Is GenAI Right For Your Business?
You don’t have to be in the technology business to know about Generative AI (GenAI). The buzz about this technology advancement is everywhere! The media is talking about its impact, governments are discussing regulation, and technology companies are looking for ways to integrate GenAI into existing products and to create new products that will excite consumers, and improve productivity, results and revenue.
The renowned technology research firm, Gartner states that, ‘Organizations that develop the ability to combine the right AI techniques are uniquely positioned to build AI systems that have better accuracy, transparency and performance, while also reducing costs and need for data.’
In this environment, it is easy to see how executive teams might be considering the use of GenAI capabilities, and it is likely that these executives are hearing about the advancements at conferences, reading about it industry journals and responding to inquiries from the board of directors and other stakeholders.
IT professionals, managers and advisors are scrambling to decide whether and how to incorporate GenAI into strategies, how much to invest and when to make the jump.
Before you commit to GenAI, consider the following questions:
What is your business need?
Create business use cases so you have a specific idea of the problem you want to solve, or the gap you want to fill. Then look at the capabilities of GenAI, and determine whether this solution can address your needs with reliable results, adequate security and privacy, avoidance of risk, industry or regulatory standards compliance, cybersecurity concerns, business process improvement, etc. What specific value does GenAI add, versus a) status quo, b) other technologies, c) a combination of other artificial intelligence (AI) approaches? As you work through this process, provide a ranking for the GenAI solution to determine the value of GenAI in meeting the needs of the business use case(s).
Is GenAI the sole solution, or should you consider a combination of approaches?
If GenAI does not provide comprehensive coverage for your use case(s), you may wish to consider other approaches, i.e., causal AI, non-generative machine learning (ML), knowledge graphs, etc., or your business might benefit from combining GenAI with other AI approaches. For example, you might combine GenAI with search optimization, rules-based systems for natural language generation and chatbots, with simulation, with non-generative ML to classify and segment data, or with graphs. Combining techniques can reduce costs, while delivering appropriate performance, efficiency and accuracy.
It is easy to get caught up in the GenAI hype and, while GenAI holds a lot of promise, and is improving every day, it may not be right for your business today. Avoid the hype and take a careful look at your business needs. This approach will help you choose the right solution at the right time, and avoid costly missteps. Where it makes sense to leverage the capabilities of GenAI, you should also look at how much coverage this technology can provide. Is GenAI the sole solution that is right for your needs, or should you consider combining technologies to reduce cost and improve outcomes?
While GenAI has many benefits, it is rarely a one-size-fits-all scenario. Base your decision on what best suits your requirements and your use cases and include a periodic review of AI capabilities in your strategy, so that you can stay abreast of advancements and developments in the market and adapt your approach as necessary.
If you wish to engage expert software development and AI Consulting Services, contact us today. You can achieve a competitive advantage by combining AI solutions and predictive analytics to meet your business needs, improve customer satisfaction, productivity and business agility.
Original Post : Consider Your Business Needs Before Choosing GenAI!
