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Tech and financial service companies were the first to adopt this tool, which has been trending since 2022. Those that have not yet taken the leap plan to partner with other firms to kick-start their transformation. Reasons for doing so include modifying their offerings and expanding into new sectors.
Although 96% of businesses believe generative artificial intelligence (AI) will affect their projects in some way, a mere 9% have begun employing it in an area within their organisations. The report Generative AI deployment: Strategies for smooth scaling by MIT Technology Review Insights underscores that while the initial implementation has been slow, access to generative AI will occur across societies of various sizes as governments establish regulations for its use.
“Tangible utility”
After several years of overzealous hype surrounding technological concepts such as Web 3.0, blockchain and the metaverse, the arrival of generative AI has been perceived differently. Thanks to its flexibility and the layers of AI-compatible products emerging, companies see few limits to its application. According to AI expert Henry Ajder, “Generative AI has more tangible utility than past tech hype cycles like crypto and metaverse.” Adler maintains that although expectations still outweigh the true capabilities of generative AI, this time, “adoption is real.”
Business effects of generative AI. (Respondents selected one option)
Numerous firms still rely on simple models to search for internal data and offer basic conversational experiences, but this is “an extremely narrow vision of what generative AI will ultimately be capable of.” For the report, MIT Technology Review Insights surveyed 1,000 executives from 11 different sectors. It found that the vast majority favour generative AI despite not knowing yet how it will affect their organisations. A quarter believe it will help reduce their workforce, 20% feel it could threaten their business model and 18% think it will prompt changes in their product and service offerings. Additionally, 12% expect it will cause a significant increase in demand for their merchandise.
And how will companies that have still not implemented generative AI go about doing so? Three out of four plan to begin their journey by partnering with an established tech firm or a start-up. Meanwhile, just 19% feel capable of going it alone.