Article: What leaders should know about generative AI

Leadership

What leaders should know about generative AI

We explore the profound impact of generative AI across industries, the increasing adoption in the APAC region, and crucial considerations for leaders as they embrace this transformative technology to revolutionise their businesses.
What leaders should know about generative AI

Generative AI has gained significant traction across the tech industry in Asia, with around 72% of companies exploring or investing in it by 2023. Leading the charge in AI adoption is Japan, followed closely by Australia, India, and Singapore. These nations have recognised the potential of generative AI and have made substantial investments in AI initiatives. 

We had an interaction with Deepika Giri, Head of Research, Big Data & AI at IDC APJ where she explored the far-reaching impact of AI across industries, the importance of ethical practices, and essential insights for leaders embracing generative AI. Here are some key insights Deepika shared with us.

Current state of AI adoption

AI adoption has experienced remarkable growth globally, including in the Asia/Pacific region. Conversational AI, computer vision applications, and text-to-speech technologies have seen increased usage.  

Several industries have rapidly embraced AI, leveraging it to enhance customer experiences, implement business process automation, and drive intelligent process automation (IPA). Sectors like banking, financial services, and manufacturing have particularly invested in AI. 

Japan stands as the largest and most mature market for AI adoption in the Asia Pacific, followed by Australia, India, and Singapore. These countries have shown significant focus on AI adoption, especially in the public sector. Governments have made substantial investments, leading to the development of automated citizen services. In India, the emphasis is on providing communities, particularly those in remote areas, with access to information, leveraging the potential of AI alongside the imminent launch of 5G technology.

Top challenges in embracing gen AI

When organisations adopt generative AI technologies, it is crucial to ensure that the generated and published information is not detrimental to the organisation or its stakeholders. Human involvement remains essential to address ethical concerns and confabulation. Validating and verifying the credibility of data sources is another significant challenge. Establishing effective guardrails and regulations for generative AI remains a complex task, and many countries and organisations are taking a step-by-step approach, evaluating specific use cases and implementing appropriate governance measures.

To fully leverage generative AI, organisations need the right tools and partnerships. Connecting silos and developing a common architecture spanning verticals and functions is a challenge that can be addressed through collaboration among technology vendors to establish standards and interoperability. Time to value is critical, and vendors must deliver solutions that enable efficient workflows, facilitating quick value derivation. Building an open standard and collaborative data ecosystem can ease adoption and accelerate time to value. Data security and compliance also remain key concerns that must be addressed to ensure responsible use and build trust in generative AI.

The playbook to leverage gen AI

When embarking on the AI journey, leaders should start by defining their goals and understanding what they aim to achieve with AI implementation. They should identify potential risks and be aware of the ethical implications associated with AI technologies. Hiring the right talent, starting with low-risk use cases, finding trusted partners for complex AI technologies, selecting the right use cases aligned with business requirements, and establishing a culture of experimentation and learning through centers of excellence or AI labs are crucial steps for leaders embracing AI. Additionally, educating the board and other business stakeholders about the potential and limitations of AI is vital. CIOs play a significant role in setting realistic expectations, introducing AI initiatives gradually, and garnering support from top-level executives.

The role of leaders

HR leaders have a crucial role in managing the impact of AI on job roles and facilitating change management. It is essential for them to educate employees about the initiatives being implemented, clearly communicate how AI will augment and enhance their work, and address any concerns or misconceptions. Change management is often underestimated but is pivotal in ensuring the successful adoption and acceptance of AI initiatives.

Generative AI is transforming industries across the Asia Pacific region, and its adoption is on the rise. Leaders embracing this revolutionary technology must consider the ethical implications, validate data sources, establish governance measures, and forge strategic partnerships.  

As generative AI continues to advance, leaders who embrace this technology with a thoughtful approach and a focus on ethical practices will be well-positioned to harness its transformative potential and drive their organisations to new heights of success.

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Topics: Leadership, #ArtificialIntelligence

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