Generative AI: Moving Beyond the Hype to Unlock Its Full Business Potential

This blog was provided by our partners at Vooban.

Generative AI is not just a tech trend–it’s a game-changer. As companies across industries begin to adopt it, the results speak for themselves. 

A Gartner survey reveals that companies integrating generative AI report a 15.8% increase in sales, a 15.2% cost reduction, and a 22.6% boost in productivity. Yet, only 11% of companies have adopted it, according to McKinsey Digital, likely due to deployment challenges and misunderstandings. Companies need to reorganize their processes to fully harness generative AI.

What are we talking about? The buzz around generative AI – and why you should care.

The buzz around generative AI is growing, and for good reason. It’s a powerful tool for customer service, content creation, and task automation. Beyond that, it drives innovation by analyzing large data sets and proposing creative solutions, whether for drug development, innovative designs, or industrial optimization. Generative AI offers immense potential across all industries and departments.

Why does it matter? Deploying AI is a strategic opportunity, not a cost!

CTOs should lead by understanding emerging technologies and inspiring teams to integrate AI strategically. Instead of automating jobs, AI should enhance the quality and efficiency of work, freeing up employees to focus on creative tasks.

Vooban insights: What to consider before embarking on a generative AI project – pieces of advice from an AI Scientist.

Before embarking on a generative AI project, identify a concrete problem that justifies its use. AI must solve a specific issue or provide clear benefits to warrant the investment. Additionally, ensure you have the resources—time, staff, and budget—before diving in. Finally, be certain the use case offers a solid return on investment (ROI). At Vooban, we calculate projected ROI before even starting a proof of concept to ensure it’s worth the effort.

Quick wins

Here are two low-risk, secure generative AI projects that can quickly boost employee efficiency:

• Smart search tool:
  • Information scattered across multiple documents can be consolidated into an intelligent search tool, similar to ChatGPT. This tool allows employees to access work policies or processes instantly, saving significant time.
• Automatic classification of inputs:
  • Speech recognition can convert verbal comments into text, automatically classified into the appropriate category. For instance, a construction worker needing additional equipment can leave a voice note, which is categorized and integrated into the inventory system, reducing administrative workload.

Do you want to be ahead of the parade or behind it?

While AI offers endless possibilities, some ideas may not be feasible with current technology. It’s essential to assess feasibility before starting a project. Proof of concept is key to testing ideas, defining goals, and minimizing risk. 

Research is advancing rapidly, so what’s impossible today could be achievable in six months. Stay ahead by testing cutting-edge solutions and continuously exploring AI’s potential. Do you have a project in mind? We’re here to help. Contact us or register for our upcoming webinar on Gen AI on October 17th to learn how you can get started. 

Hughes Foltz
Vice President, Vooban