The rise of generative artificial intelligence (AI) has sparked a rush of organizations looking to apply this technology across diverse industries. However, despite the optimism surrounding AI’s ability to augment the workforce and drive productivity, only 44% of organizations are currently adopting or scaling up its use. Many CEOs cite a lack of tools, skills, and knowledge as barriers to implementing AI and machine learning (ML). Nevertheless, over two-thirds of organizations are planning to increase their AI investments in the next three years, highlighting the potential business benefits. To fully leverage the capabilities of generative AI and mitigate its risks, three key factors are essential: quality data, responsible implementation, and a strategic partnership between the C-suite and IT.
Quality data is crucial for generative AI models. While broad web-scraped datasets used in language models like ChatGPT may produce desirable outputs, they also come with risks of producing factually incorrect, toxic, or biased content. Many organizations struggle with siloed or inaccessible data, hindering the development of a strong data foundation. Executives must prioritize obtaining high-quality, reliable, and accessible data to ensure sustained value from AI investments. Fortunately, business contexts often offer higher-quality, proprietary datasets that help mitigate risks associated with generative AI.
Responsible implementation of generative AI requires a human-centric approach. Issues surrounding privacy, security, and accuracy have made leaders aware of potential risks and have prompted proactive efforts to address them. However, only a small percentage of companies currently have responsible AI governance programs in place. Building trust and securing buy-in requires developing responsible governance programs that prioritize AI ethics principles and keep people at the center. When implemented properly, AI can boost employee retention, improve auditing processes, and enhance workforce skill mapping without displacing human workers.
Lastly, to fully leverage the transformative potential of AI, a strategic partnership between the C-suite and IT is crucial. As AI and ML applications become central to running a globally competitive business, the strength of this partnership is paramount. The C-suite’s strategic vision combined with IT’s technical expertise can drive innovation and gain a competitive advantage. It also aids in risk management by identifying and mitigating potential pitfalls in AI implementation. With a strong partnership in place, organizations can establish responsible AI practices while maximizing the tangible business benefits of generative AI technologies. Ultimately, embracing AI is vital for staying competitive and relevant in an increasingly digital world.