In the realm of technological innovation, few advancements hold as much promise as generative artificial intelligence. The path to capturing that promise within the workplace, however, remains fraught. In fact, in a recent global survey by Harvard Business Review Analytic Services, nearly half of respondents said their organization lacks workers with the necessary skills or knowledge in generative AI. The results of the survey were shared in the recent webinar, Answering the Generative AI Skills Challenge.

The survey statistics presented during the webinar paint a picture of both optimism and caution. Although 85% of respondents expected their use of generative AI to increase over the next twelve months, only 44% reported that their organization had approved the use of generative AI in the workplace, according to panelist Beth Tracton-Bishop, Director of Research at HBR Analytic Services. Meanwhile, 52% of respondents said their organizations have not yet communicated a decision on generative AI adoption to their employees.

Generative AI should be used as a tool for augmenting—not replacing—human capabilities, according to panelist and CEO of Intelligent Voice Nigel Cannings. Generative AI is “fantastic at dealing with routine, mundane tasks,” substantiating its growing popularity in call centers, chat bots, and contract and due diligence reviews. However, replacing workers instead of augmenting them with AI could lead to a deskilling of the workforce. “The person who answers that hardest question at the call center is actually the person who started one day on the phone answering very routine questions,” says Cannings. “If we’ve replaced [that process] with machines, how are we going to train experts in the future?”

"I'd like to see generative AI coexist with current processes, rather than replace them. I think too many companies are looking at replacing rather than augmenting." - Nigel Cannings, Intelligent Voice

Responsible use of generative AI is critical, said panelist Chad Burton, COO of Piper Sandler. He echoed Cannings’ concern regarding the loss of knowledge and expertise, the need for which is supported by data from HBR’s survey, which identified “a lack of talent with necessary skills/knowledge” as a leading barrier to organizations’ adoption of generative AI.

From a practical perspective, the potential efficiency gains from generative AI are tremendous, Burton said. By automating mundane tasks, generative AI could even create an improved work-life balance in banking—a notoriously challenging objective. However, these benefits need to be weighed against the potential security and data privacy risks that generative AI technologies pose. Burton’s proposed solution is to partner externally with third-party providers, whose secure platforms and tools afford efficiency and protection.

These expert viewpoints are strikingly aligned with Datasite’s first-hand experience of developing AI for the M&A industry. Perhaps our core insight is the need for AI to assist rather than replace human skills. Despite the huge potential for generative AI to speed up processes, it is still hard to imagine how it could ever work without human quality controllers and decision makers – especially in the high-stakes world of dealmaking.

It's therefore vital that we all keep up with the pace of change – from business leaders to those on the front lines. Though AI is a technology that can surprise even its developers, we can maximize its potential and minimize the risks through continuous learning and development. This is where your technology partners can make the crucial difference. Find out more about how Datasite can help you embrace AI for M&A.