Generative AI is accelerating digital transformation. Companies must deal with the new technology in order to remain competitive in the long term. A study shows the importance of GenAI and examines where the German economy stands.
As the economy and society become more digital, the topic of artificial intelligence in all its facets is becoming increasingly important. Studies on the latest trends and developments such as GenAI, machine learning and others and how to respond to them can be found in the Bank Blog.
The success of generative artificial intelligence through the introduction of ChatGPT in autumn 2022 represents a major turning point for digital transformation. The use of GenAI has not only revolutionized the automation of conceptual tasks and enabled new digital services, but also acts as a digital assistant in the context of demographic change. This relieves employees of time-consuming routine tasks.
Despite the challenges and risks associated with the integration of generative AI – such as the introduction of the EU AI Act and the emergence of “shadow AI” – it is essential for future competitiveness and market differentiation.
Where do German companies stand with GenKI?
A current Lündendonk study examines the importance, application possibilities and potential of this technology as a driving force of digital transformation. It analyses the challenges, describes various providers, implementation strategies and planned measures.
The study shows that a large proportion of CIOs already see significant business value in GenAI, particularly in the areas of IT operations, content creation and knowledge management. It shows what companies are doing, what goals they are pursuing and what challenges they are facing
Companies are divided on GenKI
For the majority of companies surveyed, generative AI is highly relevant. Almost all companies and organizations surveyed are dealing with this technology.
42 percent of companies see generative AI as particularly relevant, while 58 percent are rather skeptical. However, most of the companies surveyed are still at the beginning of using GenAI: only three percent have fully integrated these technologies into their production operations, while 34 percent are still in the testing phase.
Opinions on GenKI are divided.
13 percent have not yet introduced the use of generative AI, mainly due to concerns about data security, quality of results or unresolved liability issues. In addition, 31 percent of companies have currently suspended their activities in the field of generative AI for the time being as they await clarifications on the EU AI Act.
Areas of application of Generative AI
Generative AI has numerous applications in companies. 85 percent of the companies surveyed use it for conceptual work, eight out of ten use it for data analysis and forecasting, and 71 percent integrate generative AI functions into their digital services. Therefore, increasing customer centricity is the most frequently cited advantage at 71 percent.
In addition, 67 percent of companies expect significant automation potential through GenAI, while 66 percent want to benefit from cost savings. In addition, every second company recognizes advantages in knowledge documentation in order to respond to demographic change and the associated
Trust in AI is still lacking
The call for trustworthy AI is getting louder. – Mario Zillmann, Lünendonk
71 percent of respondents expressed legal concerns about the potential consequences of incorrect AI results in their companies. They fear significant liability risks due to incorrect decisions based on inaccurate AI results.
A key success factor for the use of generative AI is therefore the trustworthiness of the technology, which is based on the quality of the results. Companies must ensure that the results are reliable and understandable and that no false information is spread. Technical features such as reliability, robustness and explainability of the results are of crucial importance here.
At the same time, 71 percent of companies plan to improve their data management and data quality and adapt their data governance to the increasing use of AI.
Risks from shadow AI
The use of new technologies also brings with it new risks. The emergence of so-called shadow AI is particularly worrying. Around a third of the companies surveyed (33 percent) grant all employees unrestricted access to GenAI tools, which can lead to security problems and data protection violations. In another 32 percent of companies, employees have limited access. Only 35 percent of companies restrict access rights to specific areas and functions.
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