AI has the potential to significantly disrupt various industries, making it imperative for businesses to understand and leverage this technology. The emergence of generative AI, a type of AI that can create new content based on patterns it has learned, has particularly far-reaching implications. This technology could potentially add $2.6 trillion to $4.4 trillion of value yearly.
To capture this value, CIOs and chief technology officers (CTOs) must effectively guide the adoption of generative AI into their organizations. They should first determine their company's posture for the adoption of generative AI, identify beneficial use cases, develop a financial AI (FinAI) capability to estimate generative AI costs and returns, and re-imagine their technology function.
Moreover, they should leverage existing services or adapt open-source generative AI models, upgrade their enterprise technology architecture to manage generative AI models, develop an effective data architecture, create a generative AI platform team, invest in upskilling their workforce, and establish practices to mitigate any risks posed by generative AI.
Overall, it falls to technology leadership to drive the adoption and effective use of generative AI in a sustainable and risks managed manner. By following these guidelines, organizations can harness the full potential of this transformative technology.