This is becoming more and more the case. 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 and benefits are endless.
McKinsey predicts new benefits from generative AI. $2.6 trillion to $4.4 trillion annually Across many industries. This is just one reason why more than 80% of businesses will be using generative AI models, APIs, or applications by 2026. Companies that act now to reap the benefits will succeed.those who are not unable to maintain competitiveness. However, simply implementing generative AI does not guarantee success.
A proper implementation strategy is required. Modern business leaders must integrate AI into every part of their business to prepare for the future of managing people and machines. 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 such as system failure, copyright infringement, privacy violations, and social harm such as amplification of bias.However, only 17% of companies is addressing generative AI risks, leaving them vulnerable.
By making the right choices now, leaders can future-proof their businesses and reap the benefits of AI while increasing revenue.
Businesses also need to ensure they are prepared for upcoming regulations. President Biden signed an executive order creating AI safeguards, the UK hosted the world’s first AI safety summit, and the EU introduced its own legislation. Governments around the world live with risk. C-suite leaders need to do the same. This means their generative AI systems must comply with current and future regulatory requirements.
So how do leaders balance the risks and benefits of generative AI?
Businesses that leverage three principles: human-first decision-making, robust governance of large-scale language model (LLM) content, and a universally connected AI approach are poised to succeed. By making the right choices now, leaders can future-proof their businesses and reap the benefits of AI while increasing revenue.