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Generative Artificial Intelligence in Business
Generative AI (GenAI) is projected to have a significant economic impact with expected growth and widespread adoption across various industries. It utilizes advanced neural network models to create new content and improve operational efficiency, decision-making, and customer experiences. The success of GenAI adoption relies on its integration into enterprise-wide strategies that transform business models, prioritize data governance, and address ethical considerations.
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Generative Artificial Intelligence in Business
- 1. GenAI in Business DR.TATHAGAT VARMA “COGNITIVE CHASMS: A GROUNDED THEORY OF GENAI ADOPTION”
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- 3. GenAI: The New ShinyPenny? Several Trillion $$$s of economic impact projected. 30% growth expected in 2024: Over $20bn VC funding in the first three quarters. Capex of $1tn+ expected in the coming years!
- 4. GenAI Hype Source: Gartner,https://www.gartner.com/en/articles/hype-cycle-for-genai
- 5. What is GenerativeAI? Ability to create “new” content using simple prompts in English Content could include text, images, audio and video, etc. Utilizes advanced neural network architectures Leverages vast amount of existing data for pre-training
- 6. Types of GenerativeAI Generative Adversarial Networks (GANs): Two neural networks, the generator and the discriminator, compete against each other to create new outputs. Variational Autoencoders (VAEs): Good for exploring variations in data in a specific direction. Diffusion models: Create detailed and complex images by gradually refining random noise into structured images. Transformer models: Use a self- attention mechanism and a feed-forward network to identify and memorize patterns in data. Deep Generative Models (DGMs): A combination of a generative model and a neural network. Autoregressive models: Suitable for tasks such as language generation and image synthesis. Large Language Models (LLMs): Statistical models of language that estimate the probability of a sequence of words appearing within a particular context.
- 7. Popular Tools…growing daily! Text •Conversation: ChatGPT, Claude • Content: Jasper • Writing: Grammarly, Anyword • Email: Shortwave • Notes: Mem Image • Generation: Dall-E, Midjourney • Enhancement: Adobe Photoshop Audio • Voice Generation: Wellsaid, Respeecher, Altered, Murf • Voice Cloning: ElevenLabs • Music: Suno • Text-to- Speech: Speechify, Natural Reader Video • Generation: Runway • Editing: Descript • Social Media: Flicki • Digital Avatars: Synthesia • Content Marketing: Peech • Script to video: Visla Technology • Coding and debugging: Copilot • App building: Microsoft Power Apps, Wix, Framer, Pico
- 8. Key Benefits Productivity Automate tasksthat are manual, boring, repetitive, dangerous Allow humans to focus on higher value-adding tasks Efficiency Reduce lead time, process overheads, wastage Optimize operational costs and improve bottomline Experiences Deliver personalized experiences Enhance creativity Innovation Design new products, services and experiences Improve topline and innovate the business model Decision-making Enhance decision- making based on data-driven insights Ability to incorporate pervasive emergent learning and achieve market-scale in near- real-time
- 9. Major Limitations Bias AccuracyEthical Cost Data
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- 11. Industries…virtually every industry! Healthcare: Diagnostics, PatientCare, Retail: Inventory management, Pricing, Virtual try- ons, etc. Entertainment: Scriptwriting, Animation, Office: Productivity solutions
- 12. Functions…literally every function! CustomerService Chatbots Marketing Content creation: Ads, Blogs, Creatives Personalized campaigns, Data Analysis, Culling insights, etc. Product Development Prototyping, Design Technology: automated coding and debugging People AI-driven individual learning journeys Hiring, career progression, etc.
- 13. GenAI Value Spectrum Optimize(“10%”) •Task-level adoption and process-level “vertical scaling” lead to individual productivity hacks that might make no real impact for the firm, while process efficiency could improve the bottomline. Innovate (“1X+”) •Firm-level “horizontal scaling” across the entire value chain leads to business value realization and superior customer experiences that improve the topline better than the normal growth. Transform (“10X”) •Harness the power of data- informed algorithmically- supported “cognitive decision- making” to transform the business model and deliver exceptional human experiences that are order of magnitude superior. Evolve (“∞”) •Industrial and societal adoption lead to market disruptions and planet-scale solutions for social good when applied judiciously with appropriate human controls, but might wreak havoc when applied indiscriminately without adequate forethought and safeguards.
- 14. Theory of CognitiveChasms©
- 15. Theory - of - Cognitive Chasms© Coming in2025… Follow updates at: https://www.linkedin.com/company/cognitivechasm
- 16. Recap Enterprise-wide Adoption: GenAIis a “general purpose technology”. To realize its full value, it must be seen as a “horizontal technology”, i.e., enterprise-wide adoption. Strategic Value Creation: Successful adoption must strategically integrate GenAI to a firm’s value chain and deliver tangible value to the firm. True value of GenAI lies in transforming the internal capabilities and business model of the firm. Transformation Roadmap: Theory of Cognitive Chasms provides a roadmap for firms looking at systematic change management while mitigating risks and delivering tangible value.