SUMMARY
Generative AI is predicted to add $15.7 Tn to the global economy by 2030, driving transformative changes across industries
Generative AI can streamline complex processes, enhance creativity, improve decision-making, increase productivity and provide better customer experiences
Advancements in AI tech hold promising potential for significant industry-wide transformations and improved efficiency in organisations
Generative AI is rapidly transforming the way we live and work. It has already become a vital tool for many organisations, and its impact is expected to grow exponentially in the coming years. According to a recent report by PwC, AI is expected to add $15.7 Tn to the global economy by 2030, with generative AI being one of the key drivers of this growth.
Several organisations across industries are already experiencing the benefits of generative AI. For instance, Airbnb uses it to enhance its search engine, and as a result, it has seen an increase in bookings and customer satisfaction. Similarly, Google uses generative AI to improve its search engine algorithms, resulting in more accurate search results and higher user engagement.
Here are five predictions on how this tech will change the way businesses work:
Streamlining Complex Processes
Generative AI can automate complex processes that require extensive human intervention, making them more efficient and cost-effective. For example, a healthcare organisation can use it to analyse large amounts of patient data to identify patterns and provide personalised treatment plans.
Enhancing Creativity
Generative AI can assist humans in generating creative content such as art, music, and writing. It can analyse vast amounts of data to create unique and original pieces that may not have been possible otherwise. This could revolutionise the entertainment and creative industries. It can also help content creators create unique content each time.
The Washington Post uses generative AI to create custom news articles. The AI tool, called Heliograf, can analyse data on sports events, election results, and other news stories and generate articles based on that data. This enables the newspaper to provide more comprehensive coverage of events and reach a broader audience.
Improving Decision-Making
Generative AI can analyse data from multiple sources, enabling organisations to make informed decisions quickly. For example, a financial institution can use generative AI to analyse market data and identify investment opportunities, reducing the risk of human error and bias.
P&G, the global consumer goods company, uses it to predict which of its products will be most successful in different regions of the world. By analysing data on consumer preferences, purchase patterns, and cultural trends, P&G creates personalised marketing campaigns for each market, resulting in increased sales and customer satisfaction.
Increasing Productivity
Generative AI can automate repetitive tasks, freeing up employees’ time to focus on higher-value tasks that require human intervention. This could increase productivity and allow organisations to scale their operations more efficiently.
Providing Better Customer Experiences
Generative AI can analyse customer data to provide personalised experiences and recommendations. For example, an ecommerce platform can use this tech to recommend products based on a customer’s previous purchases and browsing history, increasing customer engagement and loyalty.
Hilton Hotel’s AI-powered concierge, ‘Connie’ takes customer experience to the next level. Connie can answer questions about the hotel and local attractions using natural language processing and provide personalised recommendations based on customer preferences.
Conclusion
The future of generative AI is incredibly promising. With advancements in technology, we can expect it to become more sophisticated and capable of performing even more complex tasks. Its use is on the rise and is expected to transform the way organisations operate in the near future.
From streamlining processes to enhancing creativity and improving decision-making, generative AI has the potential to bring about significant changes across industries. As it continues to evolve, it will be exciting to see how it will change our lives forever.
