Download your Q3 2023 State of Generative AI Report
When the iPhone debuted in 2007, its revolutionary impact was not fully appreciated. Priced at $499—equivalent to $739 today—it represented more than a new gadget; it signified a shift in how we interact with technology. The lines outside stores were just the beginning. Now, we stand at a similar precipice with generative AI, which promises a comparable upheaval in business and creativity.
Generative AI is the same, right? Right?
A year since ChatGPT went mainstream, its buzz has been inescapable. Yet, amidst the hype, what’s the genuine reception among businesses? Our recent survey, a collaboration between iPullRank and MarketMuse, provides revealing insights.
Survey Insights: Generative AI’s Current Business Landscape
We received responses from 489 participants across various industries and company sizes, and their message is clear: interest in generative AI is on an upward trajectory, but actual integration is not keeping pace.
The key takeaways:
- A significant 70% rate generative AI-created content highly, at 4 or above out of 5.
- Two-thirds of companies endorse generative AI use.
- Conversely, two-thirds lack a formal policy on generative AI.
- Only a quarter have introduced AI-related training.
- Just 20% have implemented these tools organization-wide, while 60% have individual usage.
- Strikingly, 60% of businesses allocate no budget for generative AI, and a mere 5% invest over $1000.
Generative AI in Practice
The leading use of generative AI remains in written content creation. Yet, visual content is catching up fast, with image generation growing by 88% and video generation by an impressive 258%. As tools like DALL-E become more accessible and Midjourney transitions to a paid model, the quality and reach of these applications are broadening.
These technologies are increasingly adept at producing visuals aligned with prompts and branding guidelines, paving the way for wider adoption.
Alarmingly, however, about 10% of users skip editing AI-generated material. In light of AI’s challenges with accuracy and biases, the lack of review is a significant oversight, underscoring the need for enhanced internal education.
Business Sentiment Towards Generative AI
We all have different standards of quality. The sentiment towards generative AI is generally positive, with 70% of users trusting the output quality. Support for AI is strong among two-thirds of businesses, yet many remain stalled at the starting line, lacking the necessary policies and training initiatives.
The crux of executive unease is the discovery that 60% of employees are independently employing generative AI for work, while a scant 20% use these tools under organizational guidance.
This independent usage without proper training or policy frameworks is a glaring vulnerability.
What should you do about generative AI today?
Doing nothing is a decision. When you abstain from taking action, you’re still at risk for your employees to be using and publishing generative AI content without your knowledge or permission. Regardless of your position on the technology, there are a few steps you can take today to protect yourself and encourage responsible usage of these tools.
What can you do immediately?
- Conduct an internal survey to ascertain generative AI usage among employees.
- Develop a clear policy for generative AI use.
- Provide comprehensive training on generative AI applications.
- Establish structured workflows and quality assurance for AI-generated outputs.
MarketMuse and iPullRank advocate for the potential of generative AI to enhance branding and productivity. We assist clients in harnessing these tools responsibly, acknowledging the caution needed amidst their rapid evolution.
Your industry, leadership, business size, or customer base may present challenges to adopting generative AI quickly and effectively. That doesn’t mean you need to be left out. If you’re the person in your organization that’s sounding the alarms, you can also be the person that launches the change.
The insights don’t end here…Stay Informed and Take Action
Generative AI is ripe with cautionary tales and first-mover opportunities. There’s still a palpable divide in the world of marketing and at the C-suite level.
Marketers either recognize the opportunity to make their jobs easier and more productive or they’re hesitant to embrace technology that has the potential to make them expendable.
Meanwhile, C-Suite executives either see opportunities to produce more while saving resources and budget or they fear for their brand’s reputation, data security, and generative AI Commodification.
All of these takes are understandable since we’re still in the early stages of generative AI practical applications. But everyone is having the conversation. Many companies will adapt and get ahead. They’re taking steps now to put policies and processes into place. For bigger organizations, there are many obstructions in the way. You can’t afford to move slowly with this type of tech.
The enterprises that find ways to innovate quickly at scale will come out of this new phase of marketing on top.
Your next step is clear: download the full report for a comprehensive understanding of where you stand in the generative AI adoption curve. Whether it’s enhancing company policy or spearheading generative AI initiatives, your informed action today is foundational for tomorrow’s success.
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