Often quoted as a digital buffet, generative AI opens up a world of opportunities for businesses in every industry, from banking to healthcare. As per a recent Deloitte CEO survey, 55% of the respondents said that they are evaluating or experimenting with generative AI in their organization, and 33% are currently implementing generative AI to some degree. From this, we can comprehend that in 2024 and beyond, the C-Suite would have a positive outlook on incorporating generative AI.
This blog will highlight how the C-Suite would promote the strategic adoption of generative AI in 2024. The blog also looks into the different pain points that generative AI will help address as per the C-Suite’s perspectives.
How can the C-Suite Promote the Strategic Adoption of Generative AI in 2024?
In 2024, regardless of size and industry, an organization’s C-Suite can promote the adoption of generative AI by taking different measures, ranging from incorporating generative AI in their broad business strategy to upskilling their workforce. Let’s look at how the C-Suite can promote generative AI adoption ethically, responsibly, and strategically in their firm in 2024.
By Integrating Generative AI into the Organization’s Broad Business Strategy
While integrating generative AI into an organization’s broad business strategy, the C-Suite has to first identify the company’s business goals and determine the company’s posture regarding gen-AI adoption. They must also find different use cases, create roadmaps, and review the costs, benefits, and risks associated with this integration.
The CIO and CTO will have to play a significant role in comprehending the value generative AI brings forward. They would also have to guide other C-Suite members in how their organization can reap sustainable value by integrating generative AI into their broad business strategy.
By Prioritizing the Adoption of Generative AI Use Cases with Revenue and Long-term Impact
Sales growth, customer acquisition, retention, and engagement are some factors with revenue and long-term impact. In 2024 and beyond, the C-Suite will prioritize generative AI use cases with revenue impact and long-term value.
To achieve this, the organization’s CEO, CFO, CIO, and CTO must first collaborate to identify how generative AI challenges existing business models, opens new doors, and forms new values. Based on the understanding derived, the C-suite can create relevant use cases. They can further cluster use cases and involve their organization’s CFO to gain clarity on the costs and returns involved.
While focusing on creating long-term value, employee experience, productivity, and satisfaction are integral factors. For instance, as per a recent McKinsey Research study, organizations can improve productivity by 40% by integrating bots like chatbots and voice bots, such as WIZ.AI’s Talkbots, into the customer service use case.
By Focusing on Collective Accountability and Responsibility
In 2024, as part of facilitating the strategic adoption of generative AI, the C-suite would have to focus on creating a governance model with collective accountability and responsibility. This will help evaluate the benefits of generative AI, the risk trade-offs, and the different use cases.
Each member of the C-Suite would play a critical role in this model. As per a research study from PwC, the organization’s CEO would be responsible for setting up the strategy, the Chief Risk and Compliance Officer would look into governance, compliance, and risk management, and the Chief Information and Information Security officer would focus on responsible practices associated with generative AI, and so on. Similarly, other members would look into different aspects of including generative AI in their organization.
By Creating Company Policies on Ethical Development and Usage of Generative AI
As per a recent study by Evanta involving 1,100 C-suite leaders, 42% responded that they are developing company policies for AI tools in their organization. In 2024, with the rapid adoption of generative AI, more and more companies will prioritize creating company policies for generative AI adoption.
Since generative AI is still in its early stages, there are concerns like hallucinations, inherent biases, data privacy and security, incorrect responses, intellectual property concerns, and copyright infringement issues. CIOs and CTOs with a strong understanding of these concerns can draft company policies with other C-Suite and risk leaders.
The C-Suite will also have to monitor emerging AI regulations and update their company’s policies regularly. Through this, the C-Suite can ensure the responsible integration and usage of generative AI in their organization.
By Upskilling Workforce to Prepare for a Blended Human and Generative AI-powered Workforce
In a recent MIT study on generative AI, Noriko Rzonca, the Chief Digital Officer of Cosmo Energy Holdings, added, “In the next five to ten years we will see how quickly we can adapt, and companies that fail to adapt, no matter how big, are going to disappear.” In short, adapting new technologies like generative AI will become vital for organizations to attain business growth, and to ensure that these new technologies get used correctly by equipping their workforce will also be critical.
