Generative AI adoption on the Rise
Generative AI (gen AI) is a new technology that is being rapidly adopted by organizations. A McKinsey Global Survey found that 65% of respondents reported that their organizations are regularly using gen AI, nearly double the percentage from just ten months ago. This rapid adoption is due to the fact that gen AI can create significant value for organizations, such as cost decreases and revenue jumps.
However, there are also risks associated with gen AI, such as inaccuracy.
The biggest challenge for gen AI high performers is data. They reported experiencing difficulties with data, including defining processes for data governance, developing the ability to quickly integrate data into AI models, and an insufficient amount of training data.
Top performers are mitigating these challenges and capturing value by following a set of risk-related best practices.
These best practices include involving the legal function and embedding risk reviews early on in the development of gen AI solutions, as well as employing a wide range of other best practices, from strategy-related practices to those related to scaling.
