Last year, I was involved in a proof-of-concept (POC) in a major financial institution. It was mid-2023, and Generative artificial intelligence (Gen AI) was already reaching what’s known as Gartner’s ‘peak of inflated expectations.’ The POC was for a data platform to help data scientists build AI models and govern them; the models would aid in improving customer retention and making next-best-offers. The success criteria had been agreed upon. In the penultimate meeting before the POC began, one of the financial institution’s leaders on the data side suddenly came out with the statement, “bonus points for the vendor that displays Gen AI capabilities.” Needless to say, my team obliged. Our data management solution had a pre-release feature that could help data stewards manipulate data using Gen AI. Examples include: “Change the format of this pricing table to match $xx.xx.”
Now, almost a year on, this financial institution has not yet deployed Gen AI. Without revealing specifics, I would like to point your attention to this statement: According to Boston Consulting Group, ninety percent of C-suite executives are either waiting for Gen AI to move past its hype cycle or experimenting with it in small initial projects, because they don’t believe their teams can navigate the transformational changes posed by Gen AI.
Read more in https://www.datamanagementblog.com. Originally published on March 21, 2024.
