Coveo CEO Louis Têtu has just returned from a world tour, where he spoke with over 50 CIOs about their concerns and thoughts surrounding generative AI. According to Têtu, nearly every company leader is thinking about the potential opportunities and risks that come with the use of AI. Têtu highlighted the growth in AI-enabled experiences over the past decade. He noted that early adopters like Amazon, Netflix, and Wayfair have been leveraging machine learning to personalize user experiences since around 2010. This has resulted in coding autopilots, creative applications, and the ability to generate advice. Têtu believes that the ability to generate advice is the most important outcome, as it can be applied to customer service, employee learning, and even the creation of new products or services.
However, generative AI also comes with its challenges for CIOs. Têtu identified nine issues from his discussions with CIOs, including data traceability and accuracy, security and permissions, data source connectivity, and cost. Many generative AI tools like ChatGPT are public, meaning that using them may result in information being made publicly available. Security and permissions become obstacles for CIOs who want to handle proprietary information securely. Additionally, CIOs need to allocate resources to connect various data sources within the organization and ensure data recency and accuracy at scale. All of these challenges have cost implications, as building or buying a customized platform can be expensive.
Têtu emphasized that generating answers is not the only thing people want from websites. People also want to discover new information. What makes an answer valuable is the data sources that make it accurate and actionable. Têtu believes that getting the data infrastructure, security, and relevance right is key. He also warns against wasting a user’s time, as generative AI will exponentially increase the amount of content available online. Companies need to adapt to the new set of expectations that come with AI-generated content and provide experiences that are conversational and advisory in nature.
Overall, generative AI offers many opportunities for businesses, but CIOs need to navigate the challenges that come with it. The key is to ensure data traceability and accuracy, handle security and permissions effectively, connect data sources, and consider cost implications. By getting the data infrastructure right and providing valuable, actionable answers, businesses can meet the expectations of users in this new era of AI-generated content.
What are your thoughts on generative AI and its potential impact on businesses? Have you encountered any challenges or opportunities related to the use of AI? Leave your comments below!
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