A little while ago I wrote an article that talked about the urgency of adopting Generative AI (GenAI). The more organisations I speak to, who then see the potential of GenAI, the more I realise that it’s an imperative – that the world is changing around organisations and those that are not planning to adopt are leaving both time and cost savings on the table (the ROI is tangible). This hesitation could be costing businesses more than they realise – the loss of a competitive edge.
What is it?
GenAI refers to a type of artificial intelligence that creates new content – text, images, code, even music – based on patterns in the data it’s been trained on. Tools like ChatGPT and Microsoft Copilot are examples of GenAI at work.
Why does this matter? Because GenAI isn’t just about automation; it’s about augmentation. It helps businesses do more, faster, and often better, by assisting with tasks like writing, brainstorming, coding, and analysing data. It’s a game-changer for productivity, creativity, and problem-solving.
In short, GenAI allows businesses to work smarter, not harder. If you’re not exploring its potential, you’re at risk of falling behind.
What does it mean from a business perspective?
By ignoring GenAI, businesses are leaving significant opportunities on the table. Here’s what’s at stake (take a look at the BCI Copilot project results):
- Cost savings: GenAI reduces manual workloads, automates repetitive tasks, and cuts down on operational costs. Imagine streamlining document preparation, or speeding up content creation – all without sacrificing quality all the while keeping humans in the loop.
- Time efficiency: It accelerates processes, from summarising reports to generating strategies. Tasks that once took hours can now be completed in minutes, freeing your team to focus on higher value work.
- Competitive edge: While you’re hesitating, your competitors might already be leveraging GenAI to innovate and deliver faster, better services. Falling behind isn’t just a missed opportunity; it’s a potential risk to your organisation.
- Talent optimisation: GenAI doesn’t replace your team – it amplifies their abilities. By taking over the bulk of a routine tasks, it lets employees concentrate on strategic and creative endeavours, boosting morale and productivity.
ttps://www.bci.ca/enhancing-productivity-through-generative-ai-with-microsoft
What do I do with it?
If you’re ready to stop leaving savings and efficiency on the table, here’s how to get started:
- Educate yourself and your team: Start with a foundational understanding of GenAI and its applications. Consider workshops, training sessions, or even hands-on experimentation with tools like ChatGPT or Microsoft Copilot.
- Identify high-impact use cases: Look for areas where GenAI can deliver quick wins, such as summarising documents, speeding up data analysis, or enhancing marketing campaigns.
- Start small but think big: Begin with pilot projects to explore GenAI’s potential. Use the insights gained to build a scalable road map for broader implementation.
- Partner wisely: Collaborate with experts or consultants to design and implement GenAI solutions tailored to your business needs. Their guidance can fast-track your success and avoid costly missteps.
- Monitor and optimise: Like any tool, GenAI requires refinement. Track its impact, gather feedback, and continuously fine-tune your approach to maximise value.
The bottom line? GenAI isn’t just a nice-to-have; it’s a must-have for any business looking to compete. By embracing it, you unlock opportunities to save money, save time, and innovate faster than ever. So, the real question is: how much longer can you afford to wait?
If you’re already using GenAI, how has it transformed your business? If not, what’s holding you back?
Additional Reading
British Columbia Investment Management Corporation (BCI) M365 Copilot success
VentureBeat – Unlocking Gen AI’s true value: a guide to measuring ROI
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