Gen AI, or Generation AI, is the term used to describe the wave of artificial intelligence (AI) applications that are becoming accessible and affordable for businesses of all sizes and sectors. Gen AI is not just a buzzword, but a powerful force that can democratize AI and flatten decision-making structures. In this blog post, we will explore how Gen AI is impacting business transformation, based on a market impact report by WNS and HFS Research.

What is Gen AI and why does it matter?

Gen AI is the result of decades of research and development in AI, which has led to the emergence of various tools and platforms that enable businesses to leverage AI for their specific needs and goals. Gen AI is not limited to a few elite companies or industries, but rather, it is spreading across the enterprise landscape, creating new opportunities and challenges for business leaders.

Gen AI matters because it can help businesses achieve greater efficiency, innovation, and customer satisfaction, as well as address some of the pressing social and environmental issues of our time. However, Gen AI also requires a shift in mindset, culture, and governance, as it empowers employees, customers, and stakeholders to make data-driven decisions and collaborate in new ways.

How are businesses adopting Gen AI?

WNS and HFS Research conducted a survey of 300 business leaders across seven industries, including banking, insurance, healthcare, retail, manufacturing, travel, and utilities, to understand their priorities, challenges, and progress in their Gen AI journeys. The report, titled Democratizing Gen AI: A Reality Check for Business Transformation, reveals some of the key insights and trends in Gen AI adoption, such as:

• The pressure to adopt Gen AI is coming from multiple angles, including client expectations, societal influences, and C-suite mandates.
• Leaders are increasingly looking to deploy Gen AI for internal improvements and productivity gains, rather than external differentiation and revenue growth.
• As Gen AI democratizes AI across the enterprise, decision-making power concerning AI applications and other critical aspects will be decentralized, requiring new forms of governance and collaboration.
• For many enterprises, the first step in this journey is setting realistic expectations regarding the potential impact of Gen AI, and avoiding the hype and pitfalls of AI.

What are some of the best practices and use cases for Gen AI?

The report also highlights some of the industry-specific applications and use cases that demonstrate how Gen AI can help businesses transform their operations, products, and services. For example:

• In banking, Gen AI can help automate and optimize processes such as loan origination, fraud detection, and customer service, as well as enhance customer experience and loyalty through personalized offers and recommendations.
• In insurance, Gen AI can help streamline and improve claims management, underwriting, and risk assessment, as well as enable new business models and products based on data and analytics.
• In healthcare, Gen AI can help improve diagnosis, treatment, and prevention of diseases, as well as empower patients and providers with access to relevant and timely information and insights.
• In retail, Gen AI can help optimize inventory, pricing, and merchandising, as well as create engaging and customized shopping experiences for customers across channels and devices.
• In manufacturing, Gen AI can help enhance quality, efficiency, and safety, as well as enable new forms of innovation and collaboration through smart factories and supply chains.
• In travel, Gen AI can help optimize routes, fares, and schedules, as well as deliver personalized and seamless travel experiences for customers and employees.
• In utilities, Gen AI can help monitor and manage energy consumption, generation, and distribution, as well as enable new forms of sustainability and resilience through smart grids and renewable sources.

How can you start your Gen AI journey?

The Gen AI journey is not a one-size-fits-all approach, but rather, it requires a tailored and pragmatic strategy that aligns with your business objectives, capabilities, and culture. As Keshav R. Murugesh, Group CEO of WNS, said, “The Gen AI journey is all about re-imagining what is possible, balancing great expectations with grounded realities, and treating setbacks as stepping stones.”

To help you get started, WNS and HFS Research have developed a Gen AI Maturity Model, which assesses your current state and provides a roadmap for your future state, based on four dimensions: vision, value, viability, and vitality. You can download the report and access the model here.

As Phil Fersht, CEO and Chief Analyst of HFS Research, said, “Complacency is not an option. We urge enterprise leaders to embrace Gen AI’s transformative potential with clear expectations and a commitment to customer-centricity for success in this era-defining journey.”

Are you ready to join the Gen AI revolution? Contact us today to find out how we can help you unleash the power of AI for your business transformation.