Overcoming Challenges: How Strategic Planning Maximizes Generative AI's Potential
The excitement around generative AI is palpable in today's business landscape, promising significant productivity gains for both companies and their teams. Yet, a recent study conducted by Coleman Parkes Research and sponsored by SAS highlights a substantial disconnect between the potential of this technology and its effective use within U.S. organizations.
Marinela Profi, a strategic AI advisor at SAS, sheds light on some critical insights for businesses keen on embracing generative AI. Profi notes, "Organizations are learning that large language models (LLMs) don't automatically solve business challenges. Instead, GenAI should enhance and speed up existing processes and systems, and not be seen as a quick fix to meet all business goals."
The research, involving 300 U.S. leaders in GenAI strategy and data analytics, pinpoints several key obstacles that organizations need to address:
Trust and Compliance: Only 10% of organizations have effective systems to assess bias and privacy risks in LLMs. Alarmingly, 93% of U.S. businesses do not have a comprehensive governance framework for GenAI, placing them at risk of failing to meet regulatory standards.
System Integration: Numerous organizations encounter difficulties when integrating GenAI with their existing systems, which can block the potential benefits of the technology.
Talent Acquisition: There is a noticeable lack of in-house GenAI expertise. HR departments are finding it challenging to recruit individuals with the necessary skills, which limits the effective use and ongoing optimization of GenAI technologies.
Cost Management: The costs linked with deploying and managing LLMs can be steep. These include not only direct expenses but also significant investments required for data preparation, training, and system management.
Profi stresses the importance of finding practical applications for GenAI that address both business needs and human challenges in a scalable and sustainable manner. She remarks, "Through this study, our goal is to help organizations remain competitive, make smart investments, and build their resilience. As AI technology evolves rapidly, staying ahead depends on an organization’s ability to adapt and innovate."
These insights were revealed at SAS Innovate in Las Vegas, a key conference for business leaders, technical users, and SAS partners, focusing on the latest in AI and analytics and fostering an environment of learning and collaboration.
For businesses looking to tap into the benefits of generative AI, the journey involves more than adopting new technologies. It requires thoughtful strategic planning, robust governance, effective integration, skilled talent, and a clear understanding of costs to truly tap into the transformative potential of GenAI and secure sustainable growth.
Harrison Painter - Your Chief Ai Officer
