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Generative Al, like predictive Al before it, has rightly seized the attention of business executives. The technology has the potential to add trillions of dollars to annual global economic activity, and its adoption for business applications is expected to improve the top or bottom lines at many organizations. While generative Al offers an impressive and powerful new set of capabilities, its business value is not a given. While some powerful foundational models are open to public use, these do not serve as a differentiator for those looking to get ahead of the competition and unlock Al's full potential. To gain those advantages, organizations must look to enhance Al models with their own data to create unique business insights and opportunities. Preparing an organization's data for AI, however, unlocks a new set of challenges and opportunities. This MIT Technology Review Insights survey report investigates whether companies' data foundations are ready to garner benefits from generative AI, as well as the challenges of building the necessary data infrastructure for this technology.