Canada’s declining productivity and standard of living have been deemed an "emergency" situation by the Bank of Canada.

A new report released this week by the Canadian Chamber’s Business Data Lab focuses on the implementation of generative artificial intelligence (Gen AI) to prompt productivity by assisting Canadian businesses in accelerating the production and quality of their goods and services.  The report details that with the global interest in Gen AI soaring, Canadian businesses must act swiftly to secure a competitive edge. Gen AI is not just a buzzword; it's a game-changer—a general-purpose technology that holds promise across various industries.

Despite this urgent call to action, 73% of businesses have yet to consider integrating Gen AI into their operations.

The report details several recommendations for businesses to incorporate Gen AI into their day-to-day operations:

• Experiment with Gen AI: Gen AI is accessible and applicable across industries, it’s time to experiment.
• Start with pilot projects: Start with small-scale initiatives, measuring key performance indicators (e.g., efficiency, costs savings and revenue generation) before and after Gen AI implementation.
• Train Employees: Prepare staff for Gen AI adoption with training sessions and resources to facilitate workflow adjustments.
• Align with strategic goals: Integrate Gen AI adoption into overall strategic objectives, identifying areas for process enhancement and innovation.
• Invest in data infrastructure: Establish robust data infrastructure and governance practices to ensure high-quality data for Gen AI training while prioritizing privacy and security.
• Acquire Talent: Recruit and retain skilled personnel in Gen AI, including data scientists and machine learning engineers, to develop and implement solutions.
• Utilize Cloud infrastructure: Utilize cloud platforms for scalable computing power, facilitating efficient model training, deployment, and maintenance
• Leverage public resources: Move faster by basing policies on the federal government’s Guide on the use of Gen AI or tapping available funding, such as the NRC’s IRAP AI Assist Program.

Embracing Gen AI is an opportunity to drive productivity, competitiveness, and ultimately, prosperity for all Canadians.

To read the report, click here.