The GenAI Revolution is Being Held Up by Wrong Answers and Old Tech
The GenAI revolution will not be televised.
Note this PDF was made from converting a web page, I had to put some of the graphs in manually. The original website can be found: HERE
"The Revolution Will Not Be Televised" is a satirical poem and song by Gil Scott-Heron. Scott-Heron first recorded it for his 1970 album “Small Talk at 125th and Lenox.”
GenAI is already transforming our workplace, and Bain's survey shows how quickly companies are adopting it.
The problem is that not everyone is happy with the results. The survey shows that there is a group of what I call “problem sectors,” where only 70% or less of respondents said that AI met expectations.
The problem is that Finance is one of those sectors (Figure 3). If you look at why GenAI didn’t meet expectations, the top two reasons were that it couldn’t perform the task and had poor output.
The other side of the coin is that there are industries like customer service and coding where GenAI does exceedingly well.
👉TAKEAWAYS
🔹 Bain suggests that GenAI needs to deliver real value but doesn’t have a time-table. The reality is that for many industries GenAI is harder than it looks.
🔹 Industries are highly variable in their satisfaction level with GenAI, with sales and marketing being the most content while finance and legal, with exacting standards placed in the bottom half.
🔹 For those who were not satisfied with GenAI output the top complaints were that it couldn’t perform the task and gave wrong answers
🔹 Slowing GenAI development is the fact that the many respondents worked in companies whose tech platform couldn’t support its implementation. With lack of in-house expertise the second major issue.
🔹 It shouldn’t be surprising that the companies best prepared for GenAI in terms of Data Readiness, Resouces and Data Security are of course tech companies.
🔹 The Build vs Buy dilemma is less prounounced in GenAI, as most companies are forced to buy services from a GenAI provider but a majority of companies are spending cash to customize them to their particular needs.
👊STRAIGHT TALK👊
I am the first to say that GenAI will transform all of our workplaces, but the real question is, how fast will that happen?
Bain’s survey suggests lots of experimentation and limited profits. In fact many respondents basically said they wouldn’t work with GenAI until someone else figured out how to make money with it.
It is debatable whether that strategy is valid, but it will likely work for many small and medium enterprises.
Bain is right 2024 needs to show results, and while for some industries they are already clear and compelling for others it will take a lot longer.
The survey again shows that GenAI development and implementation take time and are not as easy as the hype suggests.
So once more, I love AI. I hate the hype!
Is it me? What do you see coming?
Join our community by subscribing. You’ll be joining an exciting journey down the rabbit hole to our shared digital future—and you’ll be glad you did!
Sponsor Cashless and reach a targeted audience of over 50,000 fintech and CBDC aficionados who would love to know more about what you do!
