Harnessing Generative AI for business advantage: from Vision to Value
As we navigate through 2024, the term Generative AI (GenAI) is everywhere, sparking conversations and capturing attention. It has evolved from a technological curiosity to a fundamental force reshaping business operations across industries. Generative AI for business is transforming how companies approach tasks, whether crafting stories, designing artwork, or coding. However, amidst the excitement and speculation, everyone is asking a crucial question: Is GenAI truly transformative or another technology bubble? The truth about GenAI lies between the extremes of overblown hype and skepticism. While some early predictions about GenAI replacing entire workforces haven’t materialized, its impact on business efficiency and innovation is clear. According to recent findings: ● 65% of organizations already use GenAI in at least one business function. [ McKinsey’s “State of AI in early 2024” ] ● investment in GenAI reached $25.2 billion in 2023 [ Stanford’s “AI Index Report 2024 “] ● a ma...