Economic potential of Generative AI: A unique opportunity for Businesses
Generative AI has recently seen tremendous momentum and advances, becoming a powerful tool for transforming all sectors and industries.
These advances have created new avenues for innovation and opened the door to unprecedentedly complex problem-solving. It transforms how we interact with these models and work, communicate, and create. As such, like other revolutionary technologies of a few years ago, it will affect the global economy in various ways, driving economic growth and the way we work. We analyze the data and the main characteristics of this revolution.
The impact of Generative AI
According to a study by McKinsey, “the impact of generative AI on productivity could add trillions of dollars of value to the global economy.” They estimate that it would add the equivalent of $2.6 billion to $4.4 billion annually across the 63 use cases they analyzed.
This would increase the impact of all artificial intelligence by 15-40%, and this estimate would double if the impact of incorporating generative AI into software currently used for other tasks beyond the use cases analyzed is included.
Generative AI will have a very large impact across all sectors, but especially in four areas: customer operations, marketing and sales, software engineering, and R&D.
It is a technology that can potentially change the anatomy of work, increasing the capabilities of workers by automating many of their tasks, saving them up to 60-70% of the time they spend. Given the increased potential of technical automation, it is likely to accelerate the pace of workforce transformation.
In fact, it is estimated that current adoption scenarios lead one to believe that half of all work activities could be automated between 2030 and 2060. It also can potentially increase global GDP by a staggering 7%, which will have a huge impact.
Enterprise value with Generative AI
Generative AI has the potential to substantially increase labor productivity across the economy, but for that to happen, investment must be made in supporting workers as they change jobs.
This technology represents a step change in the evolution of AI, and as companies implement it in their businesses, they are beginning to realize the potential it can have for both the economy and society.
The business potential of generative AI lies in its ability to automate and streamline creative processes, thus saving time and resources. It is also a democratized technology available to all, which lowers the barriers to accessing it. Now anyone can take advantage of its capabilities and become a creator.
Therefore, we are facing a major shift in the workforce, where production processes within the economy are changing, as well as the tasks that are performed and the skills needed to succeed in business.
Given the ability of generative AI to deliver results in a wide variety of formats (text, image, code, etc.), the possibilities are endless.
By learning from large amounts of data, generative AI helps to create new content or reduce the time and cost of conceptualizing it. It opens up new use cases in fields such as marketing, product design, journalism, etc. Coca-Cola, for example, has shared the use of this technology to create ad copy at scale, giving them higher performance and significant time savings.
It also has a major impact on the scientific and pharmaceutical sectors, speeding up and reducing costs in research processes. Its ability to analyze large datasets helps to develop and test hypotheses quickly and more cost-effectively, thus reducing, for example, the time needed to design new drugs.
In education, AI is being introduced in classrooms to improve educational outcomes. Japan recently announced that it will allow students to use generative AI to facilitate class discussions and art activities. Even when planning lessons or curricula, it is tremendously useful for creating personalized learning experiences based on algorithmic analysis of students’ learning patterns and preferences.
Business opportunities with Generative AI
Regardless of the sector, generative AI has the ability to digest and summarise large amounts of information. This technology helps make data more useful and easier to interpret.
It also brings huge productivity benefits for workers in administrative fields, reducing their workloads and allowing them to focus on more complex or more challenging jobs.
At Plain Concepts, we offer the Generative AI Adoption Accelerator, a program that will help you accelerate your generative AI journey from initial training to final deployment, consumption, and maintenance. This will establish a solid foundation for harnessing the full potential of OpenAI in your organization, enabling new business solutions powered by GPT-X models and making high-value AI available to you at high speed while ensuring the security of your business data.
We help you design and implement a strategy and roadmap of prioritised use cases around Generative AI that will drive a clear and organised adoption of this technology in your business.
If you want to find out how we can help you improve your business, don’t hesitate to contact us – get the most out of Generative AI!