Great expectations for generative AI
The potential of generative AI to revolutionize business models and products stems from its ability to tap into previously untapped data sources. Baris Gultekin, head of AI at Snowflake, notes, “Eighty to 90% of the world’s data is unstructured,” highlighting the vast opportunities for insights that AI can unlock.
In a survey by MIT Technology Review Insights, global executives expressed their expectations for generative AI. The top priorities included enhancing efficiency and productivity (72%), gaining a competitive edge in the market (55%), and delivering improved products and services (47%). Notably, executives are aiming at ambitious goals beyond just revenue increase or cost reduction.
For companies adopting generative AI, the distinction between efficiency and innovation is blurring. Chakraborty observes a trend where companies leverage AI for internal operations, freeing up time for creative or customer-centric activities, while Gultekin emphasizes the productivity gains and efficiencies of internal generative AI products.
The impact of generative AI on chatbots exemplifies its transformative potential. Gultekin highlights how AI has enhanced customer satisfaction through chatbot capabilities, showcasing the technology’s ability to improve existing tools and create new solutions.
Survey findings reveal a convergence between productivity gains and innovation in generating value with generative AI. Companies are exploring diverse applications, such as using AI to reimagine marketing campaigns or accelerate drug discovery processes in pharmaceuticals.
This content was produced by Insights, the custom content arm of MIT Technology Review. It was not written by MIT Technology Review’s editorial staff.