The Generative AI Opportunity: Embrace the change or get left behind

“Gen AI is not optional. Every industry and every company should be looking at gen AI. If they don’t, they’re going to fall behind. It’s really as simple as that.” 
- Abid Rahman, Senior VP of Innovation @ Eversana 

Harvard Business Review recently released their report Realizing the Generative AI Opportunity, which surveyed decision making about gen AI within a range of organizations.  Generative AI isn’t the future – it’s happening now. Businesses that harness its power are already outpacing their competitors, while those hesitating risk being left behind.

But despite the excitement, many companies still struggle with implementation. So what’s holding them back – and how can you overcome these barriers to seize the gen AI opportunity?

Key Findings from Harvard Business Review’s Generative AI Report 

Despite concerns, gen AI has been marketed as a groundbreaking technology capable of transforming industries and ways of working. Given that 81% of survey respondents agree that “gen AI is going to transform my organization’s industry”, there is a widely held expectation that gen AI will deliver on the hype. 

Organizations are excited to try gen AI and are hoping to achieve a wide range of benefits from its implementation. Productivity, cost savings, and improved output quality are noted as key reasons that organizations are beginning to build use cases for gen AI.

What is Steering Organizations Toward Generative AI? 

Despite the hype and expectations, the survey finds that most organizations are in the exploratory, consideration, or planning phases of gen AI adoption— – but these plans have not yet led to widescale use. 

The survey shows that more than 70% of organizations have begun work on gen AI, while only 16% have established full-scale use cases. Anecdotal evidence says that organizations across every industry are already reaping the benefits - so why aren't more companies already in full swing with gen AI?

Why Isn’t Everyone Using It? 

Despite all the hype, why are companies still holding back? Many fear that gen AI is too risky, too complicated, or lacks clear ROI. But here’s the reality: businesses that have already embraced AI are seeing measurable success. 

 

“I believe that to extract the biggest possible value for your company, you need to fuel gen AI with your proprietary data.” 
- Edoardo Conte, CTO @ RestWorld 

Edoardo speaks in the report on the importance of reducing risk by partnering with an expert, noting that manipulating, creating, and implementing tools in-house can be tricky – you need a lot of research and experimentation.

Rahman also describes Eversana's approach in the report, highlighting the importance of a partner with both a good track record in AI, and a clear roadmap for the future. 

Further education and training will help to alleviate concerns around output quality and ROI as organizations increasingly find gen AI tools that are a strong fit. For more on how businesses that embrace AI-driven insights are seeing tangible results fast, check out our blog - Unlocking the ROI of Generative AI.

While there are barriers to moving ahead with gen AI, survey respondents seem determined to continue with most respondents agreeing that “the benefits of gen AI outweigh the risks”. 

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