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5 Key Considerations for Companies Thinking About Adopting Generative AI in 2024

Posted December 29th, 2023 in Articles

Artificial intelligence (AI) is here—and, by nearly all accounts, it is here to stay. Generative AI is changing the way companies do business, and companies in virtually all industry sectors are finding ways to use it to get a leg up on their competition in 2024.

But, before company executives invest in AI, they need to address several key strategic considerations. While generative AI presents significant opportunities, it also presents unprecedented—and in some cases unknown—risks. Informed decision-making is critical, and companies must avoid becoming overly reliant on AI, using AI in ways that aren’t effective (and that are potentially risky), and investing in AI before they are ready to do so.

What Should Executives Consider Before Investing in Generative AI?

With this in mind, here are five key considerations for companies that are thinking about adopting generative AI in 2024:

1. Is Your Company Ready?

Many companies are adopting generative AI before they are ready—and they are suffering inefficiencies as a result. Rather than starting by acquiring a license for a generative AI platform, negotiating a license should come after developing a business case and a plan for effective implementation and integration.

2. How Will Using AI Improve Your Company’s Operations, Products or Services?

Companies should not be adopting generative AI simply for the sake of adoption. Just because your competitors have announced that they are using AI, this doesn’t necessarily mean that they are using AI effectively, and it doesn’t necessarily mean that AI is right for your business—at least not immediately.

3. Are Your Clients or Customers Ready?

While AI may be here to stay, many clients and customers still aren’t ready to put their faith in artificial intelligence—and some may simply prefer to work with people. When deciding whether generative AI is right for your business, it is important to consider not only its potential but also whether leveraging this potential is the right choice given your specific client or customer base.

4. What Are the Risks Involved?

Using generative AI presents substantial risks. While the technology is developing rapidly, it is still far from perfect, and it raises many novel legal issues as well. As with all new technologies, before adopting generative AI, companies must thoroughly assess the risks involved and ensure that they have suitable policies and procedures, protocols and contractual protections in place.

5. How Will Implementing AI Impact Your Workforce?

Finally, when thinking about implementing generative AI, company executives should also think about how this will impact their workforce. While a reduction in force due to the advent of generative AI may be inevitable, companies must prepare thoughtfully and thoroughly for how they will address the human resources (HR) implications of adopting generative AI.

Request a Consultation at Mithras Investments

Do you have questions about incorporating generative AI into your company’s operations in 2024? If so, we invite you to get in touch. Please call 305-517-7911 or contact us online to request a consultation at Mithras Investments. 

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