As companies move beyond the exploratory phase of generative artificial intelligence (AI), the focus has shifted to delivering real business value in 2024. According to a Bain survey, 87% of companies are already developing, piloting, or have deployed generative AI, with most early deployments in software code development, customer service, marketing, and sales. The survey reveals that companies are investing heavily in generative AI, with an average annual investment of $5 million and 100 employees dedicating time to it. However, only 35% have a clearly defined vision for creating business value from generative AI. The survey identifies four key themes, including the need for realistic assessments, concerns about security and implementation, and the importance of learning how generative AI changes business processes. Five areas show promise for using generative AI, including sales, software code development, marketing, customer service, and customer onboarding. Technology companies are leading the way, but even they are finding implementation challenging. As the technology matures, the difference in results will depend on data quality and the ability to operationalize use cases to meet users’ needs.
Generative AI Takes Center Stage
By the beginning of 2024, 87% of companies surveyed by Bain said that they were already developing, piloting, or have deployed generative AI in some capacity.
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