Panel Will Explore Why Enterprise GenAI is Off to a Slow Start
An upcoming conference at MIT will dive into GenAI research and successes as well as 3 business risk factors: security, vendor lock-in and costs.
By Peter Krass
Fast-moving advances in Generative AI have amped up the stock prices of select suppliers, sparked innovation, and transformed a niche technology into a household name.
That’s led some to prematurely assume that GenAI is transforming the world of business. In fact, “we’re entering the technology’s biggest phase,” says Lan Guan, Chief AI Officer at the global professional-services firm, Accenture: “The phase of enterprise AI.”
Indeed, Accenture says GenAI demand drove bookings of $3 billion in its latest fiscal year. The company recently announced a partnership with graphics processing unit (GPU) and AI chip maker Nvidia; the combined group plans to train 30,000 professionals worldwide to help clients process and scale enterprise AI adoption. As an example, Accenture worked with BMW North America to create a new Gen AI platform with autonomous AI agents that enhances employee productivity.
At an upcoming event at MIT, Guan will offer her unique perspective as an AI officer. The MIT Initiative on the Digital Economy (IDE), Thinkers50 and Accenture are co-hosting the new event, BigAI@MIT: The Business Implications of Generative AI It will be held on the MIT campus on November 15. The skyrocketing success of GenAI should be top-of-mind, along with deep concerns about business adoption.
Slow Starts?
While many businesses have experimented with GenAI, only a few have gone much further. Guan says that based on her conversations with C-suite executives, enterprise GenAI adoption is facing three main headwinds:
- Concerns over data-security risks
- Fear of single vendor lock-in
- Worries over runaway costs
“While enterprise AI has enormous potential,” Guan says, “it’s not going to be easy” and these issues need to be addressed.
Other studies concur. A 2023 survey of over 330 chief digital officers, sponsored by AWS and co-written by IDE Visiting Scholar Thomas Davenport, found that nearly a third of respondents were only experimenting with GenAI at the individual level. An additional 21% were experimenting with corporate usage guidelines, and nearly as many were experimenting at the department or business-unit level. A mere 6% of respondents reported having one or more GenAI use cases in production.
Could academic research help? Sinan Aral, Director of the MIT IDE, points out that researchers have been investigating AI for years, giving them a deep understanding of the technology’s complexity. Researchers also understand concerns such as the importance of human-first AI — an area where IDE has a research group solely dedicated to that topic.
Aral is not overly concerned about slow ramp ups: “With each technological revolution, you see uncertainty at the start,” he says. “And that’s where innovation happens.”
IDE thought leadership on AI can help businesses find focus and context, Aral says. IDE research “provides of insights on applied AI in the digital economy.” (See, for example, the AI Risk Repository and “How to Fix Data Authenticity, Consent and Provenance for AI.”)
Meeting of the Minds
The BigAI@MIT conference “promises to be the first of many gatherings designed to unpack the most important business and societal implications of AI at the IDE,” Aral says. “It will be an intersection of business, research and innovation.”
Aral expects attendees will leave with an understanding of the complexities of GenAI. The goal is to spark conversations that lead to even deeper insights and collaboration.
Here’s a quick look at the full day’s agenda:
- The first session, moderated by Thinkers50 Co-Founder Des Dearlove, will shed light on the impact of GenAI on both humanity and the planet. Do we need new strategies and innovation frameworks? (See a related blog post: GenAI: How Disruptive, How Soon?)
· Aral of the IDE will moderate a discussion on what’s needed to understand artificial intelligence’s causal impact, whether positive or negative, on organizations, roles and individuals.
- The impact of AI on society will be discussed during a fireside chat by Aral, Michiel Bakker and Manish Raghavan, both of MIT Sloan.
- Guan of Accenture will lead a panel of business leaders to examine cutting-edge GenAI applications that have delivered significant business outcomes. Also on the agenda: How can organizations scale GenAI to drive innovation and grow the business?
- With huge amounts of venture capital flowing to AI startups, studying investment patterns can be key. That will be the focus of a panel led by Bill Ault, Managing Director of the Martin Trust Center for MIT Entrepreneurship.
- A glimpse of AI’s future and the pioneering spirit under way will be offered by a special Innovation Showcase, led by Sebastian Barriga, Founder and General Partner of Milemark Capital. Ten high-potential startups from the MIT ecosystem will be featured.
- The day’s final presentation will be delivered by Andrew McAfee, Co-Director of the IDE and author of The Geek Way. He’ll discuss the ways GenAI is likely to affect competition across the economy.
Do more:
· Check out the full BigAI@MIT agenda
· Register to attend the BigAI@MIT event in Cambridge, Mass., on Nov. 15, 2024
· Read related IDE blog posts: GenAI: How Disruptive, How Soon?;
· Read related MIT Sloan blog posts: How Generative AI is Changing Entrepreneurship
Also, How to Tap AI Potential in the Workplace
· Browse all IDE research papers.
Peter Krass is a contributing writer and editor with the MIT IDE.
