A recent study by Gartner predicts that by 2025, 40% of all new AI applications will be powered by GenAI
The global market for GenAI is expected to reach $100 billion by 2025.
GenAI is already used in various industries, including healthcare, finance, and retail.
73% of marketers now using generative AI tools
According to an expert, 90 percent of online content could be generated by artificial intelligence (AI) by 2025
In an interview with Yahoo Finance Live, author Nina Shick claims that generative AI, like Open AI’s DALL-E and ChatGPT, could completely change how digital content is developed in the next three years
Another source estimates that by 2025, generative AI will be producing 10 percent of all data (now it’s less than 1 percent) with 20 percent of all test data for consumer-facing use cases.
GenAI could transform existing economic and social frameworks like the internet and earlier innovations like electricity. The question for your business is how AI will support enterprise ambitions and drive more substantial results. Deployed well, GenAI will become a competitive advantage and differentiator, building on AI’s ability to automate repetitive and tedious tasks and generate new insights, ideas, and innovations with predictive analytics, machine learning (ML), and other AI methods.
Moreover, the rise of GenAI calls for widespread education on its responsible use. According to a PwC report, 77% of executives believe AI is a “business advantage,” but they also recognise the need to mitigate associated risks. This awareness is integral to fostering a culture of innovation while maintaining a grasp on the ethical implications of AI deployment. Thus, with GenAI at the helm, education becomes an essential pillar of the AI strategy, transcending traditional boundaries to involve every stakeholder within the organisation.
But what does this mean for your AI strategy? Here’s the simple lowdown:
Out With The Old, In With The New
Traditionally, AI strategies were all about automation and a 3-year outlook for business innovation. But GenAI changes that. Instead of just automating tasks, GenAI augments people in their work, assisting in creating new content and simulating decisions. And it’s not just about innovation anymore; it’s about business criticality.
The Vision Shift
The former focus on predictive analytics and task automation now evolves to generating artefacts like text, video, audio, code, and data. It’s a radical change, turning AI from a passive tool into an active creator.
Responsibility & Ethics
Once AI strategy might have been fragmented or part of Data & Analytics, the rise of GenAI necessitates clear business responsibility and an AI ethics committee. This reflects AI’s increased power and potential impact on business, making ethical use and oversight more crucial than ever.
Education
The traditional AI centre of excellence needs to evolve into an all-encompassing education system that teaches everybody about the responsible use of GenAI. With the power of GenAI comes a greater need for understanding and proper use.
Case Study: How GenAI is Changing the Music Industry
The music industry is one of the sectors most disrupted by GenAI. For example, GenAI creates new music, generates lyrics, and even writes music videos.
One company that is leading the way in using GenAI in the music industry is Jukedeck. Jukedeck uses GenAI to create custom music for businesses and individuals. The company’s platform allows users to specify the mood, genre, and length of the music they want, and Jukedeck’s AI will generate a unique piece of music that meets their requirements.
Jukedeck’s technology is already being used by some of the biggest brands in the world, including Coca-Cola, Nike, and Samsung. The company’s CEO, James Emtage, believes that GenAI has the potential to revolutionise the music industry. He says, “GenAI will change how we create, consume, and experience music.”
Adopting GenAI is about more than staying up-to-date with the latest tech trends. It’s about harnessing the power of AI to help your business grow and evolve. By incorporating GenAI into your AI strategy, you’re setting your business up for future success. The GenAI wave is surging; businesses must learn to surf or risk being swept away.