No Match Found
There’s no doubt that generative AI (GenAI) is shaking up the business world. And executives have plenty of questions: Will it disrupt my business? Are my employees already using it? How about competitors? What are the new risks and how do I manage them? Where do I start?
While those are valid questions with fairly straightforward answers, they may distract you from the real opportunity. A better starting point: How can GenAI accelerate outcomes now — and better position us to lead in a radically altered industry landscape?
While that may be a big ask, it is important not to underestimate GenAI’s potential. That’s because GenAI is a technology multiplier that demands big-picture thinking and action. On its own, it’s pretty remarkable, democratizing AI and giving non-techies a powerful way to speed up time-consuming tasks. But GenAI’s real advantage is that it’s a catalyst for transforming entire processes, functions and business models. That’s only possible, however, when you start thinking about how GenAI can securely tap into your company’s unique data and intellectual property and connect to your business foundations and broader ecosystems.
It also demands that every executive pay attention, even if you don’t think GenAI is relevant to your business right now. Whatever your priority, it’s likely GenAI has a role to play and can help accelerate or enhance digital transformation. Bolstering cybersecurity, for example, is at the top of many corporate agendas. New GenAI-based solutions can help quickly pinpoint threats by synthesizing data from your cyber tools. Then GenAI can help speed remediation by enabling your security team to “ask” for details and receive specific guidance through a chat interface. Or consider ERP data modernization, in which companies replace data silos and legacy systems with a cloud-native environment that enables them to leverage their data across the business. GenAI can help automate some of the migration processes, and it can help drive the value and utility you get from having all your data in one place. This can then provide a way for all enterprise users (not just data specialists) to access and interrogate that data under appropriate business controls.
GenAI is also becoming embedded in the enterprise apps your company uses in the front and back office, so expect it to change how your people get their day-to-day work done.
Given GenAI’s broad reach, it’s a matter of reimagining how you get things done — from how employees do their jobs and how customers engage with your business to what you sell and how you compete. In the past, that might have required a multi-year, multi-million dollar transformation project. Today, thanks to GenAI and cloud, it can be done much more quickly and economically. But succeeding requires your full executive team and a truly holistic approach.
Consider the case of a financial services company that wanted to use GenAI to automate and improve job posting and employee onboarding as part of an HR transformation. Initial conversations with the CHRO quickly expanded to include the CIO and CISO as they focused on a secure and responsible AI approach. When the team realized there were archetypes, or repeatable patterns, to many of the processes ripe for automation, there was a light bulb moment. They could not only scale these approaches to other functions and across the business, they could think even bigger. That’s what piqued the CEO and CFO’s interest: What does GenAI mean for our business model, and how can we leverage our IP in new ways to drive revenue?
Here are key focus areas to consider as your company begins harnessing GenAI.
Generative AI is already transforming business. Contact us to learn more about this rapidly evolving technology — and how you can begin putting it to work in a responsible way.