The new era of Artificial Intelligence (AI) is already upon us – literally – as the explosion of applications such as OpenAI’s ChatGPT has enabled the introduction of Generative Artificial Intelligence, unleashing its transformative potential in businesses and people.
The disruptive power of this branch of AI lies in its ability to generate original and unique content (text, images or video, for example) from existing data, using algorithms and generative neural networks that use deep learning so that AI can learn from data automatically.
The generation, interpretation and application of data, the creation of content in various formats and extensions, the development of systems and applications, the automation of tasks and the optimization of time are some of its main advantages.
Generative AI application developments by the largest and most relevant technology companies are driving its adoption in different industries, such as automotive, energy, health, telecommunications, retail, finance, pharmaceuticals and manufacturing, among others.
In this regard, a report by Grand View Research indicates that the global AI market will have an average annual growth of 37.3% between 2023 and 2030. While Generative AI could drive a 7% increase – almost USD$ 7 trillion – in the global Gross Domestic Product (GDP), and increase productivity growth by 1.5 percentage points from today to 10 years.
Generative AI will play a central role in the field of research, as its algorithms allow complex data to be explored in novel ways, helping researchers uncover new trends and hidden patterns.
It will also be an increasingly adopted tool to improve customer experience due to its ability to interact naturally in conversations with humans.
Meanwhile, in the business field, Generative AI has demonstrated its positive impact in optimizing processes in various areas of productive organizations.
At this point, it is important to highlight that, despite the controversies generated around the use of Generative AI in the workplace, the truth is that its application increases the productivity of employees in various positions and roles; whether supporting creative tasks, providing software code suggestions for application development, helping to generate reports, projections and summaries in business administration areas, and in the development of content for Marketing and Sales areas.
The truth is that Generative AI is having an increasingly significant impact, as society and organizations are taking ownership of this tool.
A Microsoft and IDC study found that 92% of AI implementations take 12 months or less, organizations are seeing a return on their investments within 14 months, and for every dollar they invest in AI, they get an average return of 3.5 times.
For companies to capitalize on their investments in Generative AI, it is crucial that they fully understand the models that best fit their needs, the different use cases, and the business areas where it will have the greatest impact.
