As generative AI, like ChatGPT, shatters user base records, the focus shifts to when and how enterprises can harness this tech for positive outcomes with minimal risks. In a recent roundtable discussion by LatentBridge and Kore.ai, leaders from diverse sectors shared insights on GenAI and conversational AI adoption. Here are key takeaways.
As ChatGPT and other generative AI models break user base records, the real question isn't whether enterprises should dive in; it's about when and how to leverage this technology, ensuring a positive impact while keeping risks as low as possible.
In a recent roundtable discussion hosted by LatentBridge and Kore.ai, leaders from banking and financial services, business process services, and public sector services shared their valuable insights associated with GenAI and conversational AI adoption.
We capture below some of the key takeaways from our interactive discussion:
Early GenAI Adoption for a Competitive Advantage: Pioneers in the field emphasise the importance of staying ahead of the curve and collaborating with expert partners to maximise the benefits of GenAI, gaining a competitive edge through its adoption. ISG research reveals that 85% of respondents are exploring GenAI adoption, with a focus on front-office functions and personalised customer experiences. The consensus is that improving customer experiences directly correlates with increased revenue generation. While some organisations focus on boosting top-line growth, others turn to AI and automation to enhance efficiency and reduce operational costs, reflecting the diverse range of motivations driving GenAI adoption. However, it's essential to note that GenAI adoption rates vary significantly across industries and geographies. According to the same research, financial services lead the pack with approximately 24% of use cases, followed by manufacturing, pharmaceuticals, and healthcare. 60% of our participants were engaged in trialling GenAI or in matured state of productionising their use cases.
Proving ROI and Business Value: Organisations need clear demonstrations of substantial ROI and business value of AI and automation adoption to justify expenditures, especially when it comes to securing tangible benefits like increased productivity and efficiencies. To prove ROI when adopting new GenAI technology, organisations felt the best way forward was to commence with small, rapid pilots. It's crucial to educate boards about the technology's potential while avoiding large upfront investments. CFOs want to see the benefits ahead of approving a bigger budget for multiple use cases.
Addressing Skills Shortages through Reskilling: Skills shortage is a prominent concern in the adoption of generative AI, with about 70% of business leaders expressing concerns that their teams don’t have the necessary skills to utilise these technologies. However, several participants claimed they are proactively gearing up for reskilling initiatives to bridge this skills gap. While the full spectrum of required skills may not be entirely clear, investing in reskilling is crucial to empowering their workforce to navigate the next stage of AI adoption successfully.
Navigating Data Privacy and Security Challenges: While there are promising developments in this arena, it's not all that rosy, and concerns surrounding data privacy, copyright, and IP infringement weigh heavily on the minds of participants. A significant focus lies on data isolation as a critical means to safeguard sensitive information. For instance, a participant from a business process services firm highlighted the formidable challenges associated with data security, particularly in their collaborations with banks, where data usage outside secure environments is strictly restricted. To effectively address these issues, it is imperative to implement a robust architecture and establish appropriate guardrails. Moreover, data governance, a collaborative effort involving multiple stakeholders such as compliance, business units, and IT, plays a pivotal role in mitigating concerns related to data privacy, security, and IP issues.
Regulators' Evolving Role and Involvement: Contrary to common belief, regulators are actively stepping up their involvement with organisations and seeking answers to ensuring data privacy is safeguarded in GenAI adoption. A few leading financial services firms confirmed active engagement with the regulators covering aspects such as use cases, data quality, security measures, and overall approach. This shift in regulatory behaviour reflects a more proactive stance aimed at ensuring that organisations adhere to compliance and data privacy standards in their AI endeavors. Moreover, a participant from a prominent UK industry body for fintech highlighted that regulators are increasingly receptive to fintechs and innovative players by providing sandboxes. This evolving regulatory controls underscore the imperative for organisations to align their GenAI initiatives with legal and regulatory requirements, thereby reinforcing the significance of responsible and ethical AI practices.
People-Centric Approach with Responsible AI: The conversation underscores the importance of a people-centric approach, keeping both employees and customers at the forefront of AI adoption. Responsible AI is seen as a critical framework to ensure that these transformative technologies are ethically and effectively utilized. A participant from a leading banking and wealth management group mentioned that it places employees at the heart of its operations and emphasises the importance of ensuring that AI and automation enhance the employee journey rather than leading to layoffs. Responsible AI not only safeguards against misuse but also ensures that the adoption of AI and automation adds value to both employees and customers. It is worth noting here that while an Accenture study indicates that around 40% of working hours across industries will be impacted by GenAI, that doesn’t mean that those jobs will go away because, in most cases, GenAI is impacting a part of a task somebody does.
The journey towards harnessing the full potential of AI is one of striking the right balance between technology and human interaction. Picking the right use case, gaining organisational buy-in, having a secured framework, and engaging experienced partners are crucial for success. By navigating the above challenges and opportunities effectively, organisations can harness the transformative potential of GenAI to enhance customer engagement, streamline processes, and drive growth in the evolving business landscape.
"GenAI has revolutionised the industry, making AI adoption more accessible and affordable than ever before." – Hema Gandhi, CEO at LatentBridge
LatentBridge is at the forefront of facilitating GenAI adoption by providing a cutting-edge GenAI DevFlow framework tailored for enterprises. This framework equips organisations with a secure environment for harnessing open-source large language models (LLMs) to accelerate the development, testing, and deployment of AI-driven solutions across diverse use cases. This cloud-based offering ensures flexibility and scalability, allowing organisations to adapt to evolving demands seamlessly. Furthermore, LatentBridge’s Navigo enables enterprises to streamline their GenAI adoption journey. Navigo assists in identifying the most suitable processes for GenAI adoption, offering objective assessments of feasibility, ROI, and payback periods.