Some companies remain skeptical about the benefits of deploying artificial intelligence (AI). However, a recent Bain & Company report cites encouraging progress. Mint explains the state of GenAI adoption among enterprises today.
Is GenAI going beyond experiments?
Pioneers are going beyond proof of concept (PoC) and testing to deploy GenAI across the enterprise. For them, the landscape is changing with an ‘AI omnipresence’ type approach, although many users remain cautious because they are unsure of their return on investment (RoI). The real value, according to experts, lies not in its implementation but in its widespread use. That will happen when the majority of employees are encouraged to use GenAI in all their functions, whether it is human resources, finance, marketing, sales or customer service. This requires redesigning internal processes, managing change and explaining the results.
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How is Generation AI impacting work?
Companies increasingly see GenAI as more than just an assistant for their employees. According to Bain & Company’s annual global technology report, the time required for manual responses in customer service and contact centers has decreased by 20% to 35% over the past 18 months. Sales and marketing teams spend 30% to 50% less time creating content. Coding-related activities take 15% less time thanks to GenAI. The back office, dedicated to document processing, is experiencing between 20% and 50% automation of tasks. The management consulting firm surveyed 200 companies across all industries.
How is the AI market changing?
The global market for AI products and services could reach between $780 billion and $990 billion by 2027, up from $185 billion in 2023. The pace of change will be rapid with AI, as companies begin to take more profit from your investment. Cloud service providers and technology companies are leading the charge with results such as lower latency, reduced costs and better security.
What functions does AI affect most?
AI is used in software and product development for testing, debugging and maintenance. Customer Service uses GenAI to perform analytics, address customer issues, and improve virtual agents. Sales and marketing teams are automating social media engagement, personalization, account planning, training, and support. In the back-office, AI is used for fraud detection, audits, document processing and report writing. The big change is the move from hype to real use cases with tangible results.
What could be the impact on employment?
So far, GenAI is in employee assistance mode. Employees are learning how they can improve productivity in real life. The freed up time can be used to improve your own handling of tasks. However, over time, as tasks become automated, the number of jobs in that role may reduce and some of the roles may not exist; Companies don’t hire transcriptionists now because automated tools do the job. Collaboration between humans and machines will increase, generating gains for both, in situations such as manufacturing.
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