It is becoming increasingly clear that companies of all sizes and in all industries can benefit from generative AI.
From code generation and content creation to data analysis and chatbots, the possibilities are endless and the benefits are many.
McKinsey estimates that generative AI will generate between $2.
6 trillion and $4.
4 trillion in revenue annually across many industries.
This is just one reason why more than 80% of businesses will be using generative AI models, APIs, or applications by 2026.
Companies that act now to reap the benefits will prosper.
Companies that do not do so will not be able to remain competitive.
However, simply implementing generative AI does not guarantee success.
A proper implementation strategy is required.
Modern business leaders need to prepare for a future where they manage people and machines and integrate his AI into every part of the business.
A long-term strategy is needed to realize the immediate benefits of generative AI while mitigating potential future risks.
If companies fail to address generative AI concerns from day one, they risk consequences such as system failure, copyright infringement, data breaches, and social harm such as reinforcing bias.
However, only 17% of companies address generative AI risks, leaving them vulnerable.
By making the right decisions now, leaders can future-proof their business and reap the benefits of AI while increasing profits.
Businesses also need to ensure they are prepared for upcoming regulations.
President Biden signed an executive order establishing AI protections, the UK hosted the world's first AI security summit, and the EU introduced its own legislation.
Governments around the world are aware of the risks.
Executives need to do this too.
This means your generative AI systems must meet current and future regulatory requirements.
So how do leaders balance the risks and benefits of generative AI?
Enterprises rely on human-centered decision-making, robust large language model (LLM) content governance, and universally connected We are on the path to success by leveraging three principles of our developed AI approach.
By making the right decisions now, leaders can future-proof their businesses and reap the benefits of AI while increasing profits.