The Wall Street Journal had the opportunity to talk to CIOs from Ally Financial and Cisco about the use of generative AI in their firms. Fletcher Previn of Cisco stated that the firm sees AI as "a force multiplier for human potential." Previn stated how he has been in consistent communication with senior leadership about investing in AI technology. He stated that the opportunity cost of being early to the AI frenzy is huge. Cisco has begun using AI for their help desk and for following up with potential employment candidates. Initially, programmers within the firm were skeptical of the generative AI suggestions only accepting the code it provided 19% of the time. Currently, programmers at Cisco are now accepting just below 50%.
Sathish Muthukrishnan explained how Ally Financial uses AI for customer-care calls. Associates taking calls write general notes and then create a summary of the conversation. AI has begun developing summaries from these calls and Muthukrishnan shared that associates feel that the technology is able to capture more detail than they can. He stated that since implementing AI, associates can focus more on higher priority projects for their customers.
Wall Street Journal was also able to discuss AI with Boston Consulting Group (BCG). The firm has been conducting research on how serious firms are about investing in generative AI. Out of 1,400 executives, 90% are "observing and waiting for things to happen." Sesh Iyer of BCG stated that the other 10% are "being pioneers." One important piece that wasn't discussed by these business leaders was how generative AI would affect employment at their firms moving forward. AI clearly has the capability of spurring growth while also reducing costs. Moving forward, we'll continue to witness how it is revolutionizing the economy.
https://www.wsj.com/tech/ai/generative-ai-business-implementation-ac995975?mod=hp_lead_pos11
2 comments:
This article seems to be in line with what was discussed at the economic outlook conference last week. It seems lower priority tasks can easily be offloaded to AI, so there will likely be a shift to workers needing more skills to be employed. I am curious how long this will take to have major effects on the economy though, as you referenced 90% of executives are currently waiting to see how things will develop.
The insights from CIOs at Ally Financial, Cisco, and Boston Consulting Group underscore the growing integration of generative AI in various industries. While AI is seen as a force multiplier for efficiency and innovation, questions about its impact on employment remain a critical consideration for businesses embracing this technology.
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