Despite some backlash, it looks like GenAI is a change agent for the better.
You might think the honeymoon period for Generation AI tools and apps might be over – and you may have a point in thinking so.
After all, lawsuits are starting to stack up over GenAI over cyber security and copyright issues and there’s no shortage of users complaining about disinformation and “hallucinations” linked to AI chatbot usage.
But hold the phone.
Despite some content legitimacy issues and legal saber-rattling over copyrights, GenAI is emerging as a powerful force for good, one new study notes.
The France-based business consultancy Wavestone has issued its latest annual Data and Leadership Executive Survey this week, which is billed as the “longest-running” survey of Fortune 1000 and global data, analytics, and AI leaders.
In the study, Wavestone takes a highly positive tone on Generative AI.
“The past year has been an extraordinary one in many respects, not the least of which is the amazing rise of Generative AI,” said study co-authors Randy Bean, Innovation Fellow at Wavestone and Founder of NewVantage Partners, and Thomas H. Davenport, author of the landmark study Competing on Analytics. “(GenAI) overshadows any other development in the data and technology domain, and has a strong influence. Generative AI seems to have catalyzed more positive change in organizations’ data and analytical cultures than in any time since the inception of this survey.”
Despite all the hype and hoopla. GenAI implementations have been rather scarce in the approximately 15 months tools like OpenAI’s ChatGPT were introduced.
“AI has entered its next phase, accelerated off by several Generative AI tools that promise to change the way we work and augment our creativity,” Wavestone says. “However, only 5% of market leaders have implemented GenAI in production at scale, according to Wavestone’s “2024 Data & Analytics Survey”.
A “Top Priority”
The survey points to several key takeaways for C-Suite decision-makers mulling over a GenAI rollout this year.
• Data and analytics are a top priority in terms of investments.
• GenAI is considered potentially the most transformative tech of this generation.
• Leading firms are aware of the time commitment for fully integrating Data & AI.
• Companies believe the Chief Data Officer/Chief Data and Analytics Officer (CDO/CDAO) role is necessary, although turnover has been high and tenures short.
• Companies recognize that integrating data and AI into traditional business processes and changing organizational culture requires time and commitment.
• Companies believe data and AI safeguards and governance are essential, but much more needs to be done.
Wavestone also notes that 87.9% of participants reported that “investments in data and analytics are a top organizational priority” and they’re counting on GenAI to get them across the goal line.
In fact, 62.3% of survey participants reported that “investments in Generative AI are a top organizational priority” in 2024, the study reports.
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
