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Posted on Jun 21, 2023
byNitin Bhosekar (Head Analytics, Artificial Intelligence, BI Practice & Executive Vice President)

The Potential of Generative AI

In March 2023, Bill Gates declared Generative AI (GPT) “the most important advance in technology since the graphical user interface . . . as fundamental as the creation of the microprocessor, the personal computer, the internet, and the mobile phone.”

Generative artificial intelligence continues to grab headlines with its potential to accelerate productivity and greater prosperity as well as the disruption it may cause. It continues to alarm and thrill both industry experts and the public.

Generative artificial intelligence or Gen AI is a type of artificial intelligence (AI) system capable of generating content including text, images, paintings, code, voice, or other media in response to user instructions or prompts.

Gen AI models learn the patterns and structure of their large input training data sets, and then generate new data that has similar characteristics.

This type of data makes up a sizable portion of enterprise or organization data and affects everything that most of what knowledge workers do. It also can prove to be an excellent window into the needs and wants of the customers, employees, suppliers, and collaborators for one’s organization.

Gen AI illustrates algorithms (such as ChatGPT & Google’s Bard) are growing at a rapid pace. As of now, these provides for the following -

  • Allows access to concise information in seconds,
  • Can be used to generate text (e.g., News articles, product descriptions, blogs) & images, code,
  • Can be used to design prototypes of products like furniture, shoes.

Gen AI for business use is here and continues to rapidly evolve.

A report from PWC states that an openness to tap into the power of generative AI will likely only continue to grow with an estimated $15.7 trillion dollars of potential contribution to the global economy by 2030.

As we talk to our customers and prospects about potential of Gen AI, following are some of the key questions we keep hearing -

  • What will generative AI mean to office productivity?
  • How can generative AI enhance our existing IT applications?
  • How will generative AI affect software products?
  • How will automating processes & Gen AI drive efficiency?

From identifying use cases to designing and developing AI applications for different industry verticals, we at Aress start with a focus on governance, ethics, security, and reliable design.

Gen AI has potential to reduce the money and time needed for content creation, thereby boosting productivity and profitability in industries including advertising, film production, music as well as in copywriting businesses. The rise of Gen AI also triggers innovation, paving the way for new business models and applications across different industries.

Aress is working with its customers primarily from Banking, Non-banking Financial Services (BNFS) and Technology industry sectors, to leverage Gen AI/ ChatGPT to improve productivity and help deliver better business outcomes. These customers are already realizing actual cost savings and efficiency gains in their key business functions covering marketing, sales, and operations; by employing Gen AI/ ChatGPT.

About Nitin Bhosekar

Head Analytics, Artificial Intelligence, BI Practice & Executive Vice President

Nitin Bhosekar heads our Analytics, Big Data, BI and DW practice and is the company’s Executive Vice-President as well. Nitin has built a career on gaining business insight from data. He is a hands-on leader in business intelligence, big data & analytics with over 25 plus years of international experience.

Category: Data Analytics, RPA & AI

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