Can Generative AI (GenAI) Help My Business?

Should My Business Invest in Generative AI?

Whether you are in the business of technology, or an average citizen, there is no doubt you know about Artificial Intelligence (AI) and you have probably heard or read about the advances made in Generative AI (GenAI).

According to Gartner business surveys, GenAI has become one of the most adopted and deployed technologies, and it is either in use in many industries and businesses, or it is in the works.

As a senior manager in a software business, or a corporate CIO, a software engineer or a consumer, you are probably thinking about how you can use GenAI to make your product better, or your life simpler. If you ARE in the business of technology, you may already have started a GenAI project.

But, it may be wise to exercise some caution. You know the old adage, ‘just because you can, doesn’t mean you should?’ That certainly applies to GenAI.

Yes, this technology has advanced enough to offer some value in some instances, but it should not be widely adopted without understanding its current limitations. Don’t let the promise of GenAI blind you to the fact that it is not yet a mature technology and that it is not suitable for all applications.

Can Generative AI (GenAI) Help My Business?

Before you start your project, you should consider the following factors:

  • GenAI alone is not the magic potion many think it is. In fact, the best use of GenAI is as a component of a holistic landscape of technologies, which may or may not include other types of artificial intelligence (AI) techniques.
  • Business use cases are a wise addition to your strategic discussion. How and where will your business use GenAI and does the addition of this technology add value or provide competitive, productivity or collaborative improvements? Implementing GenAI just because it is cutting edge, does not add value to your organization.
  • The cost of implementing these new technologies must be considered. That consideration should include the estimated useful life of the investment and its return to the organization.
  • For some tasks like content summarization for presentations or reports, or routine content creation, standard product descriptions, etc., GenAI may be a welcome addition, and will provide productivity improvement for your team.
  • When considering the use of GenAI, it is important to understand how and when your team will use the capabilities and set reasonable expectations for its use. If and when you decide to implement GenAI, it is equally important to train and inform your team and help them understand what they can achieve with this technology. You must also ensure that the team understands what GenAI will NOT do for them. There is a lot of hype out there, and team members may think that GenAI is going to either a) replace their position, or b) give them back 50% of their time for other tasks. It is likely that neither of those scenarios will be true, so be sure your team understands the transition, what they can expect, and what you will expect of them.
  • Involving experienced team members in the AI process is imperative. You can’t ‘set and forget’ your tasks without risking incorrect output or issues that will affect customer satisfaction or put your business at risk. Consider how and when you will monitor and manage output and what human intervention is required for the use you have imagined in your use cases.
  • While we are on the subject of expectations, let’s remember that, while the future of GenAI is promising, the current state technology is not a boiler plate. It is not a one-size-fits-all solution that can be hurriedly put into place, nor will it solve all your problems.

There has been much marketing hype about GenAI, but at the end of the day, if your business is going to invest time and money in this technology, it must establish a reasonable strategic initiative with measurable metrics and risk assessment and management reviews.

Before your business tackles a GenAI investment project, and all the technology, cultural and management changes that it requires, ask yourself a) what problems does my business have and what are our most important priorities, b) Can GenAI realistically help our business solve or reduce these problems and c) how can I measure and manage this new approach to prove my theories?

As we have outlined in this article, it is important to recognize the limitations of the current Generative AI (GenAI) solutions, and develop a thorough and complete understanding of your prospective business use before making a decision to invest in and implement this type of solution in your organization. Contact Us to find out how we can help you plan and achieve your goals. Artificial Intelligence (AI) in Analytics, Artificial Intelligence Development, White Paper: What is AI and How Can It Help My Business? Explore our articles on AI: Generative AI, the Benefits and Applications, Ideas to Get You Started with Generative AI, Understand AI, OpenAI and Chat GPT.

Original Post : Generative AI (GenAI) Is NOT a One-Size-Fits-All Solution!

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