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Generative AI: The Essential Guide for Business Executives

Explore Generative AI’s core applications, industry use cases and the 6-step process to start adopting GenAI in your business.

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All your need to know about GenAI: Definition, Core Applications, Challenges & Major Players
GenAI use cases in 5 industries
The 6-step process to start adopting GenAI

What you can use The Generative AI: The Essential Guide for Business Executives for

The era of Generative AI (GenAI) is here. According to Statista, the GenAI market was valued at 45 billion U.S. dollars at the end of 2023, nearly doubling its size by 2022. The explosive growth is expected to continue until the end of the decade. With the transformative power to streamline operations, enhance decision-making and drive innovation, GenAI is an essential tool that businesses must explore, learn about and leverage to stay ahead of the increasingly heated competition.

In this guide, we will offer a comprehensive overview on what you need to know about GenAI, including its definition, core applications, challenges and major players. Next, we provide primary use cases in five distinct industries to serve as inspirations. Finally, we will introduce a structured 6-step process for you to start adopting GenAI in your business.

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FAQ

What are the core applications of GenAI?

The four main capabilities of GenAI include discovery, summarization, creation and automation. These capabilities are manifested in 3 core applications: Content Creation, Efficiency Improvement and Innovative Discovery.

What are the primary use cases of GenAI in the consulting industry?

The primary use cases of GenAI in the consulting industry include Market Research, Task Automation and Predictive Modeling. Consultants can not only utilize GenAI to efficiently process large volumes of data but also use the model to simulate potential scenarios and results. GenAI can also help consultants streamline repetitive tasks so they can focus more on value-adding activities.

What are the 6-step process to start adopting GenAI?

Start with identifying specific use cases within functions or job roles. Next, define objectives and outputs that you want to achieve with GenAI. Afterwards, gain access to relevant data sources that would be used to train your model. Then, assemble your dream team of data scientists, business professionals and domain experts. Once your team has a functional GenAI model, start conducting small-scale tests to gain user feedback and use them to fine-tune your model. Once a clear use case is well tested and ready for adoption, develop a comprehensive implementation plan to outline how the GenAI model will be deployed, monitored and evaluated.

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