According to a joint report by MIT and ThoughtSpot, companies are leveraging generative artificial intelligence (GenAI) to enhance their data strategies, achieve significant returns on investment (ROI), and gain competitive advantages.
The studysurveyed 1,000 business and data leaders across North America, Europe, and Asia-Pacific. As per the report, 67 per cent respondents are actively using GenAI for analytics use case, with 26 per cent planning to implement it soon.
Meanwhile, 44 per cent early adopters reported that GenAI has notably improved the speed of their data-driven decision-making processes and quality of their products and services. This capability has placed 37 per cent of early adopters ahead of their market competitors.The report also mentioned that 48 per cent early adopters expect to achieve a ROI of 100 per cent or more within three years, and approximately 12 per cent anticipate their ROI to surpass 300 per cent in the same time period. These expectations are reinforced by the positive results that many companies have already witnessed.
Further, the report revealed that aligning business and data teams, developing essential technical skills, and collaborating with experts are critical to mastering GenAI for analytics.It mentioned that the success of GenAI hinges on the collaboration between business and data teams. 75 per cent respondents reported strong partnerships and a centralised strategy that aligns their business objectives with their data analytics capabilities. In comparison, 47 per cent of those still planning to adopt GenAI have attained similar alignment, emphasising the competitive edge enjoyed by the early adopters.
It highlighted that technical skills such as data modelling are cited as crucial, with 49 per cent respondents acknowledging its importance. There is also a significant recognition of the value of natural language processing (NLP), with 41 per cent of early adopters prioritising it, compared to only 28 per cent of those still in planning stages. This suggests that early adopters are not only deploying GenAI but also understanding how to make the most of it through advanced capabilities like NLP.
Furthermore, the report underscored the benefits of using third-party GenAI tools. 52 per cent of successful early adopters are utilising external tools for analytics, compared to 32 per cent of those still planning. This strategic decision allows companies to optimise their internal resources and leverage external expertise to scale their deployments effectively.
However, it stressed on the importance of human oversight in GenAI implementations. It highlighted the necessity of having humans in the loop to monitor AI outputs, correct errors, and mitigate unintended biases. This human intervention is vital in fostering trust in AI systems and ensuring the quality and accuracy of AI-generated insights.
The report concluded that the integration of GenAI into data and analytics processes is not just beneficial but essential for businesses aiming to remain competitive in their respective markets.
