The corporate world is awash with pilots, proofs-of-concept, and innovation experiments. These initiatives are valuable for learning about GenAI, but they don’t drive real business value. According to our AI analysts, only 5% of companies are currently running GenAI in production applications. Moreover, an increasing number of executives are becoming skeptical of the touted (overtouted?) business benefits of AI.
The root cause of this issue, according to Andy Fanning, former Global AI Lead at Cigna—a major insurance company with numerous GenAI applications in production—is what he calls a "time frame problem."
“The thing that kills innovation and progress inside all big companies is a time frame problem. It is very easy to say, 'Let’s have a meeting in two weeks,'” Fanning remarked at our recent Generative AI World 2024 conference in Boston.
The solution for GenAI applications, he argues, is to go from an idea to production in just SIX WEEKS.
Fanning recommends selecting a project that aligns with your company’s core values and committing to a six-week timeline to move from concept to production.
In this age of AI, where technology is advancing rapidly, where companies that lead in AI are increasing the distance between themselves and the laggards, and where top talent from lagging companies is gravitating toward AI-centric firms, companies in industries that are WINS-intensive face declines in business revenue and profits if complacency remains the standard mode of operation. (Read a definition of WINS-intensive industries here).
Andy is not advocating recklessly going into production and ignoring corporate policies on security, privacy, etc., but he is encouraging a very strong bias toward action that leads to in-production, GenAI applications.
How is your company balancing the need for risk management with the need to drive competitive advantage with GenAI?
Our Monday Learning Lab tomorrow, Monday Oct 14 at 7p ET/ 4p ET, focuses on where companies are along their AI Adoption Journey and reviews a survey on AI adoption done by Rosemary Brisco from To The Web. Join us for a robust discussion of survey results and current challenges for AI Leaders.
“Innovation distinguishes a leader and a follower.” - Steve Jobs
Onward,
Paul
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