Generative AI
Making Generative AI Accessible: Impacts on Business Innovation
Starting as a popular buzzword, generative AI (gen AI) has evolved into a transformative force that is reshaping the contemporary business landscape. From software development to content creation, AI for business offers unprecedented opportunities for companies to unlock growth and redefine innovation. Experts estimate that gen AI has the potential to boost global GDP by 7%, adding $7 trillion to the global economy. Open-source AI models, datasets, and tools play a pivotal role in democratising artificial intelligence, making AI capabilities available to businesses of all sizes and across industries, helping them thrive and grow.
Benefits of AI democratisation
AI democratisation is not only unlocking growth potential across industries but also breaking down barriers that have traditionally limited access to advanced technologies. Some key benefits of democratising generative AI include:
Empowering the workforce for greater productivity
Gen AI has been pivotal in empowering the workforce, giving employees access to powerful tools that help them automate routine tasks and focus more on strategic initiatives. This shift has not only enhanced efficiency but is also fostering a sense of ownership as they can leverage these tools without much technical expertise.
Driving multidomain collaboration
Accessible AI for business fosters collaboration across stakeholders and domains within and outside the company. Teams from different departments can leverage gen AI tools to work together – and with external stakeholders – using the same platforms. This results in holistic problem-solving and more integrated solutions that drive business growth.
Enhancing innovation across functions
AI democratisation has ensured that AI tools are no longer limited to tech specialists. It has opened the doors for everyone to experiment, be creative, innovate, and bring forward new ideas. This fosters a culture of innovation that leads to breakthroughs that improve products, processes, and customer experiences.
Expanding access to information and skills
Democratising generative AI has levelled the playing field by breaking down barriers and making information and skills more accessible. With these advanced tools, employees can upskill and reskill themselves at a rapid pace, driving both personal and professional development while contributing to organisational growth.
As a result of these benefits, businesses often benefit from faster ideation, quicker times to market, greater efficiency and hyper-personalisation. With low- and no-code product development, access to GenAI tools via APIs, and flexible open-source models, organisations can boost productivity, foster collaboration, and break down silos with AI for business.
Harnessing gen AI for business
While democratising generative AI offers immense potential, it also presents challenges such as data security risks, AI hallucinations, copyright issues, and potential misuse. Some businesses may also make the mistake of focusing on short-term productivity gains rather than long-term value creation.
There are simple steps companies can take to overcome these hurdles and harness the power of gen AI for business for strategic competitive advantage:
Identifying high-impact AI use cases
When used strategically, AI tools can be game-changers, but if deployed improperly, they may become a drain on resources. Therefore, the first step to focus on is identifying the most relevant and impactful use cases for gen AI. Leadership must focus on areas where AI can enhance decision-making, customer experiences, or operational efficiency, ensuring these projects align with broader business objectives.
Quantifying AI-driven business value
The next step is to measure the tangible value the AI will deliver for business to assess its effectiveness. This includes measuring how AI contributes to revenue growth, cost reduction, or process optimisation and establishing relevant KPIs. With clear metrics in place, organisations can continuously evaluate and refine their AI investments for long-term impact.
Managing change for employee adoption
Employee buy-in is also a critical factor when it comes to AI success. Effective change management and a cultural shift help employees understand how AI tools can enhance their roles. As a result, they are less likely to feel threatened by the technology and maximise the benefits AI has to offer.
Implementing responsible governance
As AI becomes an integral part of business operations, establishing a robust governance framework also becomes essential. This framework must address data privacy concerns and ethical risks to ensure compliance, prevent potential misuse, and avoid unintended consequences.
Building a collaborative AI ecosystem
Finally, a collaborative AI ecosystem is also crucial when democratising artificial intelligence and leveraging gen AI for business. This can help facilitate experimentation and cross-functional engagement, leading to continuous learning, helping companies scale their AI efforts, and enabling companies to pursue ambitious AI goals while keeping expectations aligned with reality.
How can Infosys BPM help leverage gen AI for business?
Democratising generative AI for business is proving to be a great catalyst for business growth, offering companies the opportunity to enhance innovation, boost productivity, and foster collaboration. Infosys BPM offers an AI-first platform that can help businesses harness the power of gen AI to transform and redefine their business operations. By leveraging this state-of-the-art platform, businesses can drive AI-first operations, reinforce AI ethics, and stay future-ready in the face of rapid technological innovations.