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 OpenAI’s 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 content–text, images, videos and audio–paving the way for a revolution in commercial organisations.
Generative AI, a subset of artificial intelligence, goes beyond traditional AI’s capabilities of analysing and interpreting data. It can generate entirely new and original content, whether that’s a piece of music, a custom marketing strategy or a unique customer profile.
In essence, generative AI is an advanced technology that’s transforming the conventional concept of AI.
Beyond the hype
The inclusion of generative AI in your commercial strategy isn’t just about staying ahead of the curve, it’s about surviving and thriving in today’s highly competitive environment.
Here's why:
The dual pathway of value creation
Generative AI can bring substantial value to your business via two main pathways:
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.
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. Let’s explore the top use cases in six key areas:
Your journey towards generative AI
Choosing the right generative AI project requires a fine balance between risk and demand, as outlined in the HBR article “A Framework for Picking the Right Generative AI Project”.
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?
Now that we’ve laid out the what, why and how, let’s look at the steps to kickstart your generative AI journey.
5 steps to kickstart your generative AI journey
Want to drive commercial success with generative AI?0 3
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3As a commercial leader, it’s time to embrace generative AI as a catalyst for change. Harness its power to revolutionise your business practices, foster innovation and drive commercial success.
The age of AI is upon us; are you prepared to lead?
Get in touch if you want to learn more.