Article
Published
5 April 2023
As we stand at the dawn of a new era, the rapid growth of generative artificial intelligence (AI) is transforming the business landscape. This revolution is embodied by OpenAIās ChatGPT, the fastest-growing consumer application of all time, amassing over 1 billion users as of March 2023. The real prowess of generative AI, however, lies in its capacity to create multimodal contentātext, images, videos and audioāpaving the way for a revolution in commercial organisations.Ā
Generative AI, a subset of artificialĀ intelligence, goes beyond traditional AIāsĀ capabilities of analysing and interpretingĀ data. It can generate entirely new andĀ original content, whether thatās a pieceĀ of music, a custom marketing strategyĀ or a unique customer profile.Ā
In essence,Ā generative AI is an advanced technologyĀ thatās transforming the conventionalĀ concept of AI.
Beyond the hypeĀ
The inclusion of generative AI in your commercial strategy isnāt just about staying ahead of the curve, itās about surviving and thriving in todayās highly competitive environment.Ā
Here's why:Ā
The dual pathway of value creationĀ
Generative AI can bring substantial value to your business via two main pathways:Ā
New products and services: An MIT experiment with ChatGPT 3.5 (former version) revealed a 15% quality uplift in written tasks, and Gartner predicts that 30% of product development and drug discovery will be driven by generative AI by 2027.Ā
Enhanced productivity: The same MIT experiment showcased a 40% productivity boost in written tasks, and generative AI has been shown to yield more than 10x productivity gains in coding tasks.
Top use cases in commercial areas
Generative AI can revolutionise various facets of a commercial organisation. Letās explore the top use cases in six key areas:
Your journey towards generative AIĀ
Choosing the right generative AI project requires a fine balance between risk and demand, as outlined in the HBR article āA Framework for Picking the Right Generative AI Projectā.Ā
To assess the risk, you can ask the following question: how damaging would it be if untruths and inaccuracies were generated and disseminated?
And to assess the demand, you can ask: What is the real and sustainable need for this kind of output, beyond the current hype?Ā
Now that weāve laid out the what, why and how, letās look at the steps to kickstart your generative AI journey.
5 steps toĀ kickstart your generative AI journey
Want to drive commercial success with generative AI?0 3
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3As a commercial leader, itās time to embrace generative AI as a catalyst for change. Harness its power to revolutionise your business practices, foster innovation and drive commercial success.Ā
The age of AI is upon us; are you prepared to lead?
Get in touch if you want to learn more.
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