Companies Shift Focus to Strategic Investment in Generative AI Success
McKinsey
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Contributed by: Bill Russell
Summary
A shift in expectations for generative AI (gen AI) is occurring as businesses acknowledge the complexities of implementing this technology effectively. The initial enthusiasm seen in 2023 is transitioning to a more conservative approach that emphasizes the need for substantial investment in technological resources and organizational capacity. Companies are encouraged to focus on scaling their solutions rather than pursuing short-term gains through pilot projects. An example is a telecommunications firm that appointed a chief data and AI officer to develop a strategic vision, prioritize use cases, and establish cross-functional teams to enhance employee skills and create a solid foundation for their gen AI initiatives. As organizations consider their roles in the gen AI landscape, they should decide whether to be implementers, innovators, or creators of AI technology, balancing the use of existing tools with the development of proprietary solutions for effective productivity gains.
