Generative AI has inevitably become a crucial part of our lives, including in the workplace. Businesses and organizations are utilizing Generative AI to drive innovation and enhance their operations comprehensively. Whether used as a tool for creating new solutions or as a work assistant, Generative AI offers significant advantages.
At the Techsauce Global Summit 2024, during the Krungsri Showcase, Sam Tansakul, Managing Director of Krungsri Finnovate Company Limited, shared his insights on this topic through a talk titled “Shaping Tomorrow: Generative AI’s Role in Corporate Innovation.” He discussed how Generative AI is driving innovation within organizations.
The global market for Generative AI is substantial, with over $180 billion currently invested. By 2030, this figure is expected to exceed $800 billion, with the United States leading the way as the largest market. Generative AI is increasingly important in the workplace because it can reduce costs and save time, making it a valuable investment for organizations.
Why Might Organizations Want to Invest in Generative Artificial Intelligence?
Most organizations are eager to invest in Generative AI for four primary reasons:
1. Improving Customer Satisfaction: When aiming to enhance the customer experience but lacking the capacity to provide 24/7 service, Generative AI becomes invaluable. For example, some banks are currently using AI to respond to customer inquiries around the clock. This demonstrates the power of Generative AI in enhancing customer satisfaction and creating positive experiences.
2. Increasing Revenue (Top-line Growth): For sales and marketing teams, Generative AI is a game-changer. It enables hyper-personalization, targeting the right customers at the right time, even within tight budgets. This capability helps drive revenue growth and fosters overall business expansion.
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3. Cost Optimization: Generative AI can significantly reduce costs by eliminating the need for certain human roles. For instance, instead of hiring additional staff, organizations can use AI to reduce salary expenses.
4. Increasing Productivity: Generative AI greatly enhances productivity, especially by saving time. Tools like ChatGPT can quickly generate summaries or create code for programmers, streamlining tasks and accelerating workflows.
The Managing Director of Krungsri Finnovate also highlighted how major global companies like Amazon, Google, Microsoft, and NVIDIA are heavily investing in AI startups. He shared examples from their investment