Mint Primer: Where exactly is GenAI making a business impact?

Does GenAI go beyond experimentation?

Early movers are moving beyond proof of concept (PoC) and trying to deploy GenAI across the enterprise. For them, the landscape is changing with a “AI pervasive” approach, even as many users remain cautious because they are unsure of the return on investment (ROI). According to experts, the real value is not in their implementation, but in their widespread use. This will happen when the majority of employees are encouraged to use GenAI across functions such as HR, finance, marketing, sales and customer service. This requires redesigning internal processes, managing change and explaining results.

Read more: Artificial intelligence must serve the interests of everyone

How does Gen artificial intelligence impact work?

Enterprises increasingly view GenAI as more than just an assistant to their employees. According to Bain & Company’s annual global technology report, the time it takes for manual responses in customer service centers and contact centers has decreased by 20% to 35% over the past 18 months. Sales and marketing teams spend 30% to 50% less time creating content. Coding activities take 15% less time with GenAI. In a back office dealing with document processing, task automation ranges from 20% to 50%. This management consulting firm surveyed 200 companies across industries.

How is the AI ​​market changing?

The global market for artificial intelligence products and services could reach $780 billion to $990 billion by 2027, up from $185 billion in 2023. The pace of change for artificial intelligence will be rapid as businesses become more profitable. Cloud service providers and technology companies are leading the change, achieving lower latency, reduced costs and greater security.

Read more: Smartphone manufacturers are focusing heavily on AI features. Consumers perceive them as gadgets

What functions does artificial intelligence have the greatest impact on?

Artificial intelligence is used in the development of software and products for testing, debugging and maintenance. Customer service uses GenAI for analytics, solving customer issues, and improving virtual agents. Sales and marketing teams automate social media engagement, customization, account planning, training and support. In the back-office, artificial intelligence is used to detect fraud, audit, process documents, and prepare reports. The big change is moving from hype to real use cases with measurable results.

What impact could this have on jobs?

For now, GenAI is in employee support mode. Employees learn how they can be more productive in real life. The free time can be used to improve the ability to cope with tasks independently. Although over time, as tasks are automated, the number of positions in this position may decrease and some roles may no longer exist – companies do not currently hire transcriptionists because automated tools do it. Human-machine collaboration will increase, which will benefit both parties in situations such as production.

Read more: Is the launch of the iPhone 16 really a breakthrough moment for generative artificial intelligence?