#GenerativeAI is the newest hype vehicle in technology news cycle. People are saying its going to replace 80% of jobs. They are saying that soon #LLMs will figure out how we will live forever. The hype is nonstop. Unfortunately I live in reality. How are people going to make or save money with Generative AI? In this I see two ways.
Driving Productivity Gains with AI
First, you can augment your existing personnel to drive faster, more productive outcomes. The #ROI is simple. One person with GenAI provides X value and another without provides Y. If X is greater than 2xY, then you have a great business case. People want to say AI will replace humans. I have not seen these opportunities. This is not like the bank ATM replacing human tellers. The business opportunity for Generative AI is more like the laptop. Having a mobile workstation for an employee means more work done by each employee. When more work can be done by an employee, this does not mean humans are losing jobs to AI. It means that employees can have better jobs, with monotonous tasks done by the #AI. I remember working with a large telecom provider about 5 years ago. They had model with a singular US resource as lead and two offshore resources on that squad. The concept was simple, its like having one employee work 24 hours a day for around the cost of 1.25 employees. It was very successful and I see Generative AI offer similar advantages at a lower cost.
Elevate Your Consumer Experiences
Lastly, you can make it easier on your consumers to buy your products by enhancing the experience. This is my personal favorite. Growing the pie is always more fun than shrinking it. Instacart is using Generative AI to allow embedded search into their mobile application. Users can search for recipes. Once selected, the ingredients are added to user’s carts. This drives ease of use, increased #CX, and higher revenue. Use cases like Instacart show the long-term value Generative AI. Its all about increased engagement through consumer delight.
My job is about defining and delivering experiences that delight clients and consumers. Generative AI offers both ways to save money and make money. The question is what is your use case? Only humans can help you with that.