Generative AI: What Is It, Tools, Models, Applications and Use

Generative AI provides new and disruptive opportunities to increase revenue, reduce costs, improve productivity and better manage risk. In the near future, it will become a competitive advantage and differentiator. 

Gartner splits the opportunities into three categories.

Revenue opportunities

Product development: Generative AI will enable enterprises to create new products more quickly. These may include new drugs, less toxic household cleaners, novel flavors and fragrances, new alloys, and faster and better diagnoses.

New revenue channels: Gartner research shows that enterprises with greater levels of AI maturity will gain greater benefits to their revenue.

Cost and productivity opportunities

Worker augmentation: Generative AI can augment workers’ ability to draft and edit text, images and other media. It can also summarize, simplify and classify content; generate, translate and verify software code; and improve chatbot performance. At this stage, the technology is highly proficient at creating a wide range of artifacts quickly and at scale.

Long-term talent optimization: Employees will be distinguished by their ability to conceive, execute and refine ideas, projects, processes, services and relationships in partnership with AI. This symbiotic relationship will accelerate time to proficiency and greatly extend the range and competency of workers across the board.

Process improvement: Generative AI can derive real, in-context value from vast stores of content, which until now may have gone largely unexploited. This will change workflows.

Risk opportunities

Risk mitigation: Generative AI’s ability to analyze and provide broader and deeper visibility of data, such as customer transactions and potentially faulty software code, enhances pattern recognition and the ability to identify potential risks to the enterprise more quickly. 

Sustainability: Generative AI may help enterprises comply with sustainability regulations, mitigate the risk of stranded assets, and embed sustainability into decision making, product design and processes.

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