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How to Thrive with Generative AI: Four Strategic Insights

Thriving with Generative AI: Strategic Insights from Deloitte's Report

Generative AI has emerged as a transformative force since the public release of ChatGPT in November 2022. Deloitte's quarterly survey in December 2023 presents key findings from over 2,800 business and technology leaders actively involved in piloting or implementing generative AI at major organizations worldwide. This report provides valuable insights into generative AI adoption, sentiment, challenges, and future strategies.


How to Thrive with Generative AI: Four Strategic Insights

Key Findings:


1. Overall Excitement and Societal Impacts

   - 62% of surveyed leaders express excitement about generative AI.

   - 31% expect substantial transformation within a year, and 48% within one to three years.

   - 30% acknowledge doubts among those uncertain about the technology.

Despite the rapid evolution of generative AI, experienced leaders, who are actively involved in AI initiatives, show strong confidence on their capabilities on adopting generative AI with high levels of AI expertise, that’s account for 44% of leaders


Despite rapid evolution, leaders with high AI expertise (44%) exhibit confidence in adopting generative AI. Those leaders are actively involved in AI initiatives and experienced.

*Note: Organizations with very high generative AI expertise express confidence but also perceive it as a threat to their business and operating models.

Leaders express optimism about business benefits but pessimism regarding societal impacts. Their concerns include the centralization of power (52%), increased economic inequality (51%), and erosion of trust in institutions (49%)


2. Focus on Efficiency and Productivity

  56% concentrate on improving efficiency/productivity, while 35% aim to reduce costs. Only 29% target strategic benefits like innovation and growth, aligning with typical technology adoption patterns.


3. Predominance of Off-the-Shelf Solutions

The majority (71%) relies on off-the-shelf solutions, including integrated applications (61%) and publicly available large language models (56%). As use cases become more specialized, the report questions when custom solutions will emerge.


4. Concerns on Talent and Governance

 41% report unpreparedness in addressing talent concerns, while 41% feel unprepared for governance and risk issues.


5. Call for Governance, Regulation and Global Collaboration

Leaders show concerns on governance and risks that include inaccurate results, legal challenges, privacy issues, lack of transparency, and systemic bias. And unique risks associated with generative AI prompt leaders to seek external oversight.

78% advocate for more governmental regulation of AI, and 72% feel there's insufficient global collaboration.


The report concludes with strategic questions for organizations to consider in the rapidly evolving landscape of generative AI.


Vision and strategy

Vision and strategy

Business should develop a vision and strategies powered with AI initiatives, with a focus on end-to-end processes, build platform capabilities, scaling up for long-term value creation, and deploy AI broadly for sustained transformation.

To strategically reinvesting AI dividends, businesses need to deliberately reinvest strategies to maximize generative AI's long-term impact. With focusing on differentiation and building competitive edge, it Advises organizations to prioritize innovation and customization for sustainable competitive advantage.


Talents and Skills

Talents and Skills

To build expertise in a rapidly technology changing environment, optimize talents and skills with a hybrid approaches. Organizations should invest in people and workforce for skills transformation through education existing workforces, recruiting new talents, and fostering trust to overcome talent barriers. Meanwhile, organizations also need to emphasize adaptability, experimentation, and cross-disciplinary collaboration to navigate the evolving generative AI landscape.


Partnership

Partnership

Develop strategies to balance buying vs. building and decide whether to buy off-the-shelf solutions or build custom generative AI models based on their goals and requirements.




Governance

Governance

To ensure responsible use and alignment with societal guardrails, business should manage generative AI risks responsibly, keep humans in the loop, and align decisions with evolving societal expectations



Deloitte's inaugural report sets the stage for ongoing insights into the dynamic world of generative AI, guiding leaders in navigating this transformative journey as organizations continue to grapple with challenges and opportunities.


>> Navigate the challenges with confidence through our Data Science & AI Leadership Accelerator program. Tailored to help you craft a compelling data and AI vision and optimize your strategy, it's your key to success in the journey of Generative AI. Reach out for a complimentary orientation on the program and embark on a transformative path to excellence.


Grow to Your Fullest

May you grow to your fullest!


If you want to have a group of people to support so you can share your roadmap, goals, celebrate your wins together, please join Grow to Your Fullest Circle


*** Please DOWLOAD the FREE document, Find your signature vision questionnaires so you use it to help you find your life vision and mission. 



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