Leaders must overcome lingering AI hesitation and take the plunge – or risk being left behind when it comes to productivity and innovation
TECHNOLOGY | GENERATIVE AI
Why embracing generative AI has gone from ‘ maybe ’ to ‘ must ’
Leaders must overcome lingering AI hesitation and take the plunge – or risk being left behind when it comes to productivity and innovation
WRITTEN BY : TOM CHAPMAN
You ’ d be hard pressed these days to scan the business or technology headlines in any major news outlet without spotting something that relates to artificial intelligence .
The conversation is equally as loud within most – if not all – of the world ’ s largest enterprises , which are spending billions of dollars between them on emerging technologies like generative AI .
Understandably , many fear being left behind by the competition if they fail to invest as a matter of urgency .
It should of course be emphasised that AI in itself is not a new form of technology and has been utilised , in various forms , for decades . The difference now is its maturity and accessibility .
“ AI has been around for a long time ,” says Ivana Bartoletti , Global Chief Privacy Officer at Wipro . “ What has changed is the availability of data and the huge computational power that we now have .
“ The other change is that some of these tools , like Bard or ChatGPT , are available to millions . This clearly presents both challenges and risks , as we have seen in recent months .”
Greg Kelly , a Senior Partner at McKinsey & Co and Global Leader of its Growth , Marketing and Sales Practice , describes generative AI as a “ significant step change ” in the evolution of artificial intelligence .
He adds : “ Generative AI holds the potential to alter the anatomy of knowledge-based work within businesses . With its natural language capabilities , gen AI is fundamentally engineered to undertake cognitive tasks , which means that activities like decision making , collaboration and talent development can be automated to some extent .”
AI investment nothing new As mentioned , AI has not emerged out of nowhere . Major companies have been working hard for several years to incorporate it into their business practices
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