Navigating the rapidly evolving landscape of generative AI can be a daunting task for businesses seeking to harness its potential. Amidst the unrelenting discussion around gen AI, business leaders need clarity amid the hype, and practical insights to help discern the right gen AI tools for their investment.
The most recent annual McKinsey Global Survey addressing the present status of AI exposes the explosion of gen AI tools. In less than a year since the introduction of many of these tools, a third of Mckinsey’s respondents report that their organisations are now using gen AI on a regular basis within at least one business function. Furthermore, 40 percent of respondents say their organisation plans to increase AI investment overall due to advancement in gen AI.
The enticing prospect of incorporating cutting-edge technologies, notably AI, into a business’ framework can sometimes overshadow the complexities and intricacies that accompany it. The task is not simply about adopting AI, but about identifying its most fitting use cases — ones that embody innovation, practicality, and deliver tangible outcomes.
Gen AI: A Dual Opportunity
Gen AI presents a dual opportunity for businesses with the potential to transform both internal operations and customer-focused solutions. Internally, it facilitates rapid prototyping, automated code generation, and a faster, humanised approach to data analysis. This leads to innovation at an unprecedented pace. Externally, Gen AI offers transformative solutions across sectors such as customer service, data analytics, and business intelligence.
The potential of Gen AI for customers is vast and varied. In the short term, there is enormous potential for Gen AI in customer service and content creation. AI can efficiently handle customer interactions, providing personalised and rapid responses. Moreover, it can generate high-quality, SEO-optimised content to drive engagement and conversions. In the medium term, automation of processes dealing with unstructured data and traditionally human-heavy tasks in various industries such as healthcare, finance, and legal services presents a transformative opportunity.
Start Small, Think Big
Adopting a ‘start small, think big’ approach is the key to minimising the risks and maximising the benefits that AI can bring. This philosophy not only highlights the scalability of AI but also underscores the importance of a thoughtful and gradual integration.
The idea is to commence with achievable, modest goals and gradually expand as experience and knowledge are acquired. This strategy helps sidestep common pitfalls in AI implementation, such as excessive complexity and impractical expectations. Additionally, it allows businesses to rigorously test and refine AI solutions before rolling them out on a broader scale.
The significance of a gradual and deliberate integration cannot be emphasised enough. While AI is a transformative tool, it can also be disruptive. Hence, thoroughly contemplating the potential impact of AI on business operations before implementation is vital. And lastly, ensuring the presence of essential resources for supporting AI integration, including data scientists, engineers, business analysts, and the right technology partner, is equally critical.
Choosing the Right Gen AI Vendors and Technologies
Selecting the right Gen AI vendors and technologies is crucial for maximising the potential of this cutting-edge tool. My top choices include:
- Salesforce: Primarily recognised for its customer relationship management capabilities augmented by AI.
- Google Cloud Platform (GCP): Known for its robustness and extensive AI offerings.
OpenAI: Specifically, GPT-based models, offering tremendous opportunities for natural language understanding. - Microsoft’s Azure AI services: Comprehensive solutions that align with various operational needs.
- Meta: Unique social media analytics opportunities.
Each vendor offers distinct capabilities tailored to specific operational needs, and so businesses should take careful consideration in selecting the one that best aligns with their unique requirements.
Does Gen AI Signify the End of Days?
In a recent report, the International Labour Organisation (ILO) emphasised that although AI is advancing, the doomsday forecasts of it completely supplanting a majority of human jobs is somewhat overstated. While concerns about job displacement due to gen AI are valid and understandable, the threat level is relatively low, especially in areas like marketing.
Gen AI can function as a tool that enhances the human element by automating repetitive tasks, thus allowing employees to focus on more strategic, creative endeavours. A “human-in-the-loop” approach, promoting AI as an assistant rather than a replacement. Combining human intuition and creativity with AI’s computational efficiency creates a dynamic and effective workforce.
It’s also crucial to acknowledge the potential risk of it perpetuating global economic inequalities. While wealthier nations might witness a higher degree of task automation, it remains imperative to prevent technological progress from exacerbating global economic inequalities. This brings us to the heart of the matter: adaptation. As underscored in the ILO report, countries need proactive policies to safeguard workers’ rights and facilitate a seamless transition. The emphasis isn’t solely on the advancement of technology but on steering its trajectory for societal improvement.
The ascent of generative AI is inevitable. However, rather than perceiving it as a substitutive tool, industries must view it as an augmenting force. After all, technology holds its greatest potential when it enhances human capabilities. As we navigate this trajectory, it’s vital to ensure that the advantages are fair and widespread, upholding the principles of equitable and dignified labour.
Thomas Fowler is Chief Technology Officer at CloudSmiths, a technology consultancy specialising in data analytics, machine learning, software development, AI and business reporting in the cloud.
Thomas is responsible for all technology-related decisions as well as overseeing the development, monitoring and implementation of Cloudsmiths’ overall organisational strategy.
More recently, Thomas has overseen the development of Cloudsmiths’ ground-up AI practice.
