Generative AI in Focus: CIOs Share Their Thoughts and Strategies

Amid the prevailing excitement surrounding Generative AI and use-applications such as ChatGPT, Google's Bard, and Bing's Chat as well as open source solutions, CIOs find themselves pondering whether this technology is merely hype or a true game changer with the potential to revolutionize the business landscape.

Navigating the implementation of value-creating Generative AI within an organization is a complex endeavor, as it involves balancing diverse perspectives and understanding the potential long-term impact on customers, business operations, and workforces. Deciding how best to proceed requires a delicate balancing of business value, risk, and ethical concerns.

To obtain deeper insights about Generative AI, its applicability, and adoption rate and barriers Rackspace Technology carried out a targeted poll among a diverse group of Chief Information Officers (CIOs) with a specific emphasis on their views and insights on the integration and future impact of AI technologies within their organizations.

The poll was conducted at a CIO Forum in May that brought together more than 80 CIOs, delving into the intricate world of Generative AI. They represented a cross-section of industries including financial services, healthcare, retail, manufacturing, and the public sector.

The collective responses from the CIOs yielded a wealth of valuable insights and recommendations that can help steer organizations towards organizing for successful development and implementation of AI strategy that fosters a culture of ethical AI adoption and drives positive outcomes across the board.

Highlights of the responses include:

• 82% of CIOs believe that Generative AI will rewrite their industry and how work is done
• 32% were planning to put a tool in production in the next 6 months
• CDOs’ top 2 barriers to adoption were regulatory and ethical concerns (54%) and data quality and availability (38%)

Detailed results in below graphic:

Recommendations

Below are 6 practical applications to help guide CIOs and CDOs in their strategic approach to effectively navigate the scope of generative AI and prepare for its future:

1. Build success through collaboration: It is crucial to assemble a generative AI steering committee comprising representatives from diverse backgrounds, including business, technology, regulatory, security, and data communities. This cross-functional committee can facilitate collaborative discussions and establish a clear charter and cadence for communication, ensuring a well-rounded perspective on the integration and utilization of generative AI.
2. Engage a knowledgeable AI partner: Engaging a knowledgeable partner can provide valuable insights and guidance in staying abreast of the rapidly evolving regulatory, ethical, and security landscape surrounding AI. With the complexity of these factors, partnering with experts can help organizations adapt and comply with emerging requirements while leveraging the full potential of generative AI.
3. Establish AI policies and best practices guide: Developing internal guidance documents dedicated to the governance and use of AI, specifically focusing on generative AI, is another critical recommendation. These documents serve as essential references for employees and stakeholders, providing clear guidelines, policies, and best practices for responsible and effective implementation of generative AI technologies.
4. Evaluate your data: Another key practice involves a thorough assessment of your data governance, data operations (DataOps), and machine learning operations (MLOps). Evaluating the maturity of these processes can help identify areas for improvement and ensure the availability of high-quality data required to support generative AI initiatives effectively.
5. Organize data design workshops: To foster innovation and streamline the development of generative AI solutions, structuring data design workshops is highly recommended. These workshops offer a platform for thoughtfully generating and evaluating ideas, enabling organizations to move into a stage gate development process. By carefully navigating this process, businesses can harness generative AI at scale, unlocking its full potential and reaping the benefits of its transformative capabilities.
6. Encourage your team to experiment: Within the guardrails of your AI policies and guidelines actively encourage your team to experiment and come to the table with ideas on how to innovate for both internal and customer-facing workflows. Imagine, the impact of GenAI could generate a 5% lift in productivity. Use the GenAI hype as an inspiration to get your team excited about the possibilities of AI.

Conclusion

The enterprise landscape offers abundant potential for generative AI, with numerous opportunities waiting to be explored. To seize the moment, CIOs and CDOs must proactively establish mechanisms to address and harness the transformative power of the technology. Rather than shying away from it, they should embrace Generative AI as the "elephant in the room" and recognize its imminent impact on the business world.

Organizations that adapt and leverage its capabilities stand poised to navigate the forthcoming changes and shape a future of innovation and growth. The time to embrace Generative AI is now, as it promises to revolutionize industries and usher in a new era of possibilities.

About the Author

Ben Blanquera is a Vice President with Rackspace Technology. Rackspace is a global leading multicloud services provider with specialties in Data/AI, Application Development, Security, and Cloud Platforms.

Blanquera is passionate about creating amazing business outcomes by leveraging data and analytics. He is on the CDO magazine editorial board and authors the  Global Field Guide to CDO Value Creation.