How can organizations derive business value from Generative AI?

Generative AI offers a range of opportunities for organizations to enhance revenue, reduce costs, and manage risk. In product development, it accelerates the creation of new products, from drugs to consumer goods. This speed to market can drive competitive advantage and revenue growth. Cost reduction and productivity gains arise from automating tasks and augmenting workers’ capabilities. As AI handles routine tasks, employees can focus on higher-value activities, fostering innovation. Generative AI also aids in risk mitigation by identifying patterns and anomalies in data, enhancing risk management strategies. Overall, Generative AI positions itself as a valuable tool to achieve strategic goals and drive business success.