Generative AI is a rapidly evolving technology that has the potential to create a global impact, and disrupt multiple industries and functions. The global generative AI market size is projected to grow significantly, with estimates showing a CAGR of 34.3% from 2022 to 2030. 

AI systems can help enterprises make better and faster decisions by analysing large amounts of data, and identifying trends and patterns that humans might miss. 

It is crucial for business leaders to explore the possibilities of utilising Generative AI’s power to accelerate innovation while doing so responsibly. Responsible AI practices can ensure that these decisions are fair, transparent, private and accountable.  It involves considering the potential impact of GenAI on the enterprise, and further towards society, and taking steps to mitigate any potential negative consequences.

Building long-term sustainable solutions is a key aspect of responsible utilisation of GenAI. This involves creating solutions that not only drive adoption and positive impact but also consider the long-term implications of GenAI on society, the environment and the economy. It also involves ensuring that the use of GenAI is inclusive and accessible to all individuals.

Best practices for organisations to innovate responsibly with GenAI include developing clear ethical guidelines and governance frameworks, promoting transparency in decision-making processes, ensuring data privacy and security, and engaging with stakeholders and the broader community to ensure that the use of GenAI is aligned with societal values and expectations.