MIT SMR Connections
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Businesses are rapidly embracing generative AI, which has the potential to transform the way people work and make decisions across nearly every facet of business. Use of the technology nearly doubled in the first half of 2024, according to McKinsey & Co. While some organizations are still in the planning stages, others are moving ahead quickly to explore generative AI’s capabilities for everything from boosting productivity and sales to enhancing the customer experience, designing better products and services — and much more.
But for organizations already deploying generative AI — the early adopters — the technology’s greatest value appears to lie in its ability to analyze and improve strategic business decisions, a new survey shows. This report unveils the key findings of that research with an emphasis on what those early adopters are doing to lead the pack.
The global survey, conducted by MIT SMR Connections with sponsorship from ThoughtSpot, queried 1,000 data and business leaders at companies large and small, across a range of industries and geographies, to identify prevailing trends in using generative AI for analytics. It found that many early adopters are enjoying impressive results, with a majority seeing significant payback from their investments. These organizations have even higher expectations for ROI and revenue for the future, as they expand both the number and scale of their deployments.
Aside from their focus on analytics, organizations that are getting ahead with generative AI share common characteristics in terms of strategy, implementation, and collaboration. At the same time, they’re still encountering challenges such as aligning business and data leaders’ priorities, dealing with data and model quality, and addressing security concerns.
This report covers early adopters’ strategies, progress, challenges, and accomplishments, supplemented with insights from business and academic experts. Together, these components provide a snapshot of the state of generative AI in today’s enterprises and a glimpse of the transformative future it offers to those who understand how to wield its power effectively.