Welcome back to this week’s edition of The Tech Bridge.
Today I’m sharing about the spike in adoption of AI.
Let me first set context.
Generative AI Goes Mainstream
2023: The year the world discovered generative AI.
2024: Organisations begin to truly harness the business value of this technology.
65% of organisations now regularly use generative AI, nearly double from ten months ago.
If 2023 was the year everyone got acquainted with generative AI, then 2024 is the year businesses started cashing in on it. According to the latest McKinsey Global Survey, a whopping 65% of organisations are now regularly using generative AI—almost double the percentage from just ten months ago. The hype isn’t just staying at the surface; three-quarters of respondents believe that generative AI will bring significant or even disruptive changes to their industries in the near future.
Companies aren’t just dabbling—they’re seeing real results. Cost reductions? Check. Revenue boosts? You bet. The survey reveals that AI adoption has skyrocketed, with 72% of respondents reporting that their organizations are using AI across multiple business functions, up from about 50% in previous years. It’s not just limited to one region either; AI fever has gone global.
Now, before you think it’s all sunshine and rainbows, there are risks—big ones. Inaccuracy is the main villain in this story. But here’s the kicker: companies are getting smarter about mitigating these risks. And they’re doing that by taking lessons from high performers who are leading the way,
Gen AI High Performers: What Sets Them Apart
A small group of high performers already attribute 10% or more of their EBIT to generative AI.
These leaders use gen AI in an average of three business functions and prioritise customised or proprietary models over off-the-shelf solutions.
High performers are 3x more likely to adopt risk mitigation practices early in the development process, involving legal and compliance teams from the start.
But here’s where it gets really intriguing: these high performers are also hyper-aware of the risks. They’ve experienced more of the downsides of gen AI than others, yet they’re the ones putting in the work to mitigate those risks from the get-go. They involve legal and compliance teams early in the process, making sure they’re not just scaling quickly but responsibly.
AI is here, and it’s reshaping how businesses operate. And the high performers are already reaping the rewards. The motto is to adopt early and fail fast. It’s not a party tool anymore which you may or may not use. Soon enough, SOPs will be written on the lines keeping AI tools and use of them in mind.
It’s better to get your hands dirty as soon as possible, rather than wait for perfection on this one. Bear with the inaccuracies and try to fix them if possible. But Adopt!
What tools to adopt or how to use them? Check out the ToolSmith Newsletter
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Thank you and take care.
MJ.