Embracing the AI Revolution
West Monroe
We’re a global business and technology consulting firm passionate about creating value with our clients.
The #AI revolution has swept across various domains, and whether it’s become an integral part of your work life, helped you plan your weekly meals, or left you bewildered, there's a good chance you belong to the 85% of Americans who have used it in some fashion.
From a business perspective, the takeaway is clear: Truly going digital will require embracing AI while navigating its complexities and challenges—a formidable task, but also a critical one.
With abundant data at their disposal, companies can monetize it by applying AI initiatives. The manufacturing space, for instance, has witnessed just 12% of organizations cognizant of their data's value, leaving the door open for AI to transform the sector's data monetization prospects, writes our data expert Douglas Laney In healthcare, pharma companies are improving their patient support programs using it.
But AI isn’t a magic wand that can guarantee victories. It comes with potential pitfalls, which our generative AI task force lead Cory Chaplin outlined, and organizations must be diligent in acknowledging and addressing the risks. Those risks range from feeding sensitive data into a publicly available AI software, biases being contained in the data being used to develop HR strategies, or claiming AI-generated content as your own—meaning a careful balance between risk and agility is not only important but necessary.
AI is changing the future of work, too—and as AI investor and entrepreneur Allie K. Miller recently discussed on the Season 2 premier of West Monroe’s podcast, This is Digital with host Rissa Reddan , businesses that fail to let employees leverage tech to automate repetitive tasks risk falling behind. Miller called this phenomenon "digital whiplash," where people are highly productive and creative in their personal lives with AI tools while their workplaces still use disconnected spreadsheets.
A new craft is emerging around prompt engineering. As always, technology is only as effective when you know how to use it, and crafting the right prompts requires a certain level of experimentation and a set of best practices. We've been testing a lot and have outlined our learnings in our new three-part series, Mastering Prompt Engineering: How to Get the Most Out of Generative AI.
Generative AI is here to stay and will evolve exponentially, creating new competitive battlegrounds for businesses worldwide. As companies leverage these applications and their data to enhance everything from customer support to research and development, they should be enthusiastic about new opportunities while taking the necessary measures to ensure success.
Whether you realize it or not (or even want to be), you’re already part of the AI frenzy. Generative AI will continue to evolve and create new competitive battlegrounds for businesses—and those businesses can maximize the potential for success with careful consideration and enthusiasm for new opportunities.
Recommended by LinkedIn
How Generative AI Will Transform Business, from DATAVERSITY , featuring David Mcgraw
7 top generative AI benefits for business, from Informa TechTarget , featuring Pablo Alejo
West Monroe hosted two Generative AI breakfast roundtables last month—one in New York City and another in Chicago—to talk with business leaders about what we’re hearing, where we’re placing investments, and what the future holds.
Click the images to jump to the actual LinkedIn post and see more.
Thank you West Monroe!! I'm wrapped up in it already!! 💙