Successful organizations have a keen sense of where to create and capture value.
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Successful organizations have a keen sense of where to create and capture value.
Now, with generative AI, organizations can enhance how they perform these functions.
But doing so requires the right talent, culture and team structure.
Successful organizations have a keen sense of where to create and capture value for their customers and employees. Now, with broad adoption of generative artificial intelligence, organizations can enhance not only how they create value but also their methods of capturing it.
Large software businesses are creating platforms that allow companies to build plug-ins using generative AI. No longer are organizations having to start from the ground up by building a large language model (LLM) themselves. Instead, they can quickly tap into existing LLMs and reduce the barrier of entry to the use of AI technology.
But this requires the right talent, culture and team structure. An organization that lacks any of these three elements will find it more difficult to create and capture sustained value.
A lack of qualified talent will hold a company back from using generative AI. This can be solved through upskilling existing workers who have an aptitude for and interest in the technology or by hiring external employees.
But these employees will need to understand what generative AI is and the value that can be created and captured from its use. They also need to be aware of the regulations surrounding its use and have a technical understanding of how to deploy it.
To harness the benefits of generative AI, a company must be willing to change its processes. Its willingness and ability to implement change will determine the value it derives from any new technology.
A key cultural attribute of an organization is understanding its appetite for the risk that comes with the adoption of new technology.
Companies that have the right talent and culture but lack an effective team structure will find it difficult to create the highest value from generative AI. Even if a company has the willingness and the people to use the technology, new ideas will be siloed across the organization.
Key attributes for a team include the ability to create value quickly, capture that value across the organization, and create and capture sustained value. These four team structures can help organizations use generative AI:
Organizations must understand their risk appetite. Generative AI has its drawbacks, after all, and is still a work in progress.
Before deploying generative AI, an organization must understand what value it is trying to create or capture, as well as the difference between machine learning and generative AI. Generative AI creates images, video, music, speech, text and software code based on input. Understanding an organization’s current capabilities in these areas provides a baseline from which generative AI can make improvements.
Going to the next level requires creativity, which involves adopting new processes but maintaining guardrails.
Organizations should create a set of AI principles that transcend any one project.
The Software Engineering Institute and Microsoft have established key principles that organizations can use as a jumping-off point for adopting AI.
An organization needs a strong technical framework to optimize implementation of generative AI across the enterprise. Without this framework, it risks inconsistent results, a lack of scalability, and missed opportunities to gain a competitive advantage.
With the continued updates to generative AI, business leaders must find trusted partners and resources to stay current. Organizations like Microsoft, Google and the World Economic Forum provide resources for upskilling workers, as well as guidance on best practices for AI adoption.
Awareness of laws that govern both the creation and use of LLMs is paramount. Organizations should take advantage of partnerships with data privacy companies and consult their legal counsel as they look to roll out LLMs.
Join RSM US Chief Economist Joe Brusuelas and U.S. Chamber of Commerce Executive Vice President Neil Bradley as they discuss the economic outlook and what middle market companies should anticipate.