The catchphrase “innovate or die,” made famous by management guru Peter Drucker in the 1980s, served as a rallying cry for successive generations of technology-driven companies. Now that the development of generative artificial intelligence (GenAI) has accelerated technological innovation, a more targeted call to action is necessary. Organizations must proactively invest in the appropriate technology, tools, and training in order to retain top personnel and maintain their competitive edge. In this context, it is insufficient for organizations to merely embrace innovation; they must apply that innovation to practical solutions that provide consumers, staff, and investors with instant, measurable returns. This must be done immediately.
Unfortunately, many firms are still having difficulty implementing new technology on a big scale, even if there has been a lot of talk about their potential. As per the latest report, nearly thirty-one percent of professionals operating in the legal, tax and accounting, and risk and compliance sectors feel their department or company is adopting AI too slowly, which could result in a loss of competitive advantage.
There is a noticeable difference beginning to show between companies who are implementing AI solutions into enterprise processes and others that are still in the conceptual stage of the process. These companies are able to extract actual value from AI, while others are having difficulty. It’s interesting to note that the AI revolution is unfolding in public, in contrast to previous eras of technological progress, like the rise of the cloud and the commercialization of SaaS models, where these kinds of issues were resolved behind closed doors inside the IT department. Professionals who have utilized generative AI in their work are largely (63%) aware of its potential and are painfully aware of its lack when their own employers are slow to use it.
When it comes to AI, execution is a technology opportunity that also benefits people. As previously mentioned, companies need to make proactive investments in the correct technology, tools, and training if they want to keep top personnel and remain competitive. This investment is essential for improving satisfaction with work, empowering workers, and, eventually, raising the caliber of their output.
The advantages of generative AI extend to individual employees’ daily life, something they are aware of, in contrast to other forms of industrial technology that have traditionally had the greatest effects at the corporate level. Of the experts we polled, the great majority (77%) think AI will have a strong or transformative impact on their work in the next five years. Furthermore, 78% of respondents claim that AI is a “force for good” in their line of work. Upon closer inspection of the data, we see that respondents believe AI will save 12 hours a week over the course of the next five years, saving four hours a week in only the following year.
Perhaps unsurprisingly, given the high level of enthusiasm among knowledge workers for AI, several employers have already begun to notice that building a reputation as an AI leader is a crucial component of their overall talent strategies. When we narrow our survey results to include only company leaders, we see that the top areas where corporate C-suite respondents expect AI to have the greatest influence are operational strategy (59%), product/service strategy (53%), and talent strategy (40%).
The ability of a firm to use AI effectively is increasingly determining whether or not it is seen as an innovator, and the most significant stakeholder may be the company’s own employees. The majority of business executives undoubtedly understand the value of artificial intelligence, but for those who have been having trouble implementing it, the fact that nearly one-third of professionals believe their organization is adopting AI too slowly should raise red flags.
As experts begin to taste what’s possible, the story around AI has changed significantly. Ten years ago, there was concern that AI might displace people and take their jobs. Since then, the story has changed significantly. Professional-grade generative AI tools are revolutionizing productivity, and as more professionals experience their potential, they are adopting them as a means of increasing the amount of time they can dedicate to interesting, judgment-based, or expertise-driven work. Businesses which embrace this change by investing in and growing their AI resources will be rewarded. Delayed parties face the danger of falling behind.
