As the residuals of 2023 wear off, the world has been atwitter with conversations surrounding the transformative power of generative AI. However, many practitioners continue to come to terms with the fact that the expected benefits — cost reductions, streamlined operations, and firings of unneeded staff — haven’t been fully realized. So, what went wrong? The problem has really not been with the tech, it is how organizations have integrated it.
We do not believe that the real benefit is a reduction in headcount; instead, we see generative AI as an enabler to redeploy talent and allow people to spend more time on higher-value work. As organisations strive to harness these new paradigms for success, technology must be aligned to your processes in a way that eliminates mundane repetition, amplifies creativity, and enhances productivity without displacing the humans.
Reallocating Talent: The Key to Thriving Business Solutions
Generative AI is not a killer of jobs, but a transformer of jobs. Used thoughtfully, AI enables companies to redirect talent from repetitive, mundane work into strategic, value-gaining roles. At the core of this transformation are three key pillars: people, processes and technology, the fundamentals of how a business operates.
As a company, we are people first and follow this mantra at 1POINT1. After all, it is people who design, manage and optimize the processes that make technology work. The potential of AI lies in alleviating mundane tasks, while the real potential for creativity and innovative thinking comes from human employees, paving way for growth within any business. Generative AI frees up employees to do work that is more fulfilling and can have a greater impact on the company by automating low-value tasks.
The Right Approach: Plan, Prepare, and Pilot
Businesses more often than not jump straight into generative AI deployment and development without a functional roadmap or understanding of their needs. The hype around new technologies can contribute to unrealistic expectations, leading companies to bite off more than they can chew. One strategy that we urge our partners at 1POINT1 to undertake is to start small, understand the needs that are immediate right now, and pilot AI in a safe space.
This gives companies the opportunity to pilot AI applications with a smaller scope, collect feedback, and measure ROI sooner in the development process. Focusing on localized use cases allows businesses to build confidence, iterate/define processes, and increasingly scale their AI initiatives. It is this deliberate, methodologically sound approach to exploting the possibilities of generative AI that will help facilitate its potential without taxing a company’s resources or misleading its stakeholders.
Avoid the Pitfalls of DIY Solutions
One of the biggest mistakes organizations make is believing that generative AI is a plug-and-play solution. Although AI has great promise, it is not a magic bullet. With the complexity of the technology and limited in-house expertise, companies that rush into building their solutions without a proper plan can incur expensive blunders.
At 1POINT1, we’ve experienced how this can blow up in your face. A year into building out a vertical knowledgebase for their industry, one of our clients, who had wanted to be an early adopter of generative AI, recently turned to us for help. But the system was fraught with accuracy problems, especially in a regulated space. Instead of beginning from zero, we partnered with them to reshape their content, recalibrate the AI model’s settings and optimize the performance. This resulted in a 30% increase in accuracy in just a matter of weeks, emphasizing how collaborative efforts and valuable guidance from an expert can be vital for introducing complex technologies.
Navigating Complexity with the Right Skills and Partners
Successful generative AI is about the technology you choose, but also about how that technology connects with your business processes and talent. We at 1POINT1 realize that obtaining the necessary specialized skills to deploy generative AI properly is one of the challenges for businesses. In reality, the supply and demand for qualified AI professionals can sometimes be a challenge to find the right fit.
The right technology partner may be the key to overcoming this challenge. Generative AI applications are often siloed, and without a cohesive strategy, such disparate tools might not easilying work well with each other. On your own, the conceptual framework for AI can lead to serious struggles, and working with an experienced partner, such as 1POINT1, ensures that the building blocks of your AI system are appropriately laid out, leaving you to focus on business outcomes rather than the technical roadblocks.
Measuring Success: Plan Ahead to Avoid Missteps
The old English saying “measure twice, cut once” is relevant here when applying generative AI to your business. When designing complex systems with multiple stakeholders, hasty decisions are likely to mean expensive mistakes. A deep dive of different potential AI solutions and their fit with your business objectives will go a long way towards managing risk.
For this reason, at 1POINT1 we hold our clients through this process and assist them in identifying the most suitable partners for their needs and avoid common pitfalls. With our expertise, generative AI solutions are tailored to precision and deliver measurable business outcomes that tie with strategic goals.
The Path to a Smarter Future
Generative AI promises to transform businesses across the spectrum, but unlocking that potential will take a strategic, intentional approach. Say, you have data till October 2023. Focusing on the right tech, the right people, and the right processes can help businesses seize new opportunities and ensure sustainable success.
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