Business leaders express fears of missing out on Generative AI

A new report by Salesforce reveals that a significant number of business leaders are anxious about missing out on the potential benefits of generative AI due to data management concerns. In the context of Salesforce, it’s a CRM company that has built and is using its own AI model called the Einstein GPT over the past few months in its business.

They carried out this study among 600 technical and business leaders in the UK. The study’s key finding says, nearly 89% of the respondents these days view data management as a top priority for their business. In other words, these leaders recognize that effective data management is crucial to leverage the potential benefits offered by AI technologies.

The report underscores the fact that 81% of IT leaders are increasing their investments in data analysis tools, while an additional 75% are prioritizing training, reflecting a clear appetite for generative AI among businesses.

Generative AI is now firmly integrated  across different sectors. Those who adopted it enjoy improved efficiency and smarter operations. In contrast, those who didn’t incorporate generative AI into their workflows are falling behind and missing out on these advantages.

The reason why a lot of companies are missing out on these benefits of generative AI

The main barrier to the adoption of Generative AI seems to be the management of data. Many organizations are finding themselves unable to harness the productivity-enhancing capabilities of AI due to their technological limitations.

Generative AI holds immense promise, but it can only be truly effective if a business is adequately prepared for its implementation. In the words of TechRadar, “Generative AI is only good if your business is ready for it.” 

Companies possess vast amounts of data that can benefit them in making informed future decisions. However, the management of the sheer amount of data becomes the barrier leaving them missing out on the advantages of generative AI. This is where the organizations are feeling the need for a capable data management infrastructure, that could help them adopt the use of generative AI into their workflow.

Salesforce‘s Chief Data Officer, Wendy Batchelder, emphasized the integral connection between data and AI strategies. She stated, “The AI revolution is actually a data revolution, and a company’s AI strategy is only as strong as its data strategy, with trust at its core.”

Batchelder further emphasized the significance of data management, stating, “Managing data is the most crucial action a business can take to successfully implement generative AI. To manage data effectively, leaders must strategically employ data governance and invest in a robust data culture more than ever.”

In summary, while companies may have the potential to build and deploy AI models, the primary challenge lies in optimizing their data management processes to prepare, store, and use data effectively for AI applications.