A new survey conducted by Boston Consulting Group (BCG) found that 66% of C-Suite executives are ambivalent or dissatisfied with the progress their companies made in implementing artificial intelligence (AI) and generative AI (GenAI).
The survey included responses from 1,400 executives across 50 markets.
Reasons for GenAI Dissatisfaction
It identified three main reasons for this dissatisfaction:
- a lack of talent and skills,
- an unclear roadmap and investment priorities,
- a lack of strategy regarding responsible AI and GenAI.
However, the report also highlighted that companies that invest more than $50 million in AI and GenAI are 1.3 times more likely to see cost savings by 2024. Furthermore, 54% of leaders expect AI to provide cost savings this year through increased productivity.
The BCG report concludes that companies must not wait and see, but rather invest in AI to improve efficiency, reshape critical functions, and invent new business models.
GenAI Definition
GenAI, short for Generative Artificial Intelligence, is a technology that enables creation of new content. This content may range from text and images to code and music, based on existing data.
Unlike traditional AI, which primarily analyzes and interprets data, GenAI learns from vast datasets to generate original, creative outputs. This technology leverages complex algorithms and neural networks to understand patterns, styles, and structures inherent in the data it is trained on. That means it can produce new creations that mimic human-like creativity.
The cutting-edge GenAI technology employs sophisticated algorithms to understand and replicate patterns previously found in its training data.
