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The Future Of GenAI: Warnings That Cost May Exceed Value

Jan 24, 2024 - forbes.com
The article discusses the potential high costs of implementing Generative AI (GenAI) in businesses, with Gartner predicting that by 2025, growth in 90% of enterprise deployments of GenAI will slow due to costs exceeding value. The author suggests that businesses should evaluate the sustainability of their in-house GenAI developments and consider pre-existing solutions. The article highlights a methodology called FrugalGPT, which aims to make the use of large language models (LLMs) more cost-effective and efficient by optimizing their performance and significantly reducing operational expenses.

The author suggests a roadmap for strategic AI implementation, which includes assessing current AI deployments, experimenting with frameworks like FrugalGPT, developing a diverse AI portfolio, establishing clear metrics for success, embracing agile AI development, and fostering AI literacy within leadership. The article concludes by emphasizing the importance of cost considerations in the success of AI projects and suggests that a vigilant approach to AI investment can help enterprises thrive in the new landscape of intelligent automation.

Key takeaways:

  • Generative AI (GenAI) is revolutionizing businesses but the cost of implementing AI in enterprise business processes may be more costly than initially thought.
  • FrugalGPT methodology offers a way to harness GenAI's power while significantly cutting costs and enhancing accuracy.
  • Strategic planning and wise investment in AI are crucial to avoid the investment in generative AI becoming a financial burden.
  • A roadmap for strategic AI implementation, including assessing current AI deployments, experimenting with frameworks like FrugalGPT, developing a diverse AI portfolio, establishing clear metrics for success, embracing agile AI development, and fostering AI literacy within leadership, is essential.
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