Forrester: Over The Next Decade, Generative AI Will Be The Fulcrum That Accelerates Business Growth
November 30 2023 - 8:00AM
Business Wire
71% of enterprises are experimenting with real
use cases for generative AI
According to Forrester (Nasdaq: FORR), firms that actively
harness generative AI (genAI) to enhance experiences, offerings,
and productivity will realize outsized growth and will outpace
their competition. Between July and September 2023, the number of
enterprises that are in the experimentation and expansion stages of
implementing genAI jumped from 62% to 71%, representing one of the
fastest mass adoption rates of a new technology in the
enterprise.
GenAI success, however, requires full enterprise support and
turning the technology’s friction points — BYOAI and coherent
nonsense — into opportunities. To harness the full potential of
genAI, leaders should:
- Make trust an intrinsic part of their enterprise’s genAI
foundation. A deliberate and cohesive approach to trust is
essential for long-term success. Companies that help their
employees and customers understand the nuances of privacy and
security will empower their users to be more confident and
innovative in their use of this technology.
- Stay focused on practical, measurable use cases. GenAI
use cases most often involve the augmentation or transformation of
an existing product, service, or business process. In initial
prototypes and use cases, select projects that lean toward
employee-facing or offline generation, as opposed to real-time
generation with a chatbot.
- Explore and invest in skills that are both known and
emerging. To harness genAI successfully, both employees and
leaders need to upskill continually. These include technical as
well as soft skills to communicate the impact of genAI
transparently and openly with employees.
- Differentiate by relying on their own business data.
Foundational models are powerful tools but accessible to everyone.
To create differentiation, organizations should rely on their own
business data to build genAI models and applications.
“Generative AI has the power to be as impactful as some of the
most transformative technologies of our time,” said Srividya
Sridharan, VP and group research director at Forrester. “The mass
adoption of generative AI has transformed customer and employee
interactions and expectations. As a result, genAI has catapulted AI
initiatives from ‘nice-to-haves’ to the basis for competitive
roadmaps. Forrester’s research is designed to help business and
technology leaders utilize genAI to gain a long-term competitive
advantage.”
Resources:
- Read The Generative AI Advantage report (client access
required) and uncover how to harness genAI to gain competitive
advantage.
- Learn more about the impact of genAI and how it is continually
evolving.
- Download Forrester’s 2024 Predictions guide and register to
attend Forrester’s accompanying webinar to learn how to use genAI
to accelerate growth in the coming year.
- Explore Forrester’s latest guidance to understand how to get
value from genAI.
About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research
and advisory firms in the world. We help leaders across technology,
customer experience, digital, marketing, sales, and product
functions use customer obsession to accelerate growth. Through
Forrester’s proprietary research, consulting, and events, leaders
from around the globe are empowered to be bold at work — to
navigate change and put their customers at the center of their
leadership, strategy, and operations. Our unique insights are
grounded in annual surveys of more than 700,000 consumers, business
leaders, and technology leaders worldwide; rigorous and objective
research methodologies, including Forrester Wave™ evaluations; 100
million real-time feedback votes; and the shared wisdom of our
clients. To learn more, visit Forrester.com.
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Amanda Chordas achordas@forrester.com
Forrester Research (NASDAQ:FORR)
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