Sylvain Duranton is the Global Leader of BCG X and a member of BCG’s Executive Committee. BCG X is the tech build & design unit of BCG. Turbocharging BCG’s deep industry and functional expertise, BCG X brings together advanced tech knowledge and ambitious entrepreneurship to help organizations enable innovation at scale.
Just two years ago, the arrival of ChatGPT sent ripples through the technological landscape, stirring visions of the internet's disruptive dawn in the early 2000s.
Yet, as swiftly as the optimism surged, skepticism has begun to surface. In June, Goldman Sachs, in a shift of tone, published"GenAI: Too Much Spend, Too Little Benefit." Tech research firm Gartner painted a cautious picture, predicting that 30% of ongoing GenAI projects within enterprises would falter by the next year. In the United States, seed investments in AI startups plummeted by 76% from the last quarter of 2023 to the first quarter of 2024.
Despite these hurdles, GenAI is not a fleeting trend. For every disruptive technology, a stabilization phase follows the initial enthusiasm. Companies are beginning to understand that while the potential gains from GenAI are immense, the path to realizing them is both longer and costlier than many initially assumed.New Gmail Security Alert For Billions As 7-Day AI Hack Confirmed
These successes stem not from indiscriminate technological deployment but from a focused transformation of core business functions. Telecom customer service centers, banks, and insurance firms have harnessed GenAI to enhance customer interactions. Consumer goods companies leverage AI to create and personalize content at unprecedented scales.
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