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Chet Kapoor, chairman and CEO at DataStax . As we move through the generative AI (GenAI) hype cycle, many continue to be excited about its transformative potential. The speed of progress and adoption (not to mention significant efficiency gains) so far are miles ahead of anything we've seen before.
However, some are still questioning GenAI's impact. For example, a Goldman Sachs executive skeptically asked in a June 2024 report "what $1 trillion problem" it might be able to solve. The Wall Street Journal reported in July 2024 that enterprise CIOs are shifting their focus toward using GenAI to drive revenue, not just efficiency.
Increasing the revenue of the Global 2000 alone by 2% is worth more than $1 trillion a year. That's a pretty strong answer to the question posed above. The same skeptic used the internet as an example of a lasting innovation that has kept being disruptive decades on as Web 2.
0 today—just like GenAI could be. Ikea Chief Data and Analytics Officer Francesco Marzoni nailed it in the Wall Street Journal article: Better digital experiences will drive increased revenue. Marzoni is already deploying GenAI to make customer experiences better, faster and more impactful.
What we know is—whether or not you're putting GenAI into production yet—it helps software developers write code faster and acts as an idea generator and brainstorming partner. It's effective at managing and reducing backlogs , which is crucial for any organization focused on improving digital experiences. Using GenAI to speed up these processes can lead to increased revenue.
New Galaxy S25 Ultra Exclusive Teases Samsung’s Ambitious Plans UFC 308 Loses One Of Its Best Main Card Fights ‘FROM’ Season 3, Episode 1 Review: A Terrifying Return To The Creepiest Show On TV GenAI skeptics may argue that it can't yet be relied on to solve complex problems and that models trained on historical data come up short compared to the value a human could add in new situations. Despite these limitations, there's a huge opportunity to use GenAI responsibly —to free up massive amounts of human time and attention for more valuable and strategic work that accelerates the business. At the same time, there's widespread fear that implementing GenAI means automating away jobs.
However, responsible AI isn't about replacing people. It's about elevating them. Every company has people bogged down with routine tasks.
Imagine if GenAI handled these. For example, checking schedules and looping in the right people for meetings could be done 10 times faster with GenAI. It applies to every function, not just technical teams.
GenAI is just as relevant to the HR function, where faster hiring and lower turnover directly impact revenue. Three ways you can get started on leveraging GenAI responsibly for human value: • Automate routine tasks. Delegate repetitive tasks to GenAI.
Use it for scheduling, data entry and basic customer service. Employees can focus on more strategic, creative and high-value activities. • Enhance human roles.
Use GenAI to augment human capabilities, not replace them. Let it be a powerful tool that supports decision-making, provides insights and offers new ways to solve problems. • Foster continuous learning.
Encourage your teams to learn and adapt alongside GenAI. Provide training and resources to help them understand how to work effectively with AI, ensuring they stay ahead of the curve and can leverage AI to its full potential. We remain very optimistic (investors might use the word "bullish") about the current and future capabilities of GenAI.
The technology is far from perfect, but the benefits are clear. Using GenAI to augment humans and free up time for strategic work is already a game changer and a great place to start. We will see substantial revenue gains as enterprises focus on creating "better digital experiences" for customers and users.
Ignoring the GenAI opportunity means giving up a competitive advantage. Now is the time to implement GenAI and start transforming your business for greater efficiency and growth. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives.
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