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BCG&MIT Study: The Rise of Generative AI in Business and Its Challenges

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BCG&MIT Study: The Rise of Generative AI in Business and Its Challenges

January 22
08:40 2024
This study delves into the transformative role of Generative AI (GenAI) in the corporate sector, as highlighted in studies by Boston Consulting Group and MIT Technology Review. It underscores the increasing adoption of GenAI in businesses, noting the gap in workforce upskilling and the strategic traits of successful companies. The release also addresses the significant challenges associated with GenAI, including ethical concerns.

The latest studies from Boston Consulting Group (BCG) and MIT Technology Review shed light on a pivotal moment in the corporate world, characterized by the swift rise of Generative AI (GenAI) and its profound impact on business operations, filmmaking, and beyond.

GenAI: Transforming the Corporate Landscape

According to BCG’s comprehensive survey of over 1,400 C-suite executives, GenAI technologies are rapidly altering the way companies conduct business. Key findings from the survey include:

Increasing Adoption: A significant 54% of leaders expect AI and GenAI to deliver cost savings in 2024, with nearly half of these expecting savings to exceed 10%.

Strategic Prioritization: GenAI is now among the top three tech priorities for 2024, with 71% of leaders planning to increase their tech investments.

Upskilling for the Future: Despite the enthusiasm, only 6% of companies have trained more than 25% of their workforce in GenAI tools, highlighting a gap in skills and readiness.

The Success Formula: Companies excelling in GenAI adoption share five characteristics: investment in productivity and topline growth, systematic upskilling, cost management, strategic partnerships, and responsible AI implementation.

Challenges Ahead: Reliability and Bias in GenAI

The MIT Technology Review highlights critical challenges facing GenAI’s expansion:

Reliability Concerns: Language and generative models often produce unreliable or fabricated information and are susceptible to biases and security vulnerabilities.

Ethical and Social Implications: The use of GenAI in creating deepfakes and disinformation, especially in political contexts, raises significant ethical questions.

GenAI in Filmmaking: A New Era 

GenAI’s influence extends beyond corporate settings into creative industries like filmmaking:

Revolutionizing Production: Major film studios are exploring GenAI for tasks like lip-syncing in multiple languages and advanced special effects.

The Deepfake Phenomenon: Technologies like Synthesia are enabling the creation of deepfake avatars, used extensively by top Fortune 100 companies.

“Generative AI is not just a technological advancement; it’s a paradigm shift in how businesses approach innovation and efficiency,” says Dr. Alex Rendell, AI Research Director at “While it unlocks unprecedented opportunities for cost savings and productivity, it’s crucial for organizations to navigate its ethical implications and invest in comprehensive upskilling. The future belongs to those who can balance the power of GenAI with responsible and strategic use.”

Looking Ahead

The rise of GenAI marks a transformative era in both business and creative fields. While its potential for efficiency and innovation is immense, it also brings to the fore critical challenges in terms of reliability, ethical use, and the need for strategic implementation and skills development.

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