Generative AI (Gen AI) is poised to become an indispensable tool for organizations looking to drive innovation and maintain competitiveness. Industry experts liken its significance to technological revolutions like the introduction of the steam engine, electricity and the Internet. While Gen AI’s impact on business is undeniable, the question that arises is whether leaders perceive it as a strategic advantage or merely a quick fix for their operational challenges.
A recent survey by WNS Triange and Corinium Intelligence, The Future of Enterprise Data & AI, involving 100 global C-suite leaders and decision-makers across AI, analytics and data, sheds light on the current state of Gen AI adoption. The findings reveal that 76 percent of respondents are actively engaged in Gen AI projects or evaluating the use cases. However, despite the considerable buzz surrounding Gen AI, its practical applications in the business realm remain unclear. The study discloses that only 8 percent of respondents are taking a proactive approach, actively investing in Gen AI projects.
Survey participants acknowledge that they are at a pivotal crossroads, faced with the decision of whether to embrace Gen AI and, if so, how to strategically navigate this transition. While a small minority of organizations are proactively pursuing Gen AI initiatives, a larger cohort, constituting 35 percent, is adopting a more 'reactive' approach. These organizations are venturing into Gen AI initiatives primarily in response to specific business needs or external pressures.
Furthermore, 34 percent of organizations are adopting a 'balanced' approach, combining proactive ventures with reactive responses as dictated by their unique circumstances. This inclination may not come as a surprise, particularly for businesses operating in 'high-risk' industries, where a cautious approach to adopting new technologies is often the norm.
In high-risk or conservative settings, there is often a preference for defensive strategies. Organizations prioritize internal improvements, focusing on efficiency enhancements and risk reduction. As they grow more comfortable with AI technologies, including Gen AI, they may gradually explore external avenues for revenue generation. This approach highlights Gen AI's potential to enhance both defensive and offensive strategies, enabling organizations to allocate resources more effectively, create value and gain a competitive advantage.
Siddharth Bhatia, EMEA Growth & Practice Leader, AI, Analytics, Data and Research at WNS Triange, offers a compelling example that illustrates the transformative power of AI in optimizing operational efficiency. He states, “Our team leverages Gen AI and natural language processing for product development. A process that previously took three to four days can now be completed in just about 10 minutes. The cost efficiency gains are remarkable.”
Whether organizations take a proactive, reactive or balanced approach, there's no denying that Gen AI has had a profound impact on businesses, unlocking new opportunities for innovation and growth. Gen AI goes beyond mere automation, focusing instead on enhancing decision-making and predictive capabilities. Enterprises must prioritize specific use cases by carefully assessing their complexity, potential impact and the need for external expertise. Moreover, adopting a one-size-fits-all strategy may be ineffective, as success hinges on aligning Gen AI adoption with an organization's unique strategic objectives.
WNS Triange powers business growth and innovation for 200+ global companies with Artificial Intelligence (AI), Analytics, Data and Research. Driven by a specialized team of over 6000 analysts, data scientists and domain experts, WNS Triange helps translate data into actionable insights for impactful decision-making. Built on the pillars of consulting (Triange Consult), future-ready platforms (Triange Nxt), and domain and technology (Triange CoE), WNS Triange seamlessly blends strategy, industry-specific nuances, AI and Machine Learning (ML) operations, and intelligent cloud platforms.
Driving a futuristic edge are WNS Triange’s modular cloud-based platforms and solutions leveraging advanced AI and ML to provide end-to-end integration and processing of data to actionable insights. WNS Triange leverages the combined strength of WNS’ domain expertise, co-creation labs, strategic partnerships and outcome-based engagement models.
Join the conversation
Analytics; WNS Triange
21 February 2024
Retail; Generative Artificial Intelligence
17 January 2024
15 January 2024