As businesses in the UK and Ireland rapidly adopt generative AI, strategic insights from the latest SAS study reveal the roadmap to successful integration and the hurdles to overcome.
GenAI is rapidly transforming how businesses operate, innovate, and interact with customers and employees alike. However, as the technology proliferates, so do the complexities of its integration into existing systems. A recent study conducted by Coleman Parkes for SAS reveals a deep dive into the challenges and opportunities facing businesses in the UK and Ireland as they navigate the burgeoning landscape of GenAI
GenAI's transformative potential is immense, yet realizing this potential requires more than technological adoption; it demands a strategic approach to integration, governance, and usage. This study provides invaluable insights into GenAI's current state and future prospects, highlighting the key strategies businesses must adopt to thrive.
The promise of GenAI
GenAI has ushered in a new era of productivity and customer engagement, with businesses reporting substantial benefits:
- 96% have seen improved employee satisfaction.
- 90% are making significant savings on operational costs.
- 94% have noted higher customer retention.
These statistics underscore GenAI's transformative impact across various business functions, from IT and marketing to sales and customer service.
Strategic deployment: The path to integration
Despite the evident benefits, many organizations face challenges in deploying GenAI effectively. About 44% find integrating AI with existing systems challenging, and 36% struggle with the costs associated with deployment.
To unlock the full potential of GenAI, businesses must not only invest financially but also strategically, ensuring the technology aligns with their broader operational goals.
Comprehensive governance: The need for structure
The study highlights a critical gap in GenAI governance: 95% of businesses lack a comprehensive framework. This oversight can lead to significant compliance and operational risks.
Developing a robust governance framework is essential to leverage GenAI responsibly and effectively, ensuring compliance and ethical usage.
Expert guidance: Leveraging external know-how
Given GenAI's complexities, 44% of businesses are turning to third-party experts to streamline integration and maximize technology benefits. This approach helps mitigate the risks associated with self-managed deployments and accelerates the realization of GenAI advantages.
Challenges in achieving ROI and compliance
The journey to GenAI efficacy is not without its hurdles. Many companies struggle with proving ROI and ensuring compliance with evolving regulations. Strategic planning and expert partnerships are crucial to overcoming these challenges.
Effective GenAI deployment goes beyond technology – it requires a cultural shift towards continuous learning and adaptation to new regulatory environments.
Blueprint for success
To successfully integrate and benefit from GenAI, businesses must:
- Identify high-impact use cases to ensure quick wins and measurable benefits.
- Implement continuous learning and adaptation to keep pace with technological advancements and regulatory changes.
- Foster a culture of innovation where GenAI is part of the strategic decision-making process.
Looking ahead: The future of GenAI in business
As we look to the future, GenAI's role in business is set to grow exponentially. With the right strategies and frameworks in place, businesses in the UK and Ireland can not only navigate the complexities of this new technology but also set new benchmarks for innovation and efficiency.
The journey with GenAI is just beginning. By embracing both the technology and the strategic shifts it requires, businesses can achieve not just competitive advantage but also set the stage for a future where AI and human ingenuity create unprecedented value.
