Six Things 11.7.23

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An Aha! Moment on Generative AI

Paul Carroll, Editor-in-Chief of ITL

Chief information officers, chief digital officers and others running digital innovation initiatives usually have to scrounge around for every bit of funding they can find. Not so with generative AI.

It has caught the public imagination so quickly that the world of innovation funding has flipped upside-down.?

Every board knows it needs something intelligent to say about a generative AI strategy, which means every CEO knows they need something intelligent to say about a generative AI strategy. Those CEOs are turning to the in-house digital innovators and saying: "Help me figure out something intelligent to say about a generative AI strategy."

So every CIO, CDO, etc. finds themselves with money being thrown at them so they can set up a slush fund and experiment to help define a strategy -- or at least a placeholder that buys time for a strategy to be developed.??

The CEO of an AI vendor I spoke with at last week's InsureTech Connect in Las Vegas said his sales cycle with major carriers used to be 12 months, or even 18, but the demand for generative AI is so feverish that he now may go from initial contact to contract in four to six weeks. He says one prospect saw a demo and asked for a contract on his way out the door.?

Now, throwing money at a problem in hopes of finding a strategy tends not to end well. But while no one I met at ITC -- or anywhere else, for that matter -- has a clear answer about how generative AI will play out, some do have smart advice on how to get starting on working out what that future could look like.?

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