GenAI enters the Roll-Up-Our-Sleeves-And-Get-To-Work Phase

Time for AI to Prove Itself

Gartner’s Take on AI Hype

According to Gartner, the AI hype has passed the peak of inflated expectations. By the end of 2024, value will be derived from projects based on familiar AI techniques, either standalone or in combination with generative AI, that have standardized processes to aid implementation.

Industry Leaders Agree: It’s Time for Action

Industry leaders concur that it’s time to focus on the practical applications of AI. "While there is a lot of hype around AI, we have seen impressive outcomes in such a short span of time," said Sri Elaporu, global head of the AWS Generative AI Innovation Center. "Companies are already seeing real benefits of generative AI."

Real-World Applications of AI

Elaporu shared examples of large customers his organization is working with, including Rocket Mortgage, which leveraged genAI to improve the path to homeownership, resulting in a 10% increase in resolutions during the first call. Another client, Bayer, is using genAI to accelerate and re-envision the development of food across 120 million acres of growing fields.

KPMG’s Experience with AI

KPMG is working with clients to implement AI solutions across various functions, including marketing, sales, customer service, field service, procurement, and software development. In highly regulated industries, KPMG is helping clients use AI to process large quantities of written content to produce structured and repeatable summarized documents.

Challenges in AI Adoption

At its core, both operational and generative AI require human input. The primary challenges companies face in genAI adoption are engaging employees, helping them understand the benefits of the technology, and keeping pace with the rapid advancements in the field. "There’s often a gap between leaders’ enthusiasm for the disruption that genAI brings and the concerns of employees who are nervous about what the technology might mean for them," said Steve Chase, vice chair of AI and digital innovation at KPMG.

Overcoming Barriers to AI Adoption

Enterprises express concern about AI around data privacy, integration with existing systems, model selection, and skill gaps. However, the first step – knowing how and where to start – is often the most significant barrier to entry. "Moving from proof of concept to a productized service is the most difficult step to generative AI adoption," Elaporu observed.

Conclusion

In conclusion, it’s time for AI to prove itself. Industry leaders agree that it’s time to focus on practical applications and overcome the hype surrounding this technology. With proper planning, re-skilling, and training, companies can unlock the potential of AI and reap its benefits.

Frequently Asked Questions

• What is the current state of AI adoption?
  • According to Gartner, the AI hype has passed the peak of inflated expectations.
• What are the challenges in AI adoption?
  • Engaging employees, understanding the benefits of the technology, and keeping pace with rapid advancements in the field.
• What are some real-world applications of AI?
  • Improving the path to homeownership, accelerating and re-envisioning food development, and processing large quantities of written content.