Avoid being next Kodak. Embrace Generative AI.
Generative AI is reshaping various industries, and businesses that don’t adapt might struggle to keep up. It’s clear that companies not adopting new technologies risk obsolescence, as we’ve seen with Kodak, Blockbuster, BlackBerry, and Sears.
Yet, even with the evident advantages of Generative AI, businesses are still hesitant. This caution often arises from a lack of understanding, data privacy worries, fears of job loss, ethical concerns, cost issues, and potential legal ramifications.
Cisco released a 2024 Privacy Benchmark Study. This study reveals AI adoption challenges — data security, privacy, job loss concerns, etc. (See the report here.
Image source — Cisco Report.
The concerns expressed by executives are genuine. These concerns must be addressed. Risks need to be discussed, and risk mitigation options must be on the table. Let’s address the top two concerns — Data Security and Replace Jobs must be addressed.
Data Security: Data security concerns are valid. However, options exist on the table. Adopting Gen AI with RAG and Small Language Model (SLM) business architecture could be an answer to data security (Retrieval-augmented generation (RAG) is a technique for enhancing the accuracy and reliability of SLM AI models. Data security with Generative AI + RAG + SLM is as secure as using other digital tools, like the cloud, SharePoint data in the cloud OR email in the cloud! Your data stays in your Virtual Private Cloud, and it is NOT shared with the Gen AI model or the internet. Further, RAG model is trained with your data source) RAG SLM solution — see details here.
AI — not to replace jobs, automate tasks. AI isn’t meant to replace human tasks. Instead, it’s designed to automate repetitive tasks and enhance productivity. Executives need to communicate this point across the organization and in ROI decks. So, it’s better to see AI as a productivity booster rather than a job eliminator.
Coming back to Kodak moment!
Companies not embracing Generative AI are reminiscent of those who didn’t adapt to digital advancements earlier. Failing to keep up with evolving trends can lead to becoming obsolete, while an innovation-first mindset can drive growth and success.
Adopting Generative AI isn’t merely about staying competitive — it’s about survival. Companies not embracing such revolutionary technologies might miss vital growth opportunities and could fall behind. Using Generative AI is increasingly becoming a key requirement for success in today’s market landscape.
While apprehensions and misconceptions about Generative AI may continue, it’s crucial for business leaders to realize that progress relies on innovation and adaptability. Not adapting to AI is like rejecting the Internet — it could severely hinder any company’s growth.
Therefore, executives and decision-makers need to understand the benefits of AI and prepare their businesses for what’s ahead. To stay relevant in this data-driven era, the only way forward is to accept and incorporate Generative AI into business strategies.
References
Small Language Models: Enterprise Solution for Privacy and Trust Concerns — https://akashbhate.medium.com/small-language-models-enterprise-solution-for-privacy-and-trust-concerns-7be5bf466c95
What is RAG? https://blogs.nvidia.com/blog/what-is-retrieval-augmented-generation/
