It is becoming more and more It is clear that companies of all sizes and in all sectors can benefit from generative ai. From code generation and content creation to data analysis and chatbots, the possibilities are vast and the rewards abundant.
McKinsey estimates that generative ai will contributeai-the-next-productivity-frontier#key-insights” target=”_blank” rel=”noopener”> Between 2.6 and 4.4 billion dollars per year in numerous industries. This is just one of the reasons why more than 80% of companies will be working with generative ai models, APIs or applications by 2026. Companies that act now to reap the benefits will prosper; those who don't will not remain competitive. However, simply adopting generative ai does not guarantee success.
A proper implementation strategy is needed. Modern business leaders must prepare for a future managing people and machines, with ai integrated into every part of their business. A long-term strategy is needed to leverage the immediate benefits of generative ai while mitigating potential future risks.
Companies that do not address concerns about generative ai from day one risk consequences, including system failures, copyright exposure, privacy violations, and social harms such as amplification of bias. However, onlyai-risks-with-employees/” target=”_blank” rel=”noopener”> 17% of companies They are addressing the generative risks of ai, which leaves them vulnerable.
Making good decisions now will allow leaders to future-proof their businesses and reap the benefits of ai while improving the bottom line.
Companies should also ensure they are prepared for upcoming regulations. President Biden signed an executive order to create safeguards for ai, the UK hosted the world's first ai Safety Summit, and the EU introduced its own legislation. Governments around the world are aware of the risks. C-suite leaders must be too, and that means their generative ai systems must meet current and future regulatory requirements.
So how do leaders balance the risks and rewards of generative ai?
Companies that leverage three principles are set up to succeed: human-centered decision making, strong governance over large language model (LLM) content, and a universal approach to connected ai. Making good decisions now will allow leaders to future-proof their businesses and reap the benefits of ai while improving the bottom line.
