As investment and attention shifts towards GenAI, companies of all types must evaluate potential opportunities associated with this technology. Given its ability to go a step further than AI to create something new, it is viewed as being incredibly powerful. This report explores opportunities and challenges across common use cases such as marketing, product development, the customer journey, customer service and the supply chain.
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The ability of GenAI to create new is what makes this technology so powerful and is why many view it as having the potential to disrupt every part of the economy - much like the internet did decades ago. Companies are actively exploring the ability of GenAI to reshape marketing, the customer journey, product development, customer service, the supply chain and other areas.
The timeline for the ramp up of different use cases varies significantly. Industry professionals view the ability of GenAI to synthesise unstructured and structured data and to create more targeted marketing campaigns as the top benefits in the next year. In contrast, they expect GenAI will have the most impact on back-end operations such as optimising the supply chain over the next five years.
The advantages of adopting GenAI are potentially vast, potentially impacting nearly all corners of a business. Despite the promise, GenAI does come with its fair share of challenges - some of which are more unique to GenAI itself. Companies must consider computational costs, ethical and bias concerns and necessary training and user adoption.
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