There’s no end in sight to the gen AI boom. Every week, we see new advances in the technology, new use cases, and new fears of AI overwhelming humanity or, at least, some industries. Experts predict radical realignments and the emergence of new industrial superpowers, similar to what we saw during the dot-com transition.
Some companies, with their very survival at stake, are willing to spend any amount of money in order to stay relevant. Others just want to stay ahead of their slowest competitors, or just take advantage of the productivity gains and new business opportunities expected to come as a result of gen AI. But no matter how important AI may or may not be to a company, there’s no point in wasting money. Gen AI offers many opportunities to spend too much and get too little in return when, instead, companies can use their gen AI budgets more strategically, allowing them to reap more benefits from investments and pull ahead of their competitors. The key to getting further and faster while spending less money is being more thoughtful and careful about first steps.
According to the latest McKinsey data, 65% of organizations report they’re now regularly using gen AI, nearly double the percentage from 10 months earlier, and three-quarters predict that gen AI will lead to significant or disruptive change in their industries in the years ahead.
