
PathAI developed an AI-powered platform for pathologists to assist in diagnosing diseases from medical images. Pathologists would upload images and use their AI system to help identify potential anomalies and provide more accurate diagnoses. This has reduced diagnostic errors and improved patient outcomes.
JPMorgan Chase's Contract Intelligence
In the finance industry, JPMorgan Chase implemented an AI-powered contract analysis to review and extract critical information from legal documents. The AI system proved to speed up contract review processes, reduces errors, and enhances compliance, ultimately saving time and reducing operational costs.
The 4 AI Strategy Pillars
Crafting an all-encompassing AI strategy that incorporates Generative AI demands a methodical approach, encompassing the formulation of a business-centric vision and strategic decision-making. To build the right strategy to keep you focused on driving business impact, Gartner Research have recommended these 4 AI Strategy Pillars:
Crafting Your AI Vision
The first pillar focuses on an organisation to be able to recognise the strategic possibilities presented by generative AI and other AI variants - your organisations vision.
AI has been shown to accelerate the process of product innovation within enterprises from various industries such as pharmaceuticals, healthcare, and manufacturing and has positioned them to transition into AI-centric sectors. These mature organisations have been able to achieve this by disrupting existing value chains and business models to create a vision that sits competitively in today's age of technology and business success.
Embracing AI Values
The second pillar gets organisations thinking about removing barriers to capture AI’s value effectively through their values.
Executives are looking further into how the implementation of AI impacts the businesses value, risk, and priorities amongst their existing business models and strategies. Organisations are currently benefiting from AI business value as a one-off solution and are not looking into how Generative AI initiatives can create a new organisational structure and areas of innovation.
Mitigating AI Risk
When you have your vision and values down packed, the next step and pillar you will need to review is how to prepare to assess and mitigate a range of AI risks.
With the rise of AI systems comes the rise of government regulations and frameworks around the use of these AI systems. The use of AI systems has triggered questions around ethics and responsibility, and although this is something organisations need to take into consideration, it does not act as a blocker to innovate with AI. Organisations need to approach the incorporation of Generative AI by preparing for major types of risks such as:
The AI Adoption Journey
Now it's time to get your hands dirty - you want to adopt and implement AI and Generative AI into your organisation.
This process begins with line-of-business stakeholders defining the problem to solve, identifying primary users, integrating AI into relevant processes, and involving subject matter experts to establish performance metrics and designate responsibilities. This ensures the successful implementation and sustained value of AI and Generative AI solutions.
To steer your organisation in the right direction, take the following into consideration:
Use Cases - What are the most valuable use cases with the quickest time to value?
Skills - Do you have the necessary skills?
Data - Do you have the data to address the use cases?
Technology - Given the above, what technology techniques are required?
Organisation - Where do the expertise reside?
As you embark on your AI adoption journey, it's crucial to remember that success hinges on strategic decision-making and preparation harnesses the transformative power of AI.
As we get closer to the year 2024, we find ourselves amidst a technological renaissance marked by the ascent of Large Language Models (LLMs) like ChatGPT and the widespread recognition of Generative AI. Organisations, such as OpenAI, have left a mark on the tech industry, demonstrating the transformative potential of these AI technologies across various business pipelines.
In navigating these critical pillars, organisations must consider use cases, skills, data availability, required technology, and organisational expertise. With a clear vision, well-defined values, risk mitigation strategies, and a robust adoption plan, businesses can position themselves to thrive in the era of Generative AI and leverage its transformative potential to drive success and innovation.
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A special thanks to Nisha Arya Ahmed for taking us through a strategic journey on how to benefit the most out of GenAI.