In today’s rapidly evolving technological and economic landscape, technologies like GenAI are no longer optional, nor does a “wait and see” approach suffice. Companies of all sizes are recognizing the significant benefits of implementing GenAI with a consistent and focused strategy.
Recent announcements by Walmart and Moderna demonstrate the transformative power of GenAI. Moderna, for instance, is leveraging GenAI to enhance its diverse portfolio, aiming to maximize its impact on patients. They are looking at every business process—from legal, to research, to manufacturing, to commercial—and thinking about how to redesign them with AI.
Per the recent Walmart analyst call, it is actively integrating GenAI across its operations:
- Product Catalog Enhancement: Walmart used multiple large language models to create or improve over 850 million data points in its product catalog—a task that would have required nearly 100 times the current headcount without GenAI.
- Customer Shopping Assistant: Walmart is developing a GenAI-powered assistant to provide tailored advice, answer specific customer questions, and offer personalized recommendations.
- Seller Support: Walmart is testing a GenAI assistant for marketplace sellers, designed to summarize information quickly and provide concise answers to common queries.
It is essential to note that the 'Product Catalog Enhancement' alone would have required nearly 100 times the current headcount to achieve in the same timeframe without GenAI. This demonstrates the immense potential of GenAI to drive efficiency and productivity.
I am convinced that GenAI, when implemented correctly, can have a tremendous impact. The question is: What is the right way to implement this technology? Here are some ideas and suggestions:
- Start with the Data Platform: Data is the lifeblood of both classic Machine Learning (ML) and GenAI. We advocate using the Databricks Data Intelligence platform, which we find highly compelling. While data rationalization and standardization are crucial, data and GenAI initiatives can and should happen in parallel. Don't wait for the 'perfect state' of your data platform; start your GenAI projects with a combined Data and GenAI strategy.
- Secure Executive Leadership Support: This is vital. Every executive leadership team must actively advocate for and support GenAI initiatives. While ROI is often the key metric for project success, GenAI projects should be viewed as strategic, with both tangible and intangible benefits. The most exciting thing an organization can experience today is a business leader stepping up and saying, "Let me show you how I use GenAI to…."
- Establish a GenAI Lab: A dedicated GenAI lab, with well-funded resources from both technology and business, is crucial. Such a lab should constantly experiment with the latest foundational models, frameworks, and tools, tailored to business use cases. The lab offers a space for continual learning, training, hypothesis testing, quick experimentation, and innovation.
- Move to Production: While many GenAI proofs of concept (POCs) are underway, the conversion rate to full-scale production is still limited. Organizations that excel in piloting and productionizing these technologies will gain a significant advantage. The Databricks Mosaic AI tools provide a seamless platform for LLMOps, user evaluations, guardrails, and deployments. Key concepts like these are critical to understand and master.
- Implement a Use Case Discovery Framework: While some use cases, like virtual agents based on Retrieval-Augmented Generation (RAG) patterns, are gaining traction, GenAI is a general-purpose technology with a broad range of applications. It’s essential to have a business-oriented framework that inspects and evaluates every workflow for GenAI-based optimization. At Lovelytics, we use a GenAI-powered business workflow analysis and use case discovery framework to identify the most impactful opportunities for our clients. This approach ensures that every potential use case is thoroughly evaluated for feasibility, ROI, and strategic fit.
- Focus on Workforce Training and Enablement: Do you have an internal GenAI platform, and is your workforce across all job functions trained to use these tools securely in their daily activities? Companies with such platforms and training programs will undoubtedly have a competitive edge.
The era of GenAI is here, and the benefits are clear: increased efficiency, improved decision-making, and the ability to innovate at scale. However, the key to success lies in how organizations approach its implementation. At Lovelytics, we specialize in helping businesses navigate this transformative journey. Our GenAI-powered business workflow analysis and use case discovery framework is designed to uncover the highest-impact opportunities tailored to your specific needs.
Along with our expertise and partnership with Databricks, we bring the best tools, practices, and platform to ensure your GenAI initiatives are successful. Let's work together to harness the power of GenAI and drive meaningful change in your organization.
Experienced Technology Leader | Disruptive Product/ Service Innovator | AI Visionary | Finance-savvy
6 个月Great article. To add to it, dont forget about designing AI responsibly! It requires a disciplined GenAI workforce to ensure "responsible by design" principles are adhered to and that bias mitigation, security and other measures are in place before implementing AI.