We’re living in an age where technological evolution is as certain as the sunrise.
And now, we’re being ushered (and quickly) into a revolution driven by AI. Plus, it’s happening so fast that as we familiarise ourselves with one tool or leap in tech, another pops up from the ether.
One of the most exciting, as well as transformational, new pop-ups is a powerful form of AI: a little something the world calls generative AI.
And the impact of generative AI is no small one.
Similar to the way that NFTs, ChatGPT and TikTok all took the world by storm – generative AI is looming as one of the next giant disruptive technologies of our era.
So what are some of the exhilarating possibilities that this technology offers? How is the world receiving it right now? And are there any risks to be aware of?
We take a look at a few key Gartner findings to answer these questions.
Stepping into the Future
Generative AI is the trendy new guest, making waves in automation, human augmentation, and business processes execution.
It’s ushering in a workplace that’s turbocharged with AI assistance. Leading to faster product development, enhanced customer experiences, and skyrocketing employee productivity!
We know. It sounds like science fiction.
According to a Gartner poll of 2,500 execs, a whopping 38% earmarked customer experience and retention as their primary purpose for investing in generative AI.
Businesses are keen to ride this new wave of tech to keep their customers happier than a teenage girl at a Billie Eilish concert.
Master of Many Trades
What makes this technology even more fascinating is the fact that generative AI is no one-trick pony.
Its capabilities span across a widening range of uses:
- Creative content
- Content improvement
- Synthetic data
- Generative engineering
From creating draft outputs of text to improving chatbot performance and even generating, translating, and verifying software code – generative AI presents so many solutions that you never knew you needed.
All Aboard the Generative AI Express
By 2025, it’s expected that a whopping 30% of new drugs and materials will be discovered using generative AI techniques.
On top of this, 30% of outbound marketing messages from large organisations will be synthetically generated.
That’s not just a small step. It means a whole new world of competitive and collaborative advantage.
Whether it’s pharmaceutical, manufacturing, media, architecture, design, engineering, automotive, aerospace, defence, medical, electronics, or energy industry – this technology is making waves and offering grounds for new disruption.
And it doesn’t end there. Marketing, design, corporate communications, training and even software engineering are all being impacted by these fast-emerging technologies.
Predicting the Unpredictable
Looking ahead, by 2024, Gartner predicts that 40% of enterprise applications will have embedded conversational AI.
Fast forward two years to 2026, generative AI will be automating 60% of the design effort for new websites and mobile apps, and over 100 million humans will engage ‘robocolleagues’.
By 2027, AI will be automatically generating nearly 15% of new applications – without a human in the loop.
While it certainly sounds unbelievable, we can either sit back and watch it unfold or join in on the fun.
Quick Disclaimer – Generative AI Isn’t Perfect (Just Yet)
Before we continue our joyride into the future, we need to pull over for a quick reality check.
While generative AI promises a lot, like any other technology, it’s not flawless. Sometimes, it may create artefacts that can be inaccurate or biassed, and therefore, human validation remains crucial.
So, while we enthusiastically look towards AI excellence, we need to remember the importance of the correct amount of due diligence, along with constant monitoring.
Embracing The Impact of Generative AI
The secret to acing the generative AI game is simple: start from the inside.
Test extensively with internal stakeholders before you unveil your AI-powered superpowers to the world. And always remember – transparency is your best friend.
Being upfront about AI interactions will build trust and pave the way for a smoother AI journey.
We can all pretty much agree that the impact of generative AI is massive. And it’s ready to revolutionise the way we do business. It’s not just a trend; it’s a new way of life.
And while it might still feel like we’re on the edge of the unknown, one thing is for sure: those who embrace the power of generative AI stand to reap rewards beyond their wildest dreams.