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5 Things Every Business Leader Must Know About Generative AI

Generative AI is comparatively a newer technology but it has taken the tech world by storm. From writing excellent copies to generating codes, from creating images with prompts to making a full-fledged streaming video, the capabilities of Generative AI are tremendous.

With proper integration with relevant softwares, Generative AI can do wonders, and business leaders, particularly, cannot stop themselves from leveraging it to boost their business growth. However, there are several things that they must be aware of about the Generative AI before they can successfully implement it in their organization. This will help them choose the right AI tool, avoid investing a huge budget, check out ethical considerations, etc. Let’s explore what these things are.

Generative AI

To give a brief overview, Generative AI refers to the branch of artificial intelligence technology that focuses on creating new content from existing data used to train the model. Generative AI tools are capable of generating new and unique content be it in the form of texts, images, videos, or music. It mostly uses deep learning technology to learn patterns and structures of the existing data that helps it generate new ones. If you are looking to start or excel in your AI career, then knowing how to use generative AI is a must for you.

Things business leaders must know about Generative AI

Gauge the potential of Generative AI

Undoubtedly, generative AI is driving the innovation and efficiency of modern businesses as its ability to generate new data can be used in a wide range of applications.

Well, generative AI doesn’t only apply to generating random content. If used properly, this is an incredible tool that can help enhance AI leadership, it can fundamentally reshape how they approach decision-making processes. Apart from making business operations faster, and easier, they can largely help in fostering innovation and creativity as well.

It can be highly customized as per business requirements as and when required allowing businesses to match up with their goals with their own unique and priority datasets.

Build or Buy the Generative AI system

Business leaders often face this situation where it gets difficult to decide whether to buy or build software while employing artificial intelligence technology for their organization. There are several factors to consider before coming to a conclusion such as:

  • Access to unique data and domain expertise

Custom generative AI can be beneficial only when organizations have a unique data set that could help them smoothen business operations. It comes in handy in large organizations where they have their own processes and information that needs to be conveyed to their customers in an automated manner. For example, AI chatbots in huge telecom companies are trained on specific and unique data pertaining to the company’s tariff plans. It helps the generative AI chatbots to effectively answer the customer’s queries.

  • Availability of the right workforce

You need an advanced set of workforce consisting of skilled and certified AI professionals and developers who can help you develop AI tools specific to your business. If you have the required workforce then it’s great. And if you need to hire them, you better compare its cost with buying new software.

  • Time constraints

Building a generative AI software is not like cutting a piece of cake. It is a complex task requiring a decent amount of time commitment. If you can sustain delayed adoption of AI tools then fine, otherwise buying would be a good option

  • Cost

This is by far the most important thing to decide whether to build or buy software. AI leadership should consider long-term costs to properly evaluate which will bring profit in the long run.

Evaluate Industry Use cases

Before business leaders incorporate generative AI technology within their organizations, it will become highly beneficial if they evaluate the use cases of the generative AI tools they are eyeing for their organizations.

They must check out how the software has been used by other organizations in their industry. They can evaluate how AI chatbots can enhance their customer’s experience, in the healthcare industry if they can be helpful in drug discovery, in the gaming industry if they can help in building dynamic characters, etc.

If your organization has a project that already aligns with what has been accomplished earlier, then it can make your tasks much easier.

Pay attention to ethical considerations

Generative AI is becoming more and more powerful every day. Its applications are widespread. Generative AI is trained on huge amounts of data and there is no guarantee that the data used for training is accurate and unbiased.

Therefore, business leaders must ensure the tools and software they are using for their organization are ethically accurate and must not harm the business and sentiments of its customers.

Become a future-ready AI Leader

Learning AI skills can be quite easy as there are several AI courses and certification programs that train engineers and developers to become efficient AI professionals. But if you want to become a transformational AI leader then you must be aware of what the AI technology is bringing to the world and a wide range of AI leadership strategies that you can use to enhance your organization’s operations.

The United States Artificial Intelligence Institute (USAII®) introduced one of its kinds of AI Leadership programs called Certified Artificial Intelligence Transformation Leader (CAITL™) aimed at senior-level professionals, business leaders, and C-Suite professionals to power up AI transformation for business growth.

To sum up!

Gain knowledge about how to transform your organization by leveraging the power of AI, get access to numerous use cases related to different AI tools and technologies redefining business operations, and learn different AI strategies that will boost the organization’s performance incredibly. Get certified and take your AI career to the next level.