Tuesday, January 16, 2024

g-f(2)1857 Unleashing the Power of GenAI: Turning Potential into Profit

 



genioux Fact post by Fernando Machuca and Bing Chatbot


Introduction:


"From Potential to Profit with GenAI" is an insightful article by BCG that explores the transformative power of Generative AI (GenAI) and its potential to revolutionize businesses. It highlights the gap between the winners who leverage GenAI and the observers who have yet to fully embrace its potential.



genioux GK Nugget:


"Generative AI (GenAI) is rapidly changing the business landscape, creating a significant gap between the winners who leverage it and the observers who have yet to tap into its full potential." — Fernando Machuca and Bing Chatbot



genioux Foundational Fact:


Despite the potential benefits of GenAI, 90% of leaders are either waiting for GenAI to move beyond the hype or experimenting in small ways. However, the winners recognize that extraordinary opportunities for productivity gains and topline growth are currently within reach.



10 Most Relevant genioux Facts:



  1. GenAI is quickly changing the way companies do business.
  2. 54% of leaders expect AI and GenAI to deliver cost savings in 2024.
  3. Despite the potential benefits, 90% of leaders are either waiting for GenAI to move beyond the hype or experimenting in small ways.
  4. Winners recognize that extraordinary opportunities for productivity gains and topline growth are currently within reach.
  5. Five characteristics set the winners apart from the observers: investment in productivity and topline growth; systematic upskilling; vigilance about AI cost of use; a focus on building strategic relationships; and implementation of responsible AI principles.
  6. While almost all executives now rank AI and GenAI as top-three tech priorities for 2024, 66% of leaders are ambivalent or dissatisfied with their progress on AI and GenAI.
  7. Only 6% have begun upskilling in a meaningful way.
  8. 71% of the leaders surveyed plan to increase their company’s tech investments in 2024, up from 60% in 2023.
  9. An even larger percentage (85%) say they will increase their spending on AI and GenAI in 2024.
  10. 89% of executives rank AI and GenAI as a top-three tech priority for 2024.



Conclusion:


The article "From Potential to Profit with GenAI" underscores the transformative power of GenAI and its potential to revolutionize businesses. While many leaders are yet to fully embrace its potential, the winners are leveraging GenAI to drive productivity gains and topline growth. As we move forward, the importance of GenAI in shaping the future of businesses cannot be overstated.



REFERENCE

The GK Article


Jessica Apotheker, Sylvain Duranton, Vladimir Lukic, Nicolas de Bellefonds, Sesh Iyer, Olivier Bouffault, and Romain de Laubier, From Potential to Profit with GenAI, BCG, January 11, 2024.



Bing Chatbot's Summary


"From Potential to Profit with GenAI" is an article by BCG that discusses the rapidly evolving landscape of Generative AI (GenAI) and its impact on businesses¹. Here are the key takeaways:


1. GenAI is quickly changing the way companies do business, with a significant gap emerging between the winners (those who leverage GenAI) and the observers (those who are waiting or experimenting in small ways)¹.

2. 54% of leaders expect AI and GenAI to deliver cost savings in 2024, with roughly half anticipating cost savings in excess of 10%¹.

3. Despite the potential benefits, 90% of leaders are either waiting for GenAI to move beyond the hype or experimenting in small ways¹.

4. Winners recognize that extraordinary opportunities for productivity gains and topline growth are within reach right now¹.

5. Five characteristics set the winners apart from the observers: investment in productivity and topline growth; systematic upskilling; vigilance about AI cost of use; a focus on building strategic relationships; and implementation of responsible AI principles¹.

6. While almost all executives now rank AI and GenAI as a top-three tech priority for 2024, 66% of leaders are ambivalent or dissatisfied with their progress on AI and GenAI¹.

7. Only 6% have begun upskilling in a meaningful way¹.

8. 71% of the leaders surveyed plan to increase their company’s tech investments in 2024, up from 60% in 2023¹.

9. An even larger percentage (85%) say that they will increase their spending on AI and GenAI in 2024¹.

10. 89% of executives rank AI and GenAI as a top-three tech priority for 2024¹.


In conclusion, GenAI offers significant business opportunities, but many companies are still in the early stages of adoption. Those who invest in productivity, upskilling, and responsible AI principles are more likely to reap the benefits of this transformative technology¹.


Source: Conversation with Bing, 1/16/2024

(1) From Potential to Profit with GenAI | BCG - Boston Consulting Group. https://www.bcg.com/publications/2024/from-potential-to-profit-with-genai.

(2) Economic potential of generative AI | McKinsey. https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier.

(3) How generative AI & ChatGPT will change business | McKinsey. https://www.mckinsey.com/capabilities/quantumblack/our-insights/generative-ai-is-here-how-tools-like-chatgpt-could-change-your-business.

(4) McKinsey predicts GenAI will revolutionize business operations. https://multiplatform.ai/mckinsey-predicts-genai-will-revolutionize-business-operations/.





Complementary GK Article


Jon Gold, Survey: Execs eager to implement generative AI, but few know how, CIO, January 12, 2024.



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Categorization


This genioux Fact post is classified as Bombshell Knowledge which means: The game-changer that reshapes your perspective, leaving you exclaiming, "Wow, I had no idea!"



Type: Bombshell Knowledge, Free Speech


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References


genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)1857, Fernando Machuca and Bing Chatbot, January 16, 2024, Genioux.com Corporation.

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