- REDEFINING THE FABRIC OF WORK
A RECENT HARVARD Business Review study found that 44% of all working hours across industries have the potential to be impacted by generative AI (GenAI). The biggest opportunity is in banking, where 72% of working hours can potentially be transformed by generative AI. In insurance and capital markets, it is 68% and 67%. For retail, travel, health and energy sectors, the number of working hours that GenAI could potentially transform is 40%-50%.
"The very fabric of work will be redefined by GenAI," says Deepa Param Singhal, vice president, Cloud Applications, Oracle India, pointing out that GenAI is driving a technological revolution akin to the revolution of the internet or mobile communications. "The year 2024 marks a vital and decisive year when GenAI will showcase how it can transform knowledge work, business processes, supply chains and much more. The adoption of GenAI will reshape industries, amplifying human capabilities and creativity," she adds.
India will be a key contributor to the global AI landscape. Prabhu Ram, head - Industry Intelligence Group (IIG), CyberMedia Research, says its ongoing research on AI adoption points to 55% of Indian firms effectively implementing AI at scale. In particular, the early GenAI initiatives are empowering Indian firms to create customer-centric products (60%), enabling data-driven decision-making (59%), and enhancing customer services (47%). He is optimistic about a substantial scale-up in AI adoption, a shift from the exploratory initiatives of 2023 to a real-world impact in 2024 and beyond.
Beyond the go/no-go stage
Denne historien er fra January 08, 2024-utgaven av Financial Express Mumbai.
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Denne historien er fra January 08, 2024-utgaven av Financial Express Mumbai.
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