In 2024, the C-Suite will have to invest more in their organization’s talent development activities. CHROs will have to form talent development and management strategies that would augment and improve the capabilities of their existing workforce. This will be relevant for both tech and non-tech employees. By doing so, the C-Suite can ensure that their employees, who will be working with generative AI, are equipped with the right skill set to work with generative AI tools responsibly.
Different Pain Points to Address with Generative AI in 2024: C-Suites’ Perspectives
There are different pain points that can be addressed with generative AI. Here are the top five that are significant for C-Suite leaders, aligning with their business goals and strategies.
Increase Operational Efficiency
79% of CEOs in a recent Deloitte CEO survey believe that generative AI will increase efficiency. This will help C-Suite executives ensure that their company functions sustainability while ensuring employee satisfaction. Organizations can improve operational efficiency by enhancing employee productivity, streamlining workflows, and reducing costs.
Katy George, the Chief People Officer at McKinsey and Company with around 45,000 employees, stated in a recent interview that generative as a tool can significantly improve productivity. Generative AI can enhance employee productivity. For instance, WIZ.AI‘s responsible AI solutions can be a great boost for improving employee experience and productivity by automating customer service activities. WIZ.AI’s generative AI-powered solutions can enhance operational efficiency by 80% by opening up opportunities for scaling up and increasing adaptability to different business use cases.
Additionally, generative AI-powered solutions can reduce costs to a great extent. For example, a leading bank in Singapore, upon deploying WIZ Bot, a WIZ.AI solution, could save costs by 34%.
Facilitate Competitive Advantage in the Market
Implementing generative AI can provide a competitive advantage by catalyzing competition, improving business agility, and aiding with innovative solutions. For instance, incorporating generative AI solution providers like WIZ.AI can help attain competitiveness while being on par with the AI transformation offered through its different solutions and products that are compliant with safety regulations.
Optimize Customer Experience
Optimizing customer experience is becoming extremely important for businesses. Deploying generative AI-powered solutions, such as WIZ.AI’s LLM-powered Talkbots, into different touchpoints of the customer journey will be an added advantage in guaranteeing customer satisfaction and enriching the overall customer experience. These solutions can help streamline customer onboarding and training, engage customers with hyper-personalized conversations, and foster customer loyalty and retention by addressing their concerns and offering relevant recommendations.
WIZ.AI’s LLM-powered solutions can also address pain points like long hold times, low-first call resolution rates, and unpredicted call volumes. Want to learn more? Watch our video on how WIZ.AI’s LLM-powered Talkbots elevate customer experience and their journey!
Augment Employee Experience
Yet another benefit of integrating generative AI is augmenting employee experiece. This can be achieved by incorporating generative AI-powered solutions to employee onboarding/offboarding, payroll management, leave /overtime management, employee data management, employee training, and so on.
For instance, WIZ.AI Copilot can address these pain points efficiently. The user-friendly platform assists employees with payroll and compensation questions, benefits-related queries, and other inquiries. It can further aid employee onboarding and offboarding by guiding them through different tasks.
Boost Revenue Generation
A recent McKinsey research estimates that generative AI can provide about $2.6 trillion to $4.4 trillion of value annually. For instance, in the banking industry, generative AI could provide an added value of $200 to $340 billion annually when its use cases are implemented fully.
With such large-scale economic potential, integrating generative AI into different use cases like customer service, talent acquisition, and debt collection would provide organizations with a substantial revenue boost. As discussed earlier, to obtain this revenue impact, businesses will have to carefully examine and identify relevant use cases as the first step.
Conclusion
In short, the C-Suite will have a critical role in ensuring the responsible and strategic adoption of generative AI into their business functions. By integrating generative AI in such a manner, businesses can address pain points, including increased revenue generation, improved customer and employee experience, and enhanced workflows. Generative AI solutions like WIZ.AI would aid businesses address these pain points in 2024 and beyond. Interested in learning more? Talk to one of our experts today!
