A Guide to Adopting Generative AI
Leveraging the Technology Behind ChatGPT
Generative AI has emerged as a true inflection point for AI. The rapid and widespread adoption of powerful generative AI tools such as ChatGPT, Bard, Claude, Gemini, and Midjourney has caught the attention of business leaders worldwide.
Industry leaders across various sectors are accelerating their efforts to identify creative and innovative applications that sustainably amplify business value while addressing constraints within their existing information systems and operational frameworks.
The growth forecast for generative AI indicates that it is far from a mere fad. According to Polaris Market Research, the total market for Generative AI will be over $200 billion by 2032. According to another study (Grand View Research), the global market for generative AI tools is expected to reach $109.37 billion by 2030, growing at a CAGR of 35.6% from 2023 to 2030. The reason behind this phenomenal growth is generative AI’s unprecedented accessibility and ease of use, improvements in machine learning algorithms, lower computing costs, and, of course, massive availability of data.
This paradigm shift has pushed CEOs to reflect on how generative AI will impact their organizations and industry, forcing them to evaluate how these modern technologies can be leveraged to tackle new challenges and new and unique opportunities.
Here are a few key points to consider when building a generative AI strategy:
1. Know Your Tactical Advantage
Generative AI accessibility is a double-edged sword. While the democratization of this technology grants forward-thinking companies the opportunity to increase productivity and reduce costs, it also means that achieving a competitive edge within this new landscape will require more creativity and strategic thinking.
To confront the challenges associated with democratization, CEOs and business leaders need to identify the use cases that are unique to their industry and analyze them to find the opportunities that are low-risk, easy to implement, and offer the most significant productivity boost across the organization. The application of this technology can occur at any point across the value chain – for example, integrating generative AI into customer engagement, augmenting R&D and summarizing documents, producing content, etc.
2. Plan Your Investment
Considering the novelty of gen AI, CEOs need to assess the timing and scale of their investment carefully. Implementing a strategy based on a new technology will require diligent planning and preparation. Strategic planning is necessary to ensure your organization is poised for success – investing in R&D, partnering with experts, gaining buy-in from key stakeholders, and leveraging institutional knowledge.
Start by piloting generative AI in a small, focused business area and figuring out what works and when/what to iterate. Due to the inherent propensity for errors in generative AI, it’s best to opt for use cases that can accommodate a certain degree of variability in their outputs compared to use cases that require extreme precision. Depending on the specifics of use cases, leaders also need to make tactical choices about whether to fine-tune existing language models or train a custom model, which, although it is an extensive investment, yields a more profound and long-term impact.
3. Prepare and Enable Your Knowledge Workers
Knowledge workers across diverse domains are critical in driving organizational innovation and growth. Under the guidance of a trusted AI consulting company, CEOs need to work with their leadership team and HR to redefine knowledge workers’ roles and responsibilities and adjust operating models accordingly. One effective method is to break down a specific job into different sub-tasks and identify which are human-intensive, which can be automated or augmented, and which are the “novel” tasks. This is the new mix around which companies should redesign their workforce to extract maximum value, make informed decisions, and accelerate their digital transformation journey.
4. Protect Your Business
While experimentation and adaptability can be valuable principles when implementing a new strategy, it’s important to stay conscious of the risks that ad-hoc adoption can bring, especially with generative AI. CEOS must instill policies and procedures that cover the responsible use of AI, clearly define data ownership, and establish processes to review content before it’s released. It is equally essential for leaders to protect company and client proprietary data and mechanisms to update security protocols and policies regularly.
Infusing generative AI in your business is a marathon, not a sprint – but it is a marathon that companies must embark on soon. Companies that don’t realize and embrace its disruptive potential would face enormous costs and competitive disadvantages. As a trusted AI consulting partner, 10Pearls offers businesses end-to-end AI consulting services, strategic guidance, and support. We assess a business’ technical expertise, data architecture, operating models, and risk management processes – and help decide whether to tweak, train, or create custom language models. Our global team of AI consultants and engineers helps organizations identify opportunities, empower knowledge workers, and drive tangible, long-term competitive advantage.
To explore how we can help you leverage generative AI, contact us!
