Garter Data & Analytics Summit, Sydney: The Garter Data and Analytics Summit happened in Sydney this week. Which discussed about how the projects made by the generative AI or the GenAI will be abandoned by the end of the year 2025.
The projects developed by GenAI are reported with the issue of bad quality and poor data content. There are risk controls are inadequate and continuous rising cost and business value.
“After last year’s downfall in the quality of the content, various industries and companies can be seen dis-investing in artificial intelligence or GenAI. As the scope of the AI initiative will widen, there will be a burden of developing and employing the AI models.” Undoubtedly, many businesses are developing artificial intelligence for more productivity in their business but it will cost up-to $6 million and can go up-to $25 million in no time.
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A survey was conducted between September 2023 and November 2023 of more than 820 business leaders. Where it was observed that there is only 15% increment in the revenue with 15% cost savings and 22% productivity improvements on an average. Early adapters, which are across various industries and business, report a range of skills, data type use and skill level. They also mentioned that it is equally important to acknowledge the challenges that will be coming along with adapting GenAI. The benefits, the use, the role can vary from company to company, depending on the workforce.
Calculating the business impact of AI:
It is analyzed that if the business outcome meets the expectations or exceeds the expectation, then it can expand the investments. As a result, new GenAI innovations can be made and a broad user base can be developed. However, if the business outcome does not meet the expectations. Or falls short than the expected outcome, then other alternative innovation scenarios would be formed.
The return on Investment (ROI) and the future impact value are the two most crucial things in business. If the GenAI is able to meet them, it will be adapted. But not majorly as it involves huge installation cost and overall expenditure. If it does not meet the expectations, human-labor will be hired rather than AI.
