86 pc of firms globally experimenting with GenAI for innovation: Report

86 pc of firms globally experimenting with GenAI for innovation: Report


New Delhi, June 12 (IANS) About 86 per cent of organisations globally are experimenting with GenAI for innovation, R&D, or product development, while 8 per cent are currently applying GenAI at scale, a new report showed on Wednesday.

In the GenAI race, 'ready' innovators are already moving out ahead.

They’re applying GenAI more frequently in a single use case and are five times more likely to have applied it at scale, according to the global management consulting firm Boston Consulting Group (BCG).

“GenAI can boost efficiency and bring a fresh perspective to an organisation, empowering its innovation function to invent faster and better,” said Michael Ringel, a BCG managing director and senior partner and a co-author of the report.

The report surveyed over 1,000 senior innovation executives around the world.

Moreover, the report mentioned that this year, a record 83 per cent of senior executives ranked innovation among their organisations’ top three priorities.

When business leaders were asked to rank the challenges facing their innovation teams, strategy concerns topped the list, with 52 per cent citing an unclear or overly broad strategy as one of their top three challenges.

Rising interest rates and talent constraints were cited among the top three concerns of 47 per cent and 44 per cent of innovation executives, respectively.

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