GenAI: The Common Denominator Across Industries

If there’s one technology businesses are keeping an eye onthese days, it’s generative AI (GenAI).

There’s no escaping it.

GenAI has rapidly become a part of our daily lingo, nomatter which industry you’re in. And the hype around this shiny new technologyis working—rightfully so.

It was a big point of discussion at the Information ServicesGroup (ISG) Awards in Dallas 2023, where Customertimes was awarded for its‘Leader’ status as a multicloud implementation and integration servicesprovider for large enterprises.

The event brought together trailblazers from industriesspanning healthcare to media and everything in between.

But what do all the business & technology leadersrepresenting disparate industries at such events have in common?

They’re all intrigued by the potential of GenAI in reshapinghow we do business.

According to research from ISG, 85 percent of enterprisesfeel that investing in GenAI over the next two years is critical. In fact, mostindustries are already tinkering with GenAI, with some more actively engagedwith the technology than others. Let’s look at a few.

AI’s impact on the Banking, Financial Services &Insurance Industry

In the Banking, Financial Services & Insurance (BFSI)sector—which constitutes 24 percent of GenAI use cases in ISG’s latestresearch, organizations are under pressure to digitize their offerings forsecure, customer-centric experiences. And with the rise of cyberattacks, we’reseeing use cases in the sector focusing on fraud detection and risk assessment.

A benefit the BFSI sector has going for it is the ample,unstructured data it houses—data that can nourish hungry, training AI models.Nearly 20 percent of BFSI uses cases start with data extraction and contextualsearch, a necessity for fraud prevention and market insights.

But as ISG points out, there’s still room for improvementeven as initial results look promising around the industry’s work with AI anddata.

Manufacturing and AI

The manufacturing sector is showing a lot of interest inGenAI, but the sector only has 13 percent of mature GenAI use cases, accordingto ISG, noting that most of the GenAI applications being used in the industryare still in the developmental stages—lingering in the ideation phase.

But the more advanced applications being used inmanufacturing look promising, namely, by boosting productivity through wastereduction and defect avoidance.

In our post-COVID-19 world, sourcing and supply chainmanagement have become top concerns for manufacturing organizations. Theimplementation of GenAI to enhance forecasting methods is the most mature usecase in the sector.

AI in Healthcare & Life Sciences

Like BFSI, the healthcare & pharmaceuticals sector isdrowning in a deluge of data.

And if you’re a GenAI bot, that’s music to your artificialears. The healthcare sector is also looking to effectively manage and harnessthis data as it aims to become more patient centric, all while controllingcosts.

As ISG points out, the healthcare & life sciencesindustry accounts for 12 percent of GenAI use cases, most of which revolvearound capturing, processing, and organizing this data bonanza.

AI in Business Services, including Software

Business-to-business (B2B) companies, including software—asdefined by ISG—make up just 11 percent of GenAI-related uses cases. Yet, 39percent of these use cases are viewed as mature.

There’s a reason for this.

These mature uses cases stem from the adoption of codegeneration apps aimed at streamlining software development and acceleratingtime-to-market. It’s no wonder that 50 percent of the total uses cases in thesector center around solutions designed to improve the efficiency of deploymentand testing processes.

This strong focus on optimizing software development anddelivery is shaping the landscape of generative AI in the business servicessector, positioning it as a significant contributor to the broader adoption ofAI technologies.

Final Thoughts

Looking across these industries, it’s clear GenAI is playinga part in reshaping them.

But when it comes to adoption, research stemming from ISGshows some industries are ahead of the curve, with the BFSI sector leading thepack with 24 percent of use cases.

The one thing we know for sure about GenAI is that thistechnology is rapidly changing. Looking back a year or two from now, I won’t besurprised if the use cases among these industries will change—and grow.

As GenAI becomes more ubiquitous, we’ll have to consider thetop concerns around this potential-laden technology. I’ll share my thoughts onthat in my next post.

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