Economic potential of generative AI: A unique opportunity for companies

Generative AI has experienced great momentum and advances in recent months, becoming a powerful instrument to transform all sectors and industries.

These advances have created new avenues for innovation, as well as opening the door to solving unprecedented complex problems. It is transforming the way we interact with these models and the way we work, communicate and create. Therefore, like other revolutionary technologies from a few years ago, it will affect the global economy in various ways, boosting economic growth and the way of working . We analyze the data and the main characteristics of this revolution.

Impact of generative AI

According to a Mckinsey study, “the impact of generative AI on productivity could add trillions of dollars of value to the global economy.” They estimate that it would add the equivalent of 2.6 billion to the 4.4 billion dollars annually in the 63 use cases they have analyzed.

This would increase the impact of all artificial intelligence by 15-40% , and this estimate would double if the impact of incorporating generative AI into software currently used for other tasks beyond the use cases analyzed is included.

Generative AI will have a huge impact on all industries, but especially in four areas: customer operations, marketing and sales, software engineering, and R&D.

It is a software development service that has the potential to change the anatomy of work , increasing the capabilities of workers by automating many of their tasks, saving them up to 60 or 70% of the time they invest. Therefore, the pace of workforce transformation is likely to accelerate given the increasing potential of technical automation.

In fact, it is estimated that, thanks to current adoption scenarios, they believe that half of work activities could be automated between 2030 and 2060. Also that it has the capacity to increase global GDP by 7%, an astonishing figure. and that is going to have a huge impact.

Business value with generative AI

Generative AI has the potential to increase labor productivity across the economy, but for that to happen, investment must be made in supporting workers as they transition between work activities.

This technology shows a radical change in the development of AI and, as companies implement AI in their organization they are starting to understand the potential it can have, both for the economy and for society.

The business potential of generative AI lies in its ability to automate and streamline creative processes , thereby saving time and resources. Furthermore, it is a democratized custom software development services, available to everyone, which reduces the barriers to accessing it. Now anyone can take advantage of their abilities and become a creator.

Given the ability of generative AI to provide results in a wide variety of formats (text, image, code, etc.), the possibilities are endless.

By learning from large amounts of data, generative AI helps create new content or reduce the time and cost in conceptualizing it. It opens up new use cases in fields such as marketing, product design, journalism, etc. Coca Cola, for example, has shared the use of this technology to create advertising texts at scale that gives them greater performance and significant savings in time.

It is also having a great impact in the scientific and pharmaceutical sectors, where it accelerates and reduces costs in research processes . Its ability to analyze large data sets helps develop and test hypotheses quickly and more cost-effectively, thereby reducing, for example, the time needed to design new drugs.

In terms of education, AI is being introduced into classrooms to improve educational outcomes. Japan recently announced that they will allow students to use generative AI to facilitate class discussions and artistic activities. Even when planning classes or curricula, it is tremendously useful for creating personalized learning experiences based on an algorithmic analysis of students' learning patterns and preferences.

Business opportunities with generative AI

Regardless of the sector, generative AI has the ability to digest and summarize large amounts of information. This technology helps make data more useful and easier to interpret.

It also brings great productivity benefits to workers in administrative fields, reducing their workloads and allowing them to focus on more complex or challenging jobs.

At Sparkout Tech Solutions, we offer you the Generative AI Adoption Accelerator, a program that will help you accelerate your journey through generative AI, from initial training to final deployment, consumption and maintenance. This way we will establish a solid foundation to leverage the full potential of OpenAI in your organization, enabling new business solutions driven by GPT-X models and making high-value AI available to you, at high speed, always ensuring the security of your business data.