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One phrase in the rapidly changing world of technology is causing waves across various sectors: Generative Artificial Intelligence, or Gen AI. It is indisputable that technology has the ability to transform processes, boost output, and improve consumer experiences. The digital-first technology services company Apexon has commissioned an independent report that explains how Gen AI is becoming a crucial component of digital strategy for businesses, especially in highly regulated industries like financial services, healthcare, and life sciences.
The study: Insights into Gen AI adoption
The Forrester Opportunity Snapshot Study, titled “Regulated Industries Are Making Generative AI Core to Their Digital Strategy,” surveyed 125 US-based CXOs and key decision-makers responsible for AI strategy. One of the standout findings is that a significant 71% of organizations prefer to procure Gen AI solutions from technology vendors, signaling a strategic shift towards leveraging external expertise for technological advancement.
Prioritizing employee productivity with Gen AI
Enhancing employee productivity has emerged as the primary use case for Gen AI, surpassing even customer experience. A staggering 70% of the firms questioned are using their investments in generative AI to increase worker productivity so they can carry out more meaningful tasks. This change reflects the realization that Gen AI has the ability to automate monotonous jobs, optimize workflows, and free up staff members to work on more creative and strategic projects.
Sector-specific focus
The study also highlights sector-specific priorities in Gen AI adoption. Financial services companies have made improving customer service a top priority since they understand how Gen AI can boost client happiness and interactions. In contrast, the healthcare and life sciences industries prioritize improving digital operations by utilizing Gen AI to maximize resource use, expedite workflows, and increase patient care results.
Challenges and opportunities
The adoption of Gen AI may not be hindered by organizational readiness, but it is significantly hampered by the lack of governance. To manage accuracy risks and ensure responsible AI deployment, effective AI governance programs and a human-in-the-loop approach are crucial. According to the report, by 2025, there will be a considerable rise in expenditures made towards creating a robust ecosystem for Gen AI, a reflection of the technology’s expanding disruptive potential.
Conclusion
Generative AI is ready to change labor paradigms and revolutionize businesses, as Apexon CEO Sriniketh Chakravarthi properly states. The study’s conclusions emphasize how crucial it is to accept Gen AI and set up efficient governance structures in order to realize its full potential. Organizations are placing a greater emphasis on customer satisfaction and staff efficiency, and general artificial intelligence (Gen AI) is emerging as a critical facilitator for accelerating digital transformation and maintaining competitive advantage.
Gen AI provides a window into a future where productivity is limitless and human potential is fully realized in a world where creativity is the key to success. Using generative AI to its full potential can help firms remain ahead of the curve and design a successful course as they traverse the challenges of digital transformation.
