GenAI: The common denominator across industries

By Dmytro Kobryn

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

There’s no escaping it.

GenAI has rapidly become a part of our daily lingo, no matter which industry you’re in. And the hype around this shiny new technology is working—rightfully so.

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

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

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

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

According to research from ISG, 85 percent of enterprises feel that investing in GenAI over the next two years is critical. In fact, most industries are already tinkering with GenAI, with some more actively engaged with 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 latest research, organizations are under pressure to digitize their offerings for secure, customer-centric experiences. And with the rise of cyberattacks, we’re seeing 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 contextual search, a necessity for fraud prevention and market insights.

But as ISG points out, there’s still room for improvement even as initial results look promising around the industry’s work with AI and data.

Manufacturing and AI

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

But the more advanced applications being used in manufacturing look promising, namely, by boosting productivity through waste reduction and defect avoidance.

In our post-COVID-19 world, sourcing and supply chain management have become top concerns for manufacturing organizations. The implementation of GenAI to enhance forecasting methods is the most mature use case in the sector.

AI in Healthcare & Life Sciences

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

And if you’re a GenAI bot, that’s music to your artificial ears. The healthcare sector is also looking to effectively manage and harness this data as it aims to become more patient centric, all while controlling costs.

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

AI in Business Services, including Software

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

There’s a reason for this.

These mature uses cases stem from the adoption of code generation apps aimed at streamlining software development and accelerating time-to-market. It’s no wonder that 50 percent of the total uses cases in the sector center around solutions designed to improve the efficiency of deployment and testing processes.

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

Final Thoughts

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

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

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

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