This text highlights the impact of GenAI on the way companies do business, as revealed by a survey of over 1,400 C-suite executives. While executives recognize the importance of AI and GenAI, many are dissatisfied with their progress and face challenges such as talent shortage, unclear investment priorities, and the absence of a responsible AI strategy. The text emphasizes the need for organizations to invest in productivity and topline growth, upskill their workforce, adopt necessary technologies, manage usage costs, build strategic relationships, and implement responsible AI principles. By pursuing these value plays, organizations can increase productivity, boost revenue, and gain a competitive advantage in the evolving landscape of AI.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| GenAI is changing how companies do business | Adoption of AI/GenAI by companies | Increased integration and use of AI/GenAI in business operations | Increased business opportunities and potential for growth |
| Executives are ambivalent or dissatisfied with their progress on AI/GenAI | Lack of progress on AI/GenAI implementation and upskilling | Increased focus on upskilling and overcoming challenges | Desire to capitalize on AI/GenAI’s business opportunities |
| Winning companies invest in productivity and topline growth with AI | Increased investment and reinvestment in AI/GenAI technologies | Cost savings, revenue growth, and new revenue streams | Recognition of AI/GenAI’s potential for productivity gains and growth |
| Winning companies upskill their workforce in GenAI | Focus on upskilling employees in GenAI technologies | More employees trained in GenAI and new roles | Realization of the benefits of GenAI and effective use of the technology |
| Winning companies anticipate and manage the cost of GenAI | Proactive management of costs associated with GenAI use | Cost-effective implementation and scalability of GenAI | Avoidance of unexpected expenses and maximizing the value of GenAI |
| Winning companies build strategic relationships for AI solutions | Development of partnerships with software providers and GenAI startups | Access to cutting-edge technology and near-term value creation | Understanding the fast-paced nature of AI technology and the need for collaboration |
| Winning companies implement responsible AI principles | Integration of responsible AI principles in their strategy | Addressing RAI issues and cybersecurity threats | Increased business benefits and proactive management of AI ethics and risks |
| AI has become democratized and accessible to employees | Increased accessibility and availability of AI to all employees | Employees can experiment with and use AI more easily | Trust and training enable effective and responsible use of AI |