Report | Generative AI has real-time potential, but is only in its infancy

A recent survey found that businesses believe generative artificial intelligence has huge potential to enable real-time data analysis efforts. While one might think that generative and operational AI is intelligently powering every transaction, interaction and event across the business landscape. However, it is not. Currently, only 5% of companies have implemented generative AI on a large scale in production.

At the same time, artificial intelligence has huge potential to deliver or leverage real-time data analysis. The survey found that the combination of data analytics and generative AI is the most requested capability among leading organizations. 88% of executives say investing in data and analytics is their top priority, and 63% prioritize investing in generative AI.

The core lies in real-time data. Over the past five years, companies have begun to pay more attention to using data to drive business innovation, with this trend increasing from 60% to 78%. At the same time, highly competitive companies have begun to focus more on data and analytics, with the proportion increasing from 41% to 50%.

Data plays a key role in driving business growth strategies, and its role is constantly evolving. While new technologies such as generative artificial intelligence continue to emerge, there is a clear sense that these technologies are more actively driving change in an organization's data and analytics culture since the survey began.

Research points out that currently organizations are not fully leveraging generative AI to realize real value. Only a handful of 5% of companies have widely applied generative AI technology in production environments. The challenges faced have also slowed down the progress to a certain extent. The survey shows that almost all respondents (99%) believe that generative artificial intelligence needs to strengthen safeguards and restrictions, but only 63% of respondents have begun to take corresponding measures.

One of the biggest concerns is the role generative AI plays in misinformation, ethical bias, job losses and other risks. Worryingly, only half of the population currently has the skills and knowledge required to implement AI, which may limit the development of AI technology and make it difficult to realize its full potential.

With great power comes great responsibility. According to an overwhelming majority of organizations (74%), ethical issues around data and AI are a top priority for their business. However, only 16% said the industry has done enough to address ethical issues around data and AI. Additionally, only half (51%) of executives say their boards have a deep understanding of data and AI issues and responsibilities.

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