Published on July 3, 2024, 7:19 am

Only 15% of companies see significant bottom-line impact from GenAI, according to McKinsey. Typically, the experience is getting stuck in the cycle of experimenting without real results. CIOs play a pivotal role in translating GenAI’s vast potential into tangible value. They can adopt different approaches: “Takers” use ready-made, GenAI-powered tools; “Makers” craft their own models; and “Shapers” integrate external models into existing systems for customized applications.

To move beyond pilot stages and effectively scale up GenAI, Shapers must adhere to three critical principles. Firstly, align tech transformations with solving business issues by working closely with unit leaders to prioritize cases where GenAI enhances strategy. Secondly, consider affordability as costs can escalate; allocating $3 for change management for every $1 spent on building GenAI apps is wise. Finally, resist scattering technologies – instead, build adaptable infrastructure for seamless transitioning between providers or models.

GenAI success calls for collaboration across departments beyond IT, including product, risk, and legal teams. This interdisciplinary approach should focus on establishing protocols and standards supporting scalability while developing cross-functional teams that work cohesively towards a shared goal.

Creating cohesive solutions entails integrating various data sources seamlessly into internal architectures to promote high performance. Prioritize managing essential data domains over perfectionism to avoid stagnant large-scale data programs that hinder progress.

Rethink reinventing code at every turn; opt for reusable solutions to expedite development by identifying common capabilities across use cases. CIOs must lead this endeavor by recognizing overarching skills necessary across different applications.

Realizing GenAI’s full potential necessitates substantial restructuring from operating models to technological frameworks. Success hinges on CIOs’ capability to steer transformational initiatives that secure GenAI’s foothold in the future business landscape.

In conclusion, leveraging GenAI requires concerted effort and strategic guidance from organizational leaders like CIOs who must spearhead adaptations in operations and technology landscapes to maximize its benefits effectively.

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