The implications of Generative AI for businesses

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Although early traction has been through consumer releases, which could be era-defining, Generative AI also has the potential to add contextual awareness and human-like decision-making to enterprise workflows, and could radically change how we do business.

We may be only just beginning to see the impact of solutions like Google’s Contact Center AI (CCAI), which is designed to help enable natural language customer service interactions , and industry-specific solutions like BioNeMo from NVIDIA, which can accelerate pharmaceutical drug discovery.

As such, Generative AI has attracted interest from traditional (e.g., Venture Capital (VC), Mergers & Acquisitions (M&A)) and emerging (e.g., ecosystem partnerships) sources. In 2022 alone, venture capital firms invested more than $2B, and technology leaders made significant investments, such as Microsoft’s $10B stake in OpenAI and Google’s $300M stake in Anthropic.

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The far-reaching impacts and potential value when deploying Generative AI are accelerating experimental, consumer, and, soon, enterprise use cases. And even though much media coverage has focused on consumer use cases, the opportunities are widespread—and some are already here. Still, questions remain about how individuals and enterprises could use Generative AI to deliver efficiency gains, product improvements, new experiences, or operational change. Similarly, we are only beginning to see how Generative AI could be commercialized and how to build sustainable business models.

Even so, Generative AI is in its infancy and not without risk. Some of the most important risks to address relate to privacy and security, managing bias, transparency and traceability of results, IP ownership, and equal access, especially for those at greater risk of job displacement. As such, participants should balance commercialization, regulation, ethics, co-creation, and even philosophy, as well as expand the group of stakeholder thinkers and contributors beyond technologists and enthusiasts.

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Although early traction has been through consumer releases, which could be era-defining, Generative AI also has the potential to add contextual awareness and human-like decision-making to enterprise workflows, and could radically change how we do business.

We may be only just beginning to see the impact of solutions like Google’s Contact Center AI (CCAI), which is designed to help enable natural language customer service interactions , and industry-specific solutions like BioNeMo from NVIDIA, which can accelerate pharmaceutical drug discovery.

As such, Generative AI has attracted interest from traditional (e.g., Venture Capital (VC), Mergers & Acquisitions (M&A)) and emerging (e.g., ecosystem partnerships) sources. In 2022 alone, venture capital firms invested more than $2B, and technology leaders made significant investments, such as Microsoft’s $10B stake in OpenAI and Google’s $300M stake in Anthropic.

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