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3 min read
Published on 08/09/2024
Last updated on 09/05/2024
Navigating the generative AI lifecycle: Unlock the potential of trusted GenAI for your organization
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Generative artificial intelligence (GenAI) adoption is booming as teams and organizations rapidly deploy GenAI apps across departments for efficiency gains and cost savings.
However, uncontrolled GenAI deployments pose risks to data privacy and security, internal and regulatory compliance, and unforeseen misuse. A new ebook by Enterprise Strategy Group (ESG) details these risks and offers mitigation solutions – download the ebook.
The world of artificial intelligence (AI) is moving incredibly fast. That’s especially true for GenAI, which was at the height of the “peak of inflated expectations” in the latest Gartner Hype Cycle™ for Artificial Intelligence. Barely a year later, GenAI has been added to nearly all categories of technology, from marketing content creation tools to financial reporting solutions and everything in between.
However, while the promise of GenAI is quickly turning into real business value, teams and individuals across your organization are deploying GenAI solutions with such speed, it’s important to avoid unnecessary risks.
TechTarget’s ESG recently published an ebook, “Unlocking Generative AI’s Potential: A Fast Track to Trusted Solutions,” detailing how GenAI apps and assistants are exposing organizations to both high risks and high rewards. The ebook offers tips for how you can rein in GenAI usage and proactively guide GenAI deployments.
GenAI app deployments are exploding
Bloomberg predicts spending on GenAI will explode from $64 billion in 2023 to over $1.3 trillion by 2031. The firm also predicts GenAI spending will capture 12% of all technology spend from today’s mere 2%.
What’s driving this incredible growth rate? It’s your research, marketing, development, customer service, and other teams deploying GenAI to pursue cost and time savings, error reductions, productivity improvements, and more.
ESG found that most organizations have a primary business objective of improving operational efficiency. GenAI is a match made in heaven for those businesses seeking to automate workflows, improve data analytics, and elevate the customer and employee experience. And, given that venture capital money is pouring into GenAI solution providers (up five times in 2023 over 2022), the catalog of available options for your teams to deploy will only continue to grow.
Avoiding the risks of unbridled GenAI deployments
Since GenAI solutions are generally cheap and effortless to add, install, and deploy, your organization must be proactive in giving teams what they need while protecting the organization from related risks.
In the ebook, ESG found that ethical and legal concerns, data quality issues, regulatory compliance, misuse, and other pitfalls are top-of-mind for many organizations. Some are launching machine learning operations teams (MLOps) to formalize GenAI processes, boost policy governance and compliance, and monitor and control model performance, usage, and effectiveness.
Many organizations are also working to balance the use of in-house, third-party, and open-source models to understand better which approach best fits their needs and objectives. ESG uncovered the pros and cons of each approach, which can help guide your model strategy.
Be proactive on GenAI integrations
Building a solid foundation for organization-wide GenAI deployments requires a comprehensive view considering all parts of the GenAI app and assistant lifecycle. ESG recommends a phased approach that covers data preparation and model selection, moves to prioritization and selection of GenAI integrations and applications, and follows through with testing and monitoring to gauge governance effectiveness.
Download the ESG ebook to learn how to use GenAI apps to enhance your organization while lessening your risk exposure.
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Fulfilling the promise of generative AI: A strategic path to rapid and trusted solution delivery
GenAI is full of exciting opportunities, but there are significant obstacles to overcome to fulfill AI’s full potential. Learn what those are and how to prepare.
