Company leaders are eager to use generative AI to boost their bottom line, with Microsoft estimating that nearly 60% of Fortune 500 companies are using its Copilot AI assistant. However, speakers at the recent Fortune Brainstorm AI Singapore event warned that companies need to overcome several gaps to effectively leverage the benefits of generative AI.
The first gap is the "value gap" - the challenge of translating the excitement around AI into tangible business outcomes. As Debanjan Saha, CEO of DataRobot, explained, "There's a lot of excitement about AI, but translating that into business outcomes is not easy."
The second gap is the "confidence gap" - businesses are not confident enough to take AI applications or models to production because they are unsure about the accuracy. Saha noted that companies don't need their workforce to have deep AI expertise, but rather need people who can use these models to solve business problems.
Another element of the confidence gap is figuring out how to "stay out of jail" - in other words, navigating the increasing government scrutiny around AI. Surprisingly, Vivek Luthra of Accenture said that more regulated industries are actually using AI than one might expect.
To address these gaps, Luthra suggested that companies approach the challenge from a workforce transformation perspective. They need to think ahead, determine what work they will be doing in the future, and then cultivate the workers they'll need to achieve that. This could lead to significant value, as exemplified by an Accenture client that used AI to create a year's worth of marketing content in just eight days.
However, both speakers warned that not every firm will be able to adopt AI at the same rate. Tech and asset-light companies can be more nimble, while asset-heavy firms like manufacturing may need more time. Ultimately, the key is to show near-term value and return on investment, as the "honeymoon period" for generative AI won't last long.