What is the impact of GenAI?
GenAI’s impact on business and society is expected to be enormous. As its capabilities expand, GenAI’s reach and its ease of use makes it more democratic.
With GenAI, developing and deploying new AI capabilities is no longer limited to data scientists, and thus, solutions can be both business and citizen-led. And, the resulting speed and productivity that GenAI brings to knowledge work can save time and money, allowing people to focus on higher-value activities. The coming explosion in AI use can allow organizations to transform their business — so long as they manage the new risks to security, privacy, bias, ethics and brands.
How can GenAI improve business?
GenAI can automate and enhance aspects of almost all business operations, ranging from customer service to software development and data analytics. For example, it can:
- Improve how you engage with your customers by enabling self service, providing everyone the best possible interaction
- Automate high-volume tasks, such as processing insurance claims and communications or software development tasks
- Make it easier for your teams to understand all the unstructured data that matters — contracts, invoices, customer feedback, policies, performance reviews
What is responsible GenAI?
Building and maintaining Trust with stakeholders, from your Board to your customers and regulators, means you need to consider how your organization uses AI responsibly. GenAI is no exception - you need to be ready to demonstrate ongoing governance over data and performance, but also that your organization is responsive to emerging issues around human-machine interaction, job displacement, and unintended consequences of algorithms. It’s beyond compliance with regulation — building Trust is good for business and your brand.