A few days ago, I met with a client over lunch, and we talked extensively about their pursuit of Generative AI (GenAI). As we dug deep into the different use cases of GenAI for their organization, we kept on coming back to three key questions:
1. Cost vs. Time to Value of GenAI Capabilities
During the conversation, it was clear that GenAI had value, but at what cost. GenAI can be a powerful tool, but it also requires a significant upfront investment. For example, cost of hiring or outsourcing, costs of collecting
data, developing models, deploying, and maintaining. And remember, it's not just about the financial cost; there's also the time cost to consider. How long will it take to see a return on your investment?
2. Strategies for GenAI
We then explored different potential strategies. Virtually, everyone we’ve spoken to had GenAI on their product roadmap for 2024 and understood that it would bring greater efficiency. But what do you focus on. Is it the sales and marketing team, support team, HR team or Leadership? There’s no
doubt there is a lot of potential and use cases, but what is your strategy for
your business?
3. Build vs. Buy
Then came the good old Build vs. Buy conversation. Do you build something that you can control and has flexibility but must go through several experimentations? Or do you wait for Azure CoPilot, GCP Gemini, or expand on ChatGPT 4 or wait for AWS or some other unicorn to build it for you?
The GenAI Gold Rush
It was clear that GenAI is the new gold rush. Everyone wants to get in on the action, but there's still a lot of uncertainty about what works and what doesn't. There's not enough data, product, or efficiency correlation metrics to go on. It's a bit like the craze around Altcoins, NFTs, or the metaverse in 2021. A lot of cool ideas and potential, but not enough concrete examples to build a solid strategy.
The Takeaway
GenAI is a powerful tool with the potential to transform businesses. But it's important to approach it with caution and careful planning. Ask yourself the tough questions, develop a sound strategy, and choose the right approach for your business. And remember, it's a marathon, not a sprint. Be patient, stay focused, and you'll eventually reach your GenAI goals.
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