Generative artificial intelligence is already an active part of the business framework and is used as a necessary tool for its proper development. To clarify everything that surrounds it, the consulting firm McKinsey & Company has recently published its latest report under the title, What every CEO should know about generative AI.
With the seven recommendations that the report establishes, the fundamental keys are given so that CEOs can implement generative AI and above all know how and when to act. AI is evolving and its presence is becoming more common, however, it is still arouses reluctance among senior executives.
From the report, a set of recommendations for a clear and coordinated approach in generative AI. And it is that although AI continues to advance, the expected level of precision has not yet been achieved, which is why it arouses certain reluctance among CEOs.
How to apply generative AI to companies
Among the recommendations made by the study is the need to Hire the most qualified and suitable professionals to develop the tools of generative AI. Similarly, creating and maintaining a balanced set of alliances would help companies move quickly. The union with suppliers and experts could make the company benefit.
The ease of generative AI when deploying can tempt companies to apply it exceptionally in sporadic cases, but the consultancy urges that it is convenient focus on the areas that generate the most valueas well as in the combination of technologies to enable new ways of working.
A third element that is indicated as important to apply generative AI in organizations is the concept of enable, and it is that in order to take advantage of everything that this tool has to offer, a large amount of data and modern technology are necessary. Likewise, it points to the importance of buildingsince AI is in a very advanced development, so companies must act quickly to ensure a competitive advantage.
Assess the risks of generative AI
Although the study praises the role of generative AI, nevertheless the recommendation revolves around the necessary balance by the CEOs of the companies to control the risks that this implies. For this it is recommended establish ethical principles and usage guidelines.
In this line, the senior partner of McKinsey & Company, Benjamin Vieira, has affirmed that “each SEO must work with the executive team to reflect on where and how to participate”. In this way, within the same business board, some members may consider the incorporation of generative AI appropriate due to the opportunities it offers the company, but others may decide that the best option is to start gradually and scale more in the future.
The report also warns that even with varying degrees of investment and technical requirements, inaction with generative AI can leave an organization behind. lagging behind its top competitors.
The truth is that generative AI technology is advancing rapidly, developing some tools that are perfect for automating, increasing and accelerating the work of any company. An example of this is the launch of OpenAI GPT-4 in March, offering 40% improvements compared to GPT-3.5 in terms of precision and bug fixes.
Even so, Benjamin Vieira warns that “there are still some CEOs who are cautious when acting with these types of tools and want to learn more about them by experimenting with some use cases before making large investments.”
