Dive Brief:
- Generative AI use soared in the enterprise since last year, according to a study from consulting firm Altman Solon published this month. Nearly two-thirds of businesses say they’ve adopted the technology, compared to just 11% in the first quarter of 2023.
- Software development remains a key focus of adoption as more than three-quarters of developers use generative AI tools in the workplace, the survey of 400 senior-level executives found.
- Over half of enterprises are using more than one generative AI tool, while 1 in 10 businesses said teams deployed four or more. Text-based tools were most prominent, followed by images and audio.
Dive Insight:
Executives are motivated to adopt generative AI in search of expedited processes, lower costs and improved workflows. But industry experts urge CIOs to move forward with a healthy dose of caution.
“If the benefits of generative AI are becoming more visible, so are the risks,” Altman Solon said in the report.
The primary adoption challenges enterprises cited were concerns around data security, a lack of tool history, unclear value and policy limitations, according to the study. Despite concerns, leaders report a pressing sense of urgency to adopt generative AI as the clock ticks to capitalize on market differentiation and innovation.
“I think the biggest risk with regard to [AI technologies] would be if you decided not to adopt it,” Jeff Harmening, CEO at General Mills, said Wednesday during a conference in response to a question about how the technology would impact the industry. “We’ve adopted AI and machine learning, now generative AI.”
General Mills rolled out a generative AI tool called MillsChat to employees in its U.S, Canada, U.K. and India non-plant locations in February. Chief Digital and Technology Officer Jaime Montemayor said the tool’s introduction was the result of technology modernization efforts, a process household brands have prioritized to move beyond generative AI hype.
Across industries, leaders are working to get systems and employees ready for more AI usage.
JPMorgan Chase is in the process of migrating its data to the cloud, a key part of the banking giant’s strategy to facilitate AI progress.
The company has migrated around 70% of its data to the cloud, though CFO Jeremy Barnum said the platform shift “is not the same as having it be modernized and usable for AI and ML, so there’s work to do there still,” during an investor call last week.
As organizations continue to embark on AI initiatives, “navigating the balance between innovation and security will be paramount, profoundly shaping the future of work,” Altman Solon said in the report.
