In the ever-evolving landscape of technological innovation, one phenomenon stands out as a beacon of transformative potential—Generative Artificial Intelligence (Gen AI). Although it might seem like the early days, Gen AI has already woven itself into the fabric of industries, promising to reshape the very nature of competition and usher in a new era of possibilities. A recent survey conducted in mid-April 2023 unveils fascinating insights into the widespread adoption, diverse applications, and high expectations surrounding Gen AI.
The Rising Tide of Gen AI Adoption
The survey’s findings paint a vivid picture of Gen AI’s burgeoning influence. Even in its nascent state, Gen AI has managed to capture the interest and imagination of businesses and individuals across the globe. A staggering 79 percent of respondents admit to having some exposure to Gen AI, either within their work context or beyond. This points to a broad appeal that transcends regions, industries, and hierarchical positions. Intriguingly, 22 percent of respondents reveal that they are already regular users of Gen AI within their professional domains. This widespread uptake is most pronounced in the technology sector and North America, signifying a prevailing trend of technological enthusiasm.
Organizational Embrace of Gen AI
The phenomenon isn’t confined to individual usage; organizations are also eagerly embracing the power of Gen AI. An impressive one-third of respondents disclose that their companies are regularly employing generative AI in at least one functional area. This translates to 60 percent of organizations with reported AI adoption actively integrating Gen AI into their workflows. What’s more, 40 percent of respondents who reported AI adoption anticipate increased investments in AI due to the influence of generative AI. This underlines the catalytic impact that Gen AI has on shaping strategic priorities. Remarkably, 28 percent of respondents affirm that their organization’s board already has generative AI on its agenda, a testament to the strategic significance attached to this technology.
Where Gen AI’s Impact is Evident
When delving into the specific functions where Gen AI’s influence is felt, the survey mirrors the overall trends of AI adoption. Marketing and sales, product and service development, and service operations, encompassing customer care and back-office support, stand out as the frontrunners. These areas are not only ripe for transformation but also where the potential for value generation is most pronounced. Previous research indicates that these domains hold the promise of delivering a substantial portion of the annual value emanating from generative AI use cases.
Expectations: High and Disruptive
The realm of expectations surrounding Gen AI is marked by optimism and anticipation. A remarkable three-quarters of respondents believe that Gen AI will trigger significant or even disruptive changes in the nature of competition within their industries over the next three years. This sentiment is particularly pronounced among respondents in the technology and financial services sectors. The anticipation of disruptive change aligns with the inherent transformative potential of Gen AI, which can reshape entire sectors and redefine the rules of engagement.
The Varying Impact Across Industries
While disruption is expected across all industries, the extent of this impact varies. Knowledge-based industries, which heavily rely on cognitive work, are poised to experience more substantial upheaval. The technology sector, unsurprisingly, is projected to witness the highest impact, with the potential to contribute up to 9 percent of global industry revenue. However, other sectors such as banking, pharmaceuticals, medical products, and education, could also reap significant rewards, with estimated contributions of up to 5 percent, thanks to Gen AI’s prowess in language-based tasks. In contrast, manufacturing-oriented industries might encounter less profound effects, as Gen AI’s strengths primarily lie in activities involving language rather than physical labor.
In a world where Gen AI is gradually stepping out of its infancy, the survey’s insights serve as a compass, guiding us through the uncharted waters of technological innovation. As Gen AI’s transformative capabilities are harnessed across industries and organizations, its potential to reshape industries, amplify human potential, and redefine the landscape of competition becomes increasingly evident. This journey is a testament to the ever-evolving relationship between technology and humanity—a symbiotic dance that promises to reshape the world as we know it.
Author: Rayna Calica
English