Ore_cnx | iStock | Getty Images
While most leaders were optimistic about AI’s potential and expected its use to expand, even early adopters of the technology are now deploying it in a limited number of business areas. .
“There is a misconception about how easy it is to run mature, enterprise-ready generative AI,” Stella Solar, founding director of the Australian National Artificial Intelligence Center, said in the research report.
Adoption may require companies to “improve data quality and functionality, privacy measures, AI skills, and implement secure and responsible AI governance across the organization,” he added.
“There are surrounding elements that are still needed, such as app design, connectivity to data and business processes, and corporate policies.”
Most business leaders say they expect the number of business functions or general purposes in which generative AI is deployed to more than double by 2024.
According to Telstra’s head of marketing for South Asia, Chris Levanes, early adopters in 2023 will primarily deploy technology to automate repetitive, low-value tasks because they require less human oversight. It is said that he was
85% of respondents expect to use generative AI for these low-value tasks by 2024, with 77% for customer service and 74% for strategic analysis.
Product innovation, supply chain logistics, and sales were also areas with potential for expansion.
The report called these plans full of “ambition and hubris” and cited several headwinds to the widespread deployment of generative AI, particularly IT resources and capabilities, next year.
Less than 30% of respondents ranked their company’s IT characteristics as conducive to rapid adoption of generative AI, and companies deploying generative AI have even less confidence in the IT infrastructure that supports the new technology. became.
Meanwhile, 56% of respondents said their IT investment budget is generally a limiting factor in deploying generative AI.
As many as 77% of respondents cited regulation, compliance, and data privacy as the main barriers to rapid adoption of generative AI. This has been a key concern for the generative AI ecosystem since the technology’s rapid adoption in late 2022 following the release of Open AI. Popular ChatGPT.
The technology has since led to a number of lawsuits related to copyright in AI-generated materials. Even major companies have experienced leaks of confidential information and security issues due to their use.
Lawrence Liew, director of AI innovation at AI Singapore, told the media at the launch of the MIT report in Singapore on Monday that to address these risks, established governance structures and AI He reiterated the need to build model security protocols.
“Companies need to ask themselves, do they have the right governance in place? Are their internal documents properly classified and secure?” Mr. Liu said companies are being tricked into paying their employees, including their salaries. They pointed out that they would want to avoid using AI models that could potentially leak their personal information.
According to the report, being able to address these risks also depends on whether companies have robust internal cybersecurity measures in place, and that their cybersecurity measures support the deployment of generative AI. Only a small percentage of respondents answered that they could do it with “moderate ability at best.”
According to survey respondents, other barriers to generative AI adoption included a lack of relevant generative AI skills. Companies are concerned about not having the right talent in-house and the availability of that talent in the marketplace.
Still, the survey reflects an overall positive sentiment about the future role of generative AI in business. Six in 10 respondents expect generative AI to revolutionize their industry over the next five years, while 78% see it as a competitive opportunity. About 8% consider it a threat.
Building generative AI solutions that can responsibly process large datasets and contextualize them for business is extremely difficult, but well worth the immediate investment, says Telstra International’s South said Geraldine Koh, Managing Director, Asia and Head of Global Enterprise.
“If the implementation is successful, [generative AI] “Proficiency will be a game-changer for most organizations and will differentiate leaders from followers,” she said in a statement about the study on Monday.
Generative AI is expected to have the biggest impact on sales, marketing, consumer affairs, software development, and research and development sectors, adding an estimated $4.4 trillion annually to the global economy, according to a McKinsey report released last year. may be added.
