In a notable shift, the realms of Large Language Models (LLMs) and generative AI have transitioned from the shadows of tech enthusiasts’ basements to the strategic discussions in corporate boardrooms.
The central debate has moved beyond whether these technologies will impact our work; now, we focus on the questions of how and when.
For data science and analytics teams, the emergence of generative AI offers a potential respite. These teams grapple with increasing demands on their time and attention as the field expands and gains traction. Generative AI promises to expedite the discovery of hidden data patterns and insights while holding the promise of automating repetitive tasks, thus freeing up valuable resources to tackle more intricate challenges.
To gain insights into the current and future applications of generative AI among companies, Alteryx conducted a pulse survey involving 300 data leaders across four countries. The survey results provide a snapshot of where we currently stand and what lies ahead.
Even in its experimental stages, generative AI showcases tangible benefits. Among the nearly 40% of respondents currently implementing generative AI within their organizations, the majority (53%) describe their maturity level as “exploring” or “experimenting” with generative AI, while 13% consider themselves “optimizing” or “innovating.”
Despite most generative AI projects being in their infancy, a remarkable 89% of companies already utilizing generative AI report experiencing substantial (34%) or modest (55%) benefits from the technology.
What precisely are these benefits? The top three advantages cited include:
- Increased market competitiveness (52%)
- Enhanced security (49%)
- Improved performance or functionality of products (45%)
Organizations primarily employ generative AI for:
- Content generation (46%)
- Summarizing analytics insights (43%)
- Generating analytics insights (32%)
- Code development (31%)
- Process documentation (27%)
Given the evident benefits of generative AI, it’s no surprise that 49% of companies not yet using this technology plan to do so within the next year.
Individually, survey respondents also recognize personal benefits in utilizing generative AI, with 70% believing that it can help alleviate the monotony of repetitive tasks in their roles.
However, both organizations employing generative AI and those that haven’t adopted it share a common challenge: data-related concerns. For organizations already using generative AI, three out of the top four concerns pertain to data—data ownership (29%), data privacy (28%), and IP ownership (28%).
Similarly, organizations not utilizing generative AI express concerns related to data privacy (47%) and a lack of trust in the results produced by generative AI (43%). To fully harness the benefits of generative AI, companies must establish risk mitigation strategies.
Survey responses offer potential solutions, emphasizing the importance of trusted vendors and human oversight. A significant 70% of generative AI users trust AI to provide initial, rapid results that they can review and modify as needed. Additionally, 64% of all respondents believe that generative AI can currently be employed with human oversight of its output.
Using generative AI with robust human guidance may instill confidence in organizations. For those still skeptical, engaging with trusted vendors could provide an added layer of security, as 71% of respondents agree that “the risks associated with generative AI can be managed by using the technology within existing approved and trusted vendors.”
The pivotal factor in driving generative AI adoption within organizations appears to be having a dedicated leader. A remarkable 98% of organizations currently using generative AI report having a singular leader responsible for steering generative AI strategy. Even more interesting, 75% of those with a singular leader feel that the right people make decisions about generative AI within their organization. On the contrary, 34% of companies not utilizing generative AI cite the absence of leadership as a primary reason for non-implementation.
As for who should lead this charge, the survey reveals varying preferences, with 30% of companies identifying their CEO as the most influential figure, followed by the head of IT (25%) and Chief Data/Analytics Officer (22%). IT departments lead the way in generative AI adoption at 54%, followed by data science (38%) and customer service (36%).
Generative AI users exhibit enthusiasm and trust in these tools. A significant 81% of respondents using generative AI at work also employ it for personal or recreational purposes, and 69% express unwavering trust in the answers provided by generative AI.
Although 77% of users believe that generative AI could potentially replace entire roles or functions within their organizations, the majority remain optimistic about its future, with 68% excited and 69% interested in the evolving landscape of generative AI.
More here on Alteryx.
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