How to get the most out of generative AI technology?
Posted: Mon Dec 23, 2024 6:09 am
However, sometimes it is useful to go back to basics: first identify the company’s pain points, and then find technologies that will solve them. Sometimes this may be generative AI, but that doesn’t mean it should be the first choice.
For example, if you’re in the consumer goods industry, you can use generative AI in many phone numbers in russia areas. But you can’t forget about good old-fashioned revenue growth management with advanced analytics on pricing, demand, and promotions. According to McKinsey, AI can’t do that very well. And it’s one of the biggest business challenges for consumer goods companies. In other words, generative AI is a kind of super technology that shouldn’t distract executives from their day-to-day work.
What role does good talent management play in achieving success?
McKinsey authors believe that those companies that take digitalization seriously manage to attract the right talent. However, the leaders of such companies should also be focused on creating a modern technological environment that will make it easier for employees to do their jobs. People want to be sure that the company they join will not become an obstacle to their professional development due to the use of an old technology stack and software development methods. They value their skills highly, and if at the interview stage it seems to them that the company is not serious, they will leave.
So how do you properly develop your employees’ skills to manage new digital products or adopt new ways of working? For example, a product manager might develop a development strategy: understand the problem that needs to be solved, develop a roadmap for solving it, and then guide their team toward that solution.
However, outsourcing your path to success is not an option. McKinsey experts are confident that digital transformation is much more productive if it is carried out in-house: data engineers, programmers, or machine learning specialists will be able to develop the necessary technology 2-4 times faster if they are in the context of the problem being solved. Therefore, if executives want to use some new innovative approach as a source of competitive advantage, their company is best served by becoming its creator.
On the positioning of innovations in the company and the participation of top managers in digitalization
McKinsey experts argue that executives should think about digital transformation as a fundamental aspect of the organization and engage in the implementation of innovations at all structural levels. They advise starting with the creation of several small teams developing technological solutions. When the company is ready for change, these teams will increase many times over and spread across different departments of the organization - sales, logistics, production, R&D. They will begin to work with market leaders in these areas, developing technologies to solve their problems.
Thus, the IT department will not stand apart from everyone else, but will be distributed throughout the entire structure of the organization. At the same time, the IT director must understand that his department needs to move to a model in which it:
Empowers the rest of the organization to innovate safely
Provides access to the tools and data they need
And also provides employees with resources that were previously used within the department.
For example, if you’re in the consumer goods industry, you can use generative AI in many phone numbers in russia areas. But you can’t forget about good old-fashioned revenue growth management with advanced analytics on pricing, demand, and promotions. According to McKinsey, AI can’t do that very well. And it’s one of the biggest business challenges for consumer goods companies. In other words, generative AI is a kind of super technology that shouldn’t distract executives from their day-to-day work.
What role does good talent management play in achieving success?
McKinsey authors believe that those companies that take digitalization seriously manage to attract the right talent. However, the leaders of such companies should also be focused on creating a modern technological environment that will make it easier for employees to do their jobs. People want to be sure that the company they join will not become an obstacle to their professional development due to the use of an old technology stack and software development methods. They value their skills highly, and if at the interview stage it seems to them that the company is not serious, they will leave.
So how do you properly develop your employees’ skills to manage new digital products or adopt new ways of working? For example, a product manager might develop a development strategy: understand the problem that needs to be solved, develop a roadmap for solving it, and then guide their team toward that solution.
However, outsourcing your path to success is not an option. McKinsey experts are confident that digital transformation is much more productive if it is carried out in-house: data engineers, programmers, or machine learning specialists will be able to develop the necessary technology 2-4 times faster if they are in the context of the problem being solved. Therefore, if executives want to use some new innovative approach as a source of competitive advantage, their company is best served by becoming its creator.
On the positioning of innovations in the company and the participation of top managers in digitalization
McKinsey experts argue that executives should think about digital transformation as a fundamental aspect of the organization and engage in the implementation of innovations at all structural levels. They advise starting with the creation of several small teams developing technological solutions. When the company is ready for change, these teams will increase many times over and spread across different departments of the organization - sales, logistics, production, R&D. They will begin to work with market leaders in these areas, developing technologies to solve their problems.
Thus, the IT department will not stand apart from everyone else, but will be distributed throughout the entire structure of the organization. At the same time, the IT director must understand that his department needs to move to a model in which it:
Empowers the rest of the organization to innovate safely
Provides access to the tools and data they need
And also provides employees with resources that were previously used within the department.