Why Adopt GenAI, Why Now?

Generative AI (GenAI) is the next technological fundamental shift revolutionizing business operations. This powerful technology offers a significant advantage, but many companies hesitate to adopt GenAI. This article explores why companies must embrace GenAI now and the potential consequences of waiting.

The High Cost of Traditional AI Solutions

Previously, implementing AI solutions that leveraged Deep ML required massive continuous clean-up and processing of enterprise data. Highly skilled data scientists spent months and years experimenting to create single-task ML-powered AI. These factors created a significant barrier to entry, limiting AI accessibility to large enterprises with substantial resources. Companies needed to:

• Gather and organize vast amounts of data
• Clean and curate this data to make it high-quality.
• Hire expensive data scientists to build models for specific tasks.
• Invest in continuous maintenance and update of working AI models.

This traditional approach shut out small and medium-sized businesses (SMBs) from the potential of AI.

GenAI: Adopting Democratized Artificial Intelligence

GenAI eliminates the high costs and complexities associated with traditional AI. It offers several key advantages:

• Pre-trained models: GenAI models come pre-trained, eliminating the need to invest in massive data management and data scientists.
• Multi-functionality: Unlike traditional single-purpose models, GenAI can perform various tasks, such as summarization, categorization, and question-answering.
• Accessibility: Open-source and proprietary models are available, making GenAI affordable for businesses of all sizes at a fractional cost compared to MI-powered AI built in-house.

• Lower data preparation requirements: GenAI only requires organized access control to existing raw data, eliminating the need for extensive and expensive data preparation.

The Competitive Advantage of Adopting GenAI

By adopting GenAI, companies gain a significant edge. 

• Level Playing Field: SMBs can now compete with larger enterprises that previously had exclusive access to advanced AI technology. Even more, while enterprises turn their AI ships, SMBs can outperform bigger players.
  
• Reduced Costs: GenAI eliminates the high costs of traditional AI development and maintenance.
• Increased Efficiency: GenAI automates repetitive tasks, freeing for more strategic work.
• Improved Innovation: GenAI empowers businesses to explore endless opportunities to incorporate brand-new technology capabilities that used to be done only by humans into business process automation, enhancing business competitive advantage.

The Risks of Delaying GenAI Adoption

Companies that hesitate to embrace GenAI risk falling behind. They may face:

• Competitive Disadvantage: Early adopters of GenAI will gain a significant advantage in the marketplace.
• Missed Opportunities: Companies that delay will miss out on the potential of GenAI to improve efficiency, innovation, and customer experience.
• Difficulty Attracting Talent: As GenAI becomes more widespread, the demand for skilled professionals who understand this technology will rise.

Getting Started with Adopting GenAI

Fortunately, getting started with GenAI is easier than ever. Here are some steps companies can take:

• Identify areas for improvement: Determine which areas of your business can benefit most from GenAI.
• Assess your data infrastructure: Invest in organized access control to your raw data.
• Explore GenAI solutions: Consider open-source or proprietary models, and also explore Small Language Models (SLMs) to lower so-called inference costs.

• Develop a plan: Address potential challenges like data security and employee training.

What’s Next?

Generative AI offers a transformative opportunity for businesses of all sizes. By embracing GenAI now, companies can improve efficiency, gain a competitive edge, and unlock new possibilities for growth. Don’t miss out on the potential of this revolutionary technology.

About the Author

Pavel Khodalev

GenAI CTO and SVP of Global Business at First Line Software. 

Pavel Khodalev is a technology executive with a passion for innovation and a drive to push boundaries. As the GenAI CTO and Senior Vice President of Global Business at First Line Software, Pavel possesses a wealth of experience in the technology industry, having held key positions at prominent financial institutions like Deutsche Bank and others. His expertise lies in quantitative management, IT governance, and leadership, making him a valuable asset in shaping the future of the GenAI landscape.