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WASHINGTON, April 10, 2024 — Generative AI (GenAI) promises to redefine the contours of innovation, efficiency, and competitive advantage. But are organizations ready? A new survey conducted by leading consultancy Guidehouse and CDO Magazine examines how organizations and executives across the public sector and commercial industries are embracing GenAI.
The State of GenAI Today survey findings illustrate the transformative potential of GenAI in reshaping industries, the critical need for readiness and strategic planning, and the importance of governance frameworks in harnessing GenAI's full benefits. The report details five priorities for organizations as they navigate the complex GenAI landscape and leverage its potential to drive innovation and competitive advantage.
“Many organizations are excitedly implementing GenAI strategies and tools, while others are more cautiously weighing its challenges and risks, and assessing readiness to harness GenAI capabilities,” said Bob Audet, partner at Guidehouse’s Data & AI solutions practice. “The journey ahead demands both technological readiness and a vision that comprehensively integrates GenAI into the fabric of organizational strategy and operations.”
The survey findings underscore the critical juncture at which organizations stand today as we face the forthcoming technology revolution. Key insights and findings include:
Large companies ($1B+ in revenue/budget) report that they are extremely likely to invest in GenAI at 2-3 times the rate of smaller organizations — This uneven investment could result in adoption disparities that give large enterprises additional competitive advantages as the benefits and efficiencies of GenAI compound.
Healthcare and insurance industries lead the way — Most healthcare (89%) and insurance (88%) respondents say their organization is likely to invest in GenAI in the next 12 months. The healthcare and insurance industries have emerged as GenAI front-runners, which could revolutionize patient care and risk assessment.
GenAI as a competitive force — According to 52% of respondents, GenAI will have a high or substantial impact on competitiveness; 35% anticipate a moderate impact. Respondents expect GenAI to enhance productivity, process automation, and labor efficiency, suggesting a transformative impact on competitiveness across sectors.
Governance and management challenges — Many respondents (72%) say GenAI applications are not incorporated into existing data governance and management structures. Organizations of all sizes anticipate a struggle to integrate GenAI into existing governance and process management structures.
Organizations aren’t yet GenAI-ready — Despite the potential, 76% of respondents say their organization is not fully equipped to harness GenAI. Obstacles include governance, architecture, training needs, privacy concerns, and a lack of skilled personnel.
“Generative AI offers the potential to radically transform industries, and as organizations prepare to invest in GenAI, strategically aligning their goals with GenAI capabilities will be crucial,” said Steve Wanamaker, CEO of CDO Magazine. “Our aim is for these survey results to help data and IT leaders harness the potential of GenAI, gauge their organization’s readiness, and define a path forward.”
“As we stand at this technological crossroads, the choices data and IT leaders make today will shape the future of industries and redefine how we interact with and leverage AI, ushering in a new era of innovation and growth,” adds Bob Dunmyer, partner at Guidehouse and leader of the Data & AI solutions practice.
The report shows that organizations that embrace GenAI take meaningful steps toward adoption through informed strategies, ethical practices, a skilled workforce, and judicious investments.
For more information, and to download a copy of The State of GenAI Today research report, please visit our page.
CDO Magazine is the premier digital publication giving voice to global executives in data, analytics, AI and security. The publication delivers C-suite-worthy format and quality content — insights essential to accelerating organizational adoption of enterprise disciplines that are key to success in our digital society.
Our passion is to gather leaders in regional communities and connect them to our global executive community. We want to help data, analytics, AI and security executives experience a more profound sense of community through a platform where the best ideas, innovations, companies and leaders are celebrated. CDO Magazine hosts CDO forums in cities, countries and regions around the world.
CDO Magazine grew out of the annual Chief Data Officer and Information Quality Symposium (CDOIQ), founded in 2007 by the MIT Sloan School of Management, in partnership with the International Society of Chief Data Officers (isCDO) and ComSpark.
With an audience approaching 400,000 readers, CDO Magazine is read in 95% of countries globally. Notably, the Global Editorial Board is composed of leading executives from 23 nations.
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 16,000 professionals in over 55 locations globally. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit guidehouse.com.
Media Contact:
Guidehouse
Cecile Fradkin, cfradkin@scprgroup.com