According to a study by consultancy GBK Collective, 81% of enterprise companies have established internal generative AI teams, with smaller companies leading the adoption. The study also found that generative AI funding is expected to increase by 25% this year, and executives have a positive outlook on its future. The most popular uses of generative AI include data analysis, marketing content creation, and customer support.
According to a survey by Info-Tech Research Group, CIOs are most commonly responsible for overseeing governance in companies with generative AI investments. The second-most common governance structure is a committee or group. However, some organizations have yet to assign responsibility for AI governance; others have multiple executives overseeing it. Best practices for generative AI adoption are still emerging, with concerns around data privacy and security being prominent. Gartner predicts that over 80% of enterprises will adopt generative AI tools and services by 2026, a significant increase from the current adoption rate.
Nearly half of CEOs believe AI could potentially replace their positions, viewing it as a desirable development. They anticipate that AI can free up time for effective leadership, stimulate innovation, and facilitate upskilling for their teams. While CEOs understand the importance of human skills that AI cannot replace, they recognize the need to learn and leverage AI for future success. Experts advise working with AI rather than against it, as those who incorporate AI into their roles will supersede those who do not.
A recent roundtable discussion at the Federal Trade Commission highlighted the potential impact of generative AI on various industries. Concerns were raised about AI-generated models being used to deceive investors and consumers, the dilution of the music market due to machine-generated music, and the deliberate use of AI to confuse consumers. The FTC expressed its intention to address these concerns and explore tools beyond copyright to protect creators and consumers. Unions and legislation are potential solutions to negotiate fair terms for artists and grant them more bargaining power. The multi-faceted nature of the issue suggests that a comprehensive approach will be necessary.
Why do we care?
The business plan looks like this – establish your internal team, identify the needs, ensure oversight and governance, and determine where it can be applied. Eliminating the boss is apparently a welcome outcome. If CEOs see AI as a tool that could potentially replace them, there’s a strong indication of top-level buy-in for AI investments. Leverage this willingness to help implement AI solutions that improve business operations and decision-making. Gartner’s prediction of a significant uptick in AI adoption by 2026 gives a runway to prepare and offer relevant services, particularly as smaller companies are leading the adoption curve.