Generative AI, also known as GenAI, has gained significant attention in the realm of business applications. In 2023, the technology overshadowed the complexities of the western economic crisis and conflicts in Ukraine and the Middle East. GenAI has been praised for its ability to produce text, imagery, audio, and more based on a series of prompts. The ease of use and the creation of high-quality content in seconds have contributed to its popularity.
Several live applications of GenAI have been highlighted, including aiding medical diagnosis, accelerating software coding, and creating text and images. While the technology has been hyped by suppliers, Enterprise Strategy Group (ESG) found Generative AI to be promising beyond the hype.
Notable industry leaders, such as Bill McDermott, president and CEO of ServiceNow, Steve Miranda, executive vice-president of Oracle Applications product development, and Evan Goldberg, executive vice-president of Oracle NetSuite, have shared their thoughts on GenAI’s potential.
Companies are exploring how to integrate GenAI tools into their marketing and customer retention strategies, relying on technology to create personalized content. Examples include Spotify’s use of GenAI and human music editors to create personalized music recommendations and Coca-Cola’s collaboration with OpenAI to enable digital artists to create original artwork.
SAP has prioritized data privacy and efficiency in leveraging GenAI and the Hana database. The company outlined its strategy for harnessing the capabilities of the technology during the SAP TechEd conference.
While sustainability remains a critical issue, investment in sustainable practices is currently low. However, companies with strong environmental, social, and governance (ESG) scores have shown higher returns. Engaging employees through management strategies and business applications can also improve retention and reduce costs associated with low employee engagement.
Despite the increase in digital transformation projects, many organizations have failed to deliver on their promises. A significant number of business decision-makers express concerns about the slow progress and lack of clear paths to reach digital transformation goals.
In conclusion, GenAI has emerged as a game-changer in enterprise applications, offering various possibilities for businesses. However, challenges remain in terms of sustainability and successful implementation of digital transformation initiatives.