BLOG | GENERATIVE AI

“A ship is safe in harbour, but that’s not what ships are for.”

by | Nov 11, 2024 | GenAI

The same is true of your data! Reimagine this quote in the modern world where your data is the ship, and the ocean is the market you want to dominate. AI can be your map of exploration. There are endless possibilities, but you can’t realise anything without taking the ship out of the harbour.

Why Waiting to Invest in Generative AI May Leave You Behind

As the hype around generative AI builds, it’s clear that many businesses are still focusing solely on return on investment without considering the urgency of moving forward. The landscape is evolving rapidly, yet countless mid-market organisations remain at a standstill, missing critical opportunities to adopt generative AI while their competitors charge ahead. If your business is sitting on the sidelines without a plan to engage, it’s time to worry.

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Katie McCarron

Consulting Director

Generative AI in Action: Industry Leaders are Already Seeing Results

In competitive, tech-driven sectors like financial services, the imperative is clear: start implementing, learn, and optimise. We’re seeing too many companies delay AI projects at the business case stage, bogged down by hypothetical scenarios in boardrooms with no real-world experiments to draw insights from. Waiting for the “perfect strategy” without any practical understanding of AI in action is the worst approach, especially if you’re seeking a competitive edge. Risk-aversion is understandable, but an overly cautious mindset can stifle innovation.

Start Small, Dream Big: Build Your Business Case from Hands-On Experience

The most effective approach to generative AI & AI more broadly begins with experimentation. You don’t need to reimagine your entire strategy before getting hands-on. Here are three points to keep in mind:

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Do you genuinely need live, real-time responses?

If the answer is yes, Generative AI is for you! High-touch customer service or admin-heavy processes are top of mind examples which can dramatically improve productivity of day-to-day operations.

Waiting for your data to be perfect before starting?

Don’t let imperfect data hold you back. Too often, clients stall because they lack a “perfect” data setup. Yet, we frequently run proof of concept (PoC) projects with imperfect or ‘messy’ data to demonstrate the technology’s potential. These trials help build a business case for why investing in a high-quality data architecture is worthwhile down the line.

Don’t wait for the crowd to move first.

We all have access to the same research and know where AI can make an impact. By 2026, generative AI will be mainstream in many industries. By then, your competitors may have become more efficient and agile, leaving you to play catch-up if you’re still defining your AI policy in 2025.

Embrace the Complexity – and Don’t Let It Delay Progress

The generative AI space can feel overwhelming, and it’s easy to deprioritise as daily demands take over. But this is precisely where our team comes in: to help you break through the initial hurdles and create tangible outcomes. We’re focused exclusively on building momentum quickly, delivering immediate, actionable results.

The time to act is now. Let’s connect to discuss how we can help bring your AI initiatives to life.

All views expressed are my own.

 

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