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How GenAI is Rewriting Business Strategies Across Sectors
- OpenAI launched its GenAI (generative AI) application, ChatGPT, in 2022 and now the markets are flooded with GenAI tools offering enterprise-level solutions that transform businesses by improving processes, enhancing customer experiences and redefining decision-making. According to a recent McKinsey Global Survey, 65% of respondents said their organisations regularly use GenAI, nearly double the percentage from the previous survey conducted less than a year ago.
- However, enterprises must craft a well-balanced AI strategy to reduce costs, create value and increase trust in organisations by mitigating risks like data breaches, deepfakes and biases.
- The Inc42 and Oracle hosted a roundtable bringing together 10 tech leaders from diverse sectors who to deep-dived into Unlocking Data & AI Potential: Charting a Path to Innovation and Growth. Leaders discussed GenAI adoptions across industries and how deeply it would be embedded into modern businesses.
- CTO of Absolute discusses how AI transformed the platform's on-ground advisory services for farmers, resulting in speedy reach and significant cost-cutting. When it comes to agritech, time-sensitive information is critical and AI applications are now extensively used in various areas of farming.
- Gaurav Bagga of Pristyn Care (a startup specialising in elective surgery) discussed how modern healthcare providers can leverage GenAI to improve patient experience. The data gathered allows prioritisation of action items so that care coordinators can make informed decisions.
- To confidently adopt AI-GenAI, balancing growth and efficiency with security concerns like data breaches, hallucinations and biases. Oracle's Retrieval-Augmented Generation (RAG) technology enhances accuracy and effectiveness of GenAI apps by integrating retrieval and knowledge augmentation in a unified system. This mechanism helps mitigate risks like hallucination, misinformation and bias that cannot reference knowledge sources outside training.
- It will take time to gain trust in third-party systems, but cloud providers are stepping up data security, while businesses will increasingly depend on high-quality and customised data for enterprise usage.
- Until we get closer to creating artificial general intelligence that can function on a par with a human's cognitive capabilities, the new technology will continue to complement human capabilities but will also redefine the future of jobs.
- In essence, the future of work will be driven by the three A's – AI, analytics and automation. So, enterprises and individuals must strategise and develop skills to meet the requirements of a new epoch.
- According to industry experts, the GenAI boom will transform all businesses by improving processes, enhancing customer experiences and redefining decision-making.
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