In the coming years, enterprises across industries are set to be significantly influenced by the advancements in emerging technologies like generative AI (GenAI). This paradigm shift will keep altering the way we operate and interact with all our stakeholders. According to latest estimates, GenAI is slated to add up to $4.4 trillion per year to the global economy, and close to 75% of the value that this tech’s use cases can deliver is categorized across customer operations, software engineering, R&D, and more.
No doubt, AI has emerged as the cornerstone of innovation, unleashing an era of unprecedented automation and optimization. This has improved operational efficiency, increased the potential for groundbreaking discoveries, introduced pioneering solutions that propel industries forward. The relentless integration of this technology in our operations is also reshaping the future of work as the synergy between human skills and advanced technological capabilities deepens further.
Giving Rise to New Services and Business Modes
For many organizations, the bigger potential of GenAI lies in its ability to generate new services or business models that were previously not possible. Across sectors from manufacturing, healthcare, finance to media and entertainment, AI-driven brainstorming can lead to the development of unique, customer-focused offerings that address emerging needs. With its capability to analyze vast datasets, this technology can facilitate the customization of different services on a granular level, especially in industries where quick adaptation to different markets is essential for competitive differentiation.
In fact, GenAI will keep contributing to the rise of subscription-based models that allow businesses to proactively offer personalized services that further fosters loyalty and deepens customer satisfaction. This also creates a more sustainable, resilient revenue stream while meeting evolving demands in real-time.
Enabling Conscientious Innovation and Consumerism
Generative AI is more than a mere tool; it's a sentinel of sustainable and responsible innovation for businesses to realize and embrace. It holds the potential to catalyze supply chain efficiencies, create designs with ecological sensitivity, and brainstorm solutions that resonate with environmental stewardship. In its code, businesses will find a collaborator in developing products that transcend consumerism – minimizing waste and enabling conscious consumerism in the process.
Technologies like federated machine learning, AI simulation, causal AI, reinforcement learning offer tremendous potential for improving digital customer experiences and business decision-making. The true marvel of GenAI lies in its ability to decipher complex datasets and uncover insights that traverse traditional analytical confines. This helps businesses address impending environmental shifts, adapt to regulatory fluctuations, and ultimately build strategies that harmonize with the demands of responsible commerce.
Harmonizing and Humanizing Our Approach to GenAI
There is no denying AI’s transformative potential, but it comes with its own set of challenges. As we redefine the future of work and industries, we will need to consider recalibrating skill sets, focusing on competencies that augment AI-driven processes. The many fears associated with embracing this technology across businesses, institutions, and governments need to be addressed head-on—with inclusive policies, practices, and approaches for the current and future workforce.
There are ethical considerations to note as well, which cover existing biases within the algorithms, data privacy, and ethics around usage. It will be the collective efforts of businesses, thought leaders, and policymakers that will decide whether GenAI's legacy can endure the test of time. More importantly, the roles we assume as storytellers, pioneers, and custodians will determine how GenAI evolves—as a chapter of hope or a cautionary tale of unchecked power.
We are looking at a future with boundless possibilities, where human potential converges with the capabilities of intelligent machines. Navigating this unprecedented landscape demands a rigorous commitment to learning, adapting, and fostering a symbiotic coexistence between humans and AI.
About the Author
Harshul Asnani
President - Technology and Media Business, Tech Mahindra
Harshul Asnani is President - Technology and Media Business at Tech Mahindra. With over 25 years in the technology industry, Harshul is a seasoned leader known for steering high performance global teams and scaling businesses. Based in the San Francisco Bay Area, he is an active board member and is dedicated to mentoring startups and pushing the boundaries on digital transformation. Harshul holds degrees in mechanical engineering and business administration, in addition to completing the management development program from Harvard.
