2024 is poised to be a significant year for the realm of Artificial Intelligence (AI), particularly with the emergence of Generative AI (GenAI). This advancement has sparked a sense of urgency within organizations, prompting senior management and Boards of Directors to prioritize the utilization of AI for deriving value from their data. However, as we approach the new year, it is essential to recognize that the true game-changer lies not in technological advancements, but in how these advancements are harnessed to bring about economic transformation across industries and society.
As we look ahead, organizations are expected to encounter two primary challenges in their pursuit to leverage AI for value creation. The first challenge revolves around the prevalent focus on ‘implementing AI’ rather than ‘deriving value from AI.’ It is imperative for organizations to shift their mindset towards understanding and measuring value-creation processes, emphasizing the need to become value-centric rather than being solely data-driven or AI-obsessed.
The second challenge involves empowering the entire organization to identify opportunities for leveraging AI and data to create value. This necessitates a comprehensive effort to enhance AI and data literacy across all levels, ensuring that every individual comprehends their roles, responsibilities, and rights in the ethical and responsible deployment of AI.
This two-part blog series will delve into the economic potential of GenAI and AI, shedding light on the transformative impact they can have on industries and society. By centering the discussion on economics, the overwhelming potential of GenAI and AI to drive substantial change becomes evident. However, it is crucial to approach this transformative journey with caution and awareness.
