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A technological revolution is underway. Once widely adopted, generative artificial intelligence (GenAI) will change everything about how we do business. But 76% of surveyed data and IT leaders say their organization is not fully equipped to harness GenAI today.
Preparing for GenAI is critical for organizations committed to remaining competitive and fulfilling their mission in our changing world. Fortunately, the path to GenAI preparedness is becoming clearer. A new report by Guidehouse and CDO Magazine, The State of GenAI, reveals insights that shine a light on key trends and challenges in GenAI adoption. The survey, which was conducted in late 2023, provides guidance for organizations preparing for a technology that is poised to rapidly transform their industries.
We’re beginning to understand what organizations need to fully and effectively embrace GenAI. Survey respondents included hundreds of data and IT leaders working in a variety of industries and in both the commercial and public sectors. Their responses revealed the following insights and trends that reflect how organizations are grappling with this technology revolution:
Size-Based Investment Disparities
Key data: Large companies ($1B+ in revenue/budget) plan to invest in GenAI at 2-3 times the rate of smaller organizations.
The benefits and efficiencies of GenAI are widely expected to increase organizations’ competitiveness. Thus, early GenAI investment could exponentially widen the competitive-advantage gap between large organizations and their smaller counterparts.
Industry-Specific Momentum
Key data: 89% of healthcare and 88% of insurance respondents say their organization is likely to invest in GenAI in the next 12 months.
Adoption is expected to be uneven across industries. Responses from healthcare and insurance leaders indicate that their organizations are emerging as GenAI front-runners. The results of their early GenAI investments could revolutionize patient care and risk assessment, as well as demonstrate GenAI’s business advantages to organizations across other industries.
ROI Expectations and Competitiveness Gains
Key data: 52% of respondents say GenAI will have a high or substantial impact on competitiveness; 35% anticipate a moderate impact.
Recognition of GenAI’s potential impact on competitiveness is near-universal, with just 1% of respondents anticipating no impact. Respondents expect GenAI to enhance productivity, process automation, and labor efficiency, suggesting a transformative impact on competitiveness across sectors.
Governance and Management Challenges
Key data: 72% of respondents say data governance and data management maturity are impacting GenAI solutions.
From addressing ethical concerns over data privacy to meeting evolving regulatory compliance, organizations of all sizes anticipate a struggle to integrate GenAI into existing governance structures, business processes, and workflows.
Overall GenAI Readiness
Key data: 76% of respondents say their organization is not fully equipped to harness GenAI.
Despite GenAI’s potential as a catalyst for competitive advantages and mission fulfillment, organizations aren’t yet ready for it. Obstacles include governance, architecture, training, privacy, and workforce skills.
Organizations hoping to succeed in the 21st century cannot avoid the GenAI revolution. Not only is it a key enabler of the Accelerating Innovation & Tech megatrend, but it also intersects with other megatrends, including Optimizing an Adaptable Workforce, as organizations reskill workers for GenAI, and Maximizing Data, as data governance underpins effective use of GenAI.
It’s an exciting time. AI is set to become the most transformative technology in our lifetimes. For data and IT professionals, it’s also an overwhelming time. The powerful business benefits GenAI offers can only be realized when an organization is ready for it—and there’s much to be done to get there.
Perhaps most importantly, organizations must understand this unique moment in technological history. The State of GenAI report has further deepened our insights into the current challenges, opportunities, and trends impacting GenAI adoption in organizations today. The full report, in partnership with CDO Magazine, The State of GenAI Today: The Early Stages of a Revolution, reveals specific recommendations for organizations as they navigate this critical time and prepare for GenAI-driven transformation.
Complexity demands a trusted guide with the unique expertise and cross-sector versatility to deliver unwavering success. We work with organizations across regulated commercial and public sectors to catalyze transformation and pioneer new directions for the future.