Generative AI and the Future of Business
Advances in technology are once again promising to transform business and society – and this time it’s happening at hyper speed. Generative AI presents a new epoch of human efficiency and effectiveness, affecting society and industry in ways we have yet to understand. When we look back, as discussed above, this moment will be as groundbreaking as rollout of the personal computer and introduction of the Apple iPhone.
With generative AI solutions, business leaders will drive their organizations to previously unattainable and unthinkable speed and scale of execution. Companies will automate and optimize business processes, generate novel insights, and deliver new customer experiences faster than ever before.
While the general public has become enraptured by charming and relatable examples – from writing puns to creating a photo of an astronaut riding a horse – business leaders need to focus on well-scoped problems that generate economic value.
Developing and implementing generative AI technology for business transformation requires a thoughtful and deliberate approach. First, business leaders must identify tractable use cases where the solution will be useful, drive value, and where stakeholders agree to measurable success metrics.
Tractable use cases include automating repetitive tasks, or synthesizing insights from unstructured data and documentation. This could be achieved through streamlining high-volume tasks to save time, or unlocking once all-but-impossible to access information deep in documentation and disparate data sources. Success metrics will measure the business impact, and could be tied to economic benefit, customer service, sustainability outcomes, or business efficiencies.
As you can see, all this is leading to major changes within a given enterprise. To scale these technologies and solutions, leaders will need to evaluate existing workflows of people who already perform job functions generative AI can transform. Successful enterprise implementations of generative AI will embed solutions into existing customer and employee workflows, rather than serve as standalone tools.
The simplicity of using generative AI—for a consumer or a business user—should make adoption a non-issue. The possibilities really are limitless, and enterprise adoption should occur in months rather than years, ultimately making generative AI a moment in technology history whose significance will soon be undeniable – for enterprises everywhere.