There’s been a lot of talk about Artificial Intelligence (AI), most especially a type called Generative AI (GenAI), by tech experts worldwide.
Here’s an interesting fact about GenAI – only a meagre 6% of companies have trained over a quarter of their teams to use GenAI. However, many expect it to rise significantly starting the new year.
Gen AI Will Become a Solid Win for Businesses
The prediction is that 2024 might be the key year for GenAI. According to BCG’s top executive, Christoph Schweizer, it could go from merely potential to a solid win for businesses.
It’s fascinating to see companies using GenAI beyond typical uses like call centres. The technology is also being explored in fields of biopharmaceuticals, the automotive industry, digital marketing, and so on.
Per the report, GenAI can improve productivity by 10-20% just by doing regular tasks. But, a poll showed that 66% of bosses are lukewarm or downright unhappy with their AI and GenAI progress.
Why? It seems like they’re hitting some roadblocks.
Here are the top three:
- First, a lack of skilled people (62%);
- Second, confusion over where to invest and what to do next (47%) and
- Lastly, not a clear plan when it comes to using AI and GenAI responsibly (42%).
BCG X’s head honcho, Sylvain Duranton, pointed out the telecom industry’s huge wins with GenAI. No kidding, it’s like their efficiency rocketed past ten years’ worth.
For bold firms ready to mould essential tasks around GenAI, you’re looking at a whopping 30-50% boost in efficiency and productivity. However, only 6% of companies equipped a quarter of their workforce with GenAI knowledge. The percentages go up to 21% for firms diving deeper into their pockets for GenAI.
GenAI is changing the business world. It’s leading to big shifts, with a focus on training and restructuring inside companies. Did you know that 81% of top leaders think GenAI will bring new jobs? And 74% think there will be a lot of changes to manage.
How GenAI is Helping Businesses
GenAI could help businesses work better and earn more, up to $1 billion.
BCG says that teaching new skills, setting growth goals, and getting ready for GenAI are crucial to keep a business ahead of the game.
The MIT and BCG study showed a stunning 90% of employees at tech-forward companies felt engaged. The employees felt valued and well-equipped to do their jobs. This shows how GenAI is great for both productivity and worker happiness. It even gives a positive outlook for future company success.
The big task now is to address the barriers to broad GenAI use. This way, businesses can really harness their power for major success.