As economic uncertainty grows, U.S. companies are increasingly turning to generative AI (GenAI) to gain better insights from data and aid decision-making, according to a new report from Information Services Group (ISG).
The report finds most enterprises believe investing in GenAI tools over the next two years is crucial. Companies have already begun using GenAI for knowledge management and process optimization. Later stages will see GenAI transform products and business models.
“The rush to GenAI suggests successful implementations will enhance existing analytics investments and help firms generate value from data,” said Shriram Natarajan, ISG Analytics lead.
Rather than amassing more data, companies now aim to extract more insights from current data. GenAI can power use cases like searches, recommendations, predictions, virtual assistants and synthetic data.
With GenAI-enhanced analytics, companies realize quality data beats big data for business impact. Firms want providers with strong data governance to ensure trustworthy information.
Self-service analytics also let more employees tap data insights without IT’s aid. Asking natural language questions makes data accessible to non-technical roles.
While currently unregulated, pending U.S. laws could impose more GenAI scrutiny around privacy, accountability, and automated decisions.
As economic uncertainty rises, companies are racing to tap generative AI’s data insights to aid growth and decision-making. Regulation may also grow around this promising but largely unchecked technology.