Generative AI (gen AI) tools are taking the world by storm. Companies from industries such as finance, health care, and entertainment are investing billions in developing and adopting gen AI technologies. And for good reason: In an era of heightened competition, talent shortages, and supply chain disruptions, gen AI can revolutionize the ways workers perform, increasing productivity by an average of 14%, according to an April 2023 study by the National Bureau of Economic Research.

HIGHLIGHTS

• Companies from industries such as finance, health care, and entertainment are investing billions in developing and adopting generative AI technologies.
• However, harnessing the power of generative AI requires overcoming significant technological, operational, and cultural challenges.
• Fortunately, best practices, such as safeguarding data, training employees, embedding generative AI into everyday workflows, and aligning leadership with a clear vision can ensure this technology has a material impact on productivity and other business advantages.