In today’s fast-paced digital world, enterprises are faced with the challenge of effectively harnessing the power of generative artificial intelligence (gen AI). With gen AI taking the business landscape by storm, organizations are finding themselves in a race against time to tap into its true potential for maximizing revenue and gaining a competitive edge.
According to Ketan Awalegaonkar, Chief Customer Officer, Chief Data/AI Officer, and Partner at PricewaterhouseCoopers LLP, investing in the data and AI core is critical for businesses to thrive in the gen AI era. Awalegaonkar emphasizes that gen AI is only as good as the quality of data and AI infrastructure supporting it, as well as the associated risk and regulatory framework.
To fully leverage the advantages of gen AI, organizations need to view it through a different lens. Awalegaonkar suggests that the C-Suite should focus on enhancing productivity and revenue maximization. For finance departments, gen AI offers the opportunity to automate repetitive processes, transforming them into digital finance offices. CFOs are becoming increasingly aggressive in exploring ways to monetize time-to-market and are collaborating with other key executives to achieve these objectives.
Marketing is another area where gen AI can revolutionize operations. Awalegaonkar highlights the potential for streamlining processes, such as accelerating the delivery of offers. With pre-packaged gen AI content, organizations can create personalized messages and significantly reduce the time it takes to launch marketing campaigns.
As gen AI continues to advance, it is essential for businesses to embrace its potential and adapt accordingly. By leveraging the power of gen AI, enterprises can unlock new avenues for growth and innovation.
FAQs:
1. What is generative AI?
Generative artificial intelligence, or gen AI, refers to AI systems that have the ability to generate original content, such as images, videos, and text, rather than simply processing existing data.
2. How does gen AI impact businesses?
Gen AI has the potential to transform business operations and drive growth by automating repetitive processes, streamlining workflows, and enabling personalized customer experiences.
3. Why is investing in data and AI core important for gen AI?
The quality of data and the infrastructure supporting AI are crucial for the success of gen AI. Without a robust data and AI core, gen AI cannot deliver optimal results or effectively address the associated risks and regulatory requirements.
4. What role does gen AI play in finance?
Gen AI can revolutionize finance departments by automating repetitive tasks and transforming them into digital finance offices. This enables finance professionals to focus on strategic initiatives and maximize revenue.
5. How can gen AI benefit marketing?
Marketing processes can be streamlined with gen AI, allowing organizations to deliver personalized messages and offers more efficiently. With gen AI, businesses can significantly reduce the time it takes to launch marketing campaigns and improve overall marketing effectiveness.