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While most leaders were optimistic about AI’s potential and expected its use to expand, even early adopters of the technology currently have deployed it for limited business areas.
“There is a misconception about how easy it is to run mature, enterprise-ready, generative AI,” said Stella Solar, the inaugural director of Australia’s National Artificial Intelligence Center in the survey report.
Adopting it may require companies to “improve data quality and capacity, privacy measures, improve AI expertise, and implement secure and responsible AI governance across the organization,” he added.
“There are surrounding elements such as app design, connection to data and business processes, corporate policies, and more that are still needed.”
Most business leaders said they expect the number of business functions or general purposes for which generative AI will be deployed to more than double by 2024.
Chris Levins, head of marketing for South Asia at Telstra, said early adopters in 2023 had deployed technology to automate most repetitive, low-cost tasks, leaving them with less human supervision. There is a need.
About 85% of respondents expect to use generative AI for these low-value tasks by 2024, 77% expect to apply it to customer service and 74% for strategic analysis.
Product innovation, supply chain logistics, and sales were other areas of potential deployment.
The report, which described the plans as “ambitious and high on hubris”, mentions a wider rollout of generative AI over the next year, particularly IT resources and capabilities.
Fewer than 30% of respondents rated the IT attributes at their companies as conducive to rapid adoption of generative AI, with generative AI adopters showing even less confidence in their IT infrastructure to support the new technology. What did
Meanwhile, 56% of respondents said their IT investment budgets, in general, were a limiting factor in launching generative AI.
Nearly 77 percent of respondents cited regulation, compliance, and data privacy as key barriers to rapid employment of generative AI – a key concern for the generative AI ecosystem as OpenAI releases in late 2022. After that the importance of technology increased. Popular chat GPT.
This technology has led to numerous copyright lawsuits for AI-generated content. Large companies have also experienced security issues related to the leakage of sensitive information and its use.
Speaking to the media at the launch of the MIT report in Singapore on Monday, Lawrence Liu, director of AI innovation at AI Singapore, reiterated that there are well-established AI models for dealing with these threats. Developed governance structures and security protocols will be required.
“Companies must ask, do we have adequate governance in place, and are our internal documents properly distributed or protected?” Liu said, noting that businesses may want to avoid having AI models that can be tricked into revealing private information like employee salaries.
The ability to address these threats also depends on companies implementing strong internal cybersecurity measures, according to the report, with a slim majority of respondents saying their cybersecurity measures support generative AI rollouts. are “extremely valuable” for
Other barriers to generative AI adoption, according to survey respondents, include a lack of relevant generative AI skills. Companies are concerned that they don’t have the right talent internally, and about its unavailability in the market.
Still, the survey reflected an overall positive sentiment about the future role of creative AI in business. While six in 10 respondents expect generative AI to significantly impact their industry over the next five years, 78% see it as a competitive opportunity. About 8 percent see it as a threat.
According to Geraldine Kaur, managing director of South Asia and head of global enterprise at Telstra International, creating creative AI solutions to responsibly manage large data sets and contextualize them for businesses is extremely challenging.
“When successfully implemented, [generative AI] Expertise will be a game changer for most organizations and will differentiate leaders from followers,” he said in a statement about the survey on Monday.
According to a McKinsey report released last year, generative AI is expected to have the greatest impact on the sales, marketing, customer operations, software development, and R&D sectors, and an estimated $4.4 trillion annually in the global economy. can increase