Before assessing the value of an emerging technology, it is essential to establish a clear definition. So, what exactly is generative AI? Generative AI is a technology with the ability to learn and apply data properties and patterns across a wide range of applications. These applications range from generating text, images, and videos in various styles to producing personalized content. It allows machines to undertake creative tasks that were once considered exclusively human. This versatility opens up a multitude of possibilities for generative AI, from summarizing and translating texts to customer service. A great example of this technology is OpenAI’s ChatGPT, which specializes in text generation and has gained considerable popularity among users.
There is no doubt that the wide range of applications is very attractive to organizations, as it offers the potential to accelerate growth, improve operations, and unlock new opportunities. Currently, 96% of organizations have placed generative AI on their board agenda. Their outlook is decidedly positive: executives predict improvements of 7-9% resulting from the adoption of generative AI over the next three years. Furthermore, approximately one-fifth of global executives surveyed believe that generative AI will significantly disrupt their respective industries.
Given the growing importance of generative AI for organizations, the goal of this report is to familiarize business audiences and executives with generative AI, highlight the growing interest in the technology, assess the market perception of its potential, explore its myriad applications across various business functions, and examine key industry use cases. Finally, we offer several recommendations to help organizations on their generative AI journey.