Just over a year ago, the AI world was abuzz with the release of ChatGPT, and since then, the use of Generative AI (Gen AI) has been growing rapidly across various industries. However, a recent study by Forrester Consulting, commissioned by SoftServe, reveals a stark reality - only 22% of organizations are effectively utilizing Gen AI across all business functions.
Despite the enthusiasm surrounding Gen AI, many companies are struggling to reap its benefits. According to the study, more than half of the decision-makers interviewed had established business goals for using Gen AI, but a whopping 79% were concerned about their organization’s ability to execute those goals due to internal or external expertise limitations.
Challenges in AI implementation
The study also found that 75% of organizations were facing Gen AI skill readiness challenges, and yet, they were piling up use cases, with most having implemented at least three use cases and planning to pilot at least one more in the next 12-18 months. However, only 42% of organizations had the capabilities to train Gen AI models, and a staggering 89% faced difficulties in preparing business data for Gen AI use.
“Despite a swift start to the Gen AI race, many initiatives get stuck in the piloting stages as more organizations realize their data infrastructure isn’t ready to adequately deploy Gen AI technologies beyond the proof-of-concept,” says Alex Chubay, SoftServe’s CTO.
Data infrastructure limitations
One of the significant gaps between expectations and reality is the lack of technical skills. The study revealed that 88% of respondents believed deeper technical expertise was becoming increasingly important for data integration, model optimization, use case development, and further application development.
“More than half of decision-makers say their company established business goals for using Gen AI, yet 79% or more are concerned with their organization’s ability to execute those goals with current levels of internal or external expertise.”
Moreover, the study highlighted the need for external expertise, with 80% of decision-makers claiming their employees were struggling with use case awareness and general understanding of Gen AI complexity. As a result, 90% of organizations need a partner with more advanced technical capabilities to see transformative value in future use cases.
Importance of partnership
The study also revealed some interesting trends in Gen AI adoption. The US took the lead in unlocking Gen AI value, followed by the UK, Singapore, and Germany. Among industries, retail was most likely to harness Gen AI value, while FSI (financial services and insurance) reported more challenges in realizing Gen AI gains.
Industry-wise Gen AI adoption
As we continue to navigate the complex world of Gen AI, it’s essential to recognize the challenges that lie ahead. By acknowledging the gaps in expectations and reality, we can work towards creating more effective strategies that leverage the true potential of Gen AI.
The future of AI
In conclusion, while the study’s findings may seem discouraging, they also present an opportunity for growth and improvement. By addressing the technical skill gaps, preparing business data for Gen AI use, and partnering with experts, organizations can unlock the true value of Gen AI and stay ahead in the competitive landscape.
