Generative AI (GenAI) is no longer just a buzzword - it’s reshaping how businesses operate. Yet private companies are still playing catch-up. According to Grant Thornton’s survey of over 550 global business leaders, only 57% of private companies have adopted GenAI, compared with 80% of public companies. This gap puts private firms at a disadvantage as competitors leverage AI to enhance customer experiences, streamline operations, and generate new revenue streams.

Consumer expectations have changed. Strategies that once drove revenue are no longer sufficient, as customers now demand highly personalized products and services. Many private companies, often with limited resources, haven’t yet invested in GenAI-a tool that enables adaptability, innovation, and growth. Failing to adopt AI risks losing market share and falling behind competitors who are embracing it to improve service and efficiency.

The good news is that implementing GenAI does not require large upfront investments or a company-wide reorganization. It is possible to invest in GenAI gradually and generate quick returns that can fund larger projects. GenAI can be easily and effectively used in any business to automate content creation, such as job descriptions, accounting records, and sales and marketing materials.

GenAI Leads to Growth: A Smart Path for Private Companies

For private companies, the smartest approach is to begin with manageable projects that clearly align with business goals. Common GenAI applications include:

• Data analytics and business intelligence: Summarizing dashboards and reports, predicting future results, and analyzing customer feedback to identify opportunities for improvement.
• Customer relationship management: Automating customer support through chatbots, generating invoices or reports, assisting with meeting reminders, and creating contracts based on templates.

Processes that are repetitive, follow clear rules, and take significant time to complete - but don’t require high-level judgment - are ideal starting points. Examples include data entry, invoice processing, contract review, document generation, and inventory management.

Pilot projects or proof-of-concept exercises help validate ROI before scaling up. As successful initiatives generate returns, companies can prioritize additional use cases and fund larger GenAI projects.

Technology enablement starts with team enablement

Technology alone isn’t enough. Real benefits come from teams that understand and embrace AI. Leaders need courage to drive change and compassion to address employee concerns about job displacement. Effective GenAI training includes:

• Aligning learning objectives with business outcomes
• Explaining ethical and responsible AI use
• Conducting skills gap assessments to tailor training
• Providing hands-on experience and opportunities for continuous learning

This approach builds a culture of innovation, helping employees become more confident, productive, and engaged.

Tips for Realizing Value from Technology Investments

With limited resources for GenAI, private-company leaders must maximize the impact of their investments. To achieve the best results, they should consider:

• Gather and leverage customer feedback to improve personalization
• Implement secure, agile systems that support experimentation
• Invest in scalable technology such as ERP and CRM systems with AI integration
• Track metrics such as revenue growth, cost savings, and customer satisfaction to measure success

Build long-term growth and company stability

Private companies can no longer afford to wait. GenAI provides a clear path to operational efficiency, enhanced customer experiences, and long-term growth. By starting incrementally, validating results, and empowering teams, companies can use AI to create immediate value while building a foundation for future transformation.

Read Grant Thornton's Digital Transformation Research Report for additional information and advice on aligning your technology with business strategy. For more information on this topic, please contact our local experts.