AI's Reality Check: Ditch the Hype, Embrace the Hustle

Forget the hype, the vague promises, and the endless theorizing about the future of AI. It's time to get your hands dirty and start building.

This conclusion is from the latest HFS Research and Tech Mahindra report, "Stop Dreaming and Start Doing—Your Practical and Urgent Guide to Winning with GenAI.” It’s also a wake-up call for AI leaders stuck in the clouds.

Based on a survey of 260 enterprise leaders, the research reveals that the time for dwindling thumbs is over. Every single leader surveyed confirmed that GenAI will be deeply integrated into their IT programs within the next 18 months.

They do not see it as a future goal; many see it as an immediate reality. Nearly 40% of these leaders predict that GenAI will be woven into more than half of their IT initiatives in that same timeframe.

The dreamer vs. the doer

The report draws a stark line between those merely dreaming about GenAI's potential and those actively doing something about it.

The "doers" are not just tinkering with pilot projects; they fully operationalize GenAI and reap the rewards. The report showed that they are five times more likely to have successfully deployed functional GenAI solutions compared to their dreaming peers.

Unlocking limitless possibilities

The report believes that understanding the risks, costs, and compliance challenges associated with GenAI is important. However, it also sees value in taking action as soon as possible.

As Tech Mahindra's chief executive officer, Mohit Joshi, notes, "GenAI is transforming businesses... This report underscores the strategic imperative for businesses to embrace GenAI and unlock limitless possibilities."

More importantly, GenAI is no longer about automating tasks or improving efficiency. It's about fundamentally changing how we create, innovate, and compete.

The report's author, David Cushman, the executive research leader at HFS Research, echoes this sentiment. He says the best way to navigate the uncertainties of new technologies like GenAI is to "get on and try things — and learn from doing."

Innovate or perish

Phil Fersht, chief executive officer of HFS Research, says the era of maintaining outdated processes and technologies is over. “The choice is clear: innovate or be left behind."

The report also adds additional insights, including the importance of having clarity on ROI, addressing risks, and preparing your data and workforce for GenAI. It also highlights the key attributes enterprises seek in GenAI service providers: a practical approach to business value, cost-effectiveness, and technical expertise.

Image credit: iStockphoto/SmileStudioAP