The impact of Gen AI on people, teams and
The growing impact of AI in the workplace is transforming how businesses operate, with Generative AI (Gen AI) leading the charge. Gen AI, a technology that uses machine learning algorithms to produce anything from text, to images, to code—even composing music in a specific style or genre—has witnessed a meteoric rise in adoption.
The amounts organizations are investing in computing power, data, algorithms, AI-experienced talent, and application development is on an exponential growth trajectory—from $38billion in 2019, to $98billion in 2023, to a projected $2trillion in 2030; all in the pursuit of automated brain power.
Brain power is also growing at an exponential rate—from ChatGPT generating 3,000 words per minute in 2022, to GPT4 achieving 25,000 words per minute in 2023, to most recently, Claude AI's 75,000 words per minute.
This is important as we consider the speed at which Gen AI can create content, and it’s impossible to comprehend how much content it will be able to generate as it continues to evolve. But the big question is, can it create better content than humans? Only time will tell.
Organizations must establish clear and comprehensive principles to manage the uncertainty and risks associated with AI. These principles should address issues such as bias, transparency and accountability in AI decision-making. Simultaneously, they should capture the opportunities Gen AI presents, fostering a culture of experimentation and innovation.
A well-defined process is vital to govern AI investments and priorities. This includes assessing the potential risks and rewards of AI applications, prioritizing AI projects, and evaluating the impact of AI-based assets on the organization's objectives. Effective communication and continuous development of employees' AI-related skills are also important to ensure a successful integration.
To enable efficient and informed AI decisions, a governance structure that balances agility and accountability should be in place. This structure should provide clear lines of sight for AI decision-making while allowing for the speed and flexibility needed to keep up with the rapidly evolving AI landscape.
By embracing Gen AI with a thoughtful and strategic approach, organizations can position themselves as pioneers in harnessing its benefits. Improving productivity, enhancing relationships, augmenting intelligence and winning the war for data are essential strategies that drive success in this AI-driven landscape. By leveraging Gen AI to empower employees, foster innovation, and make data-driven decisions, businesses can thrive in the dynamic future workplace.
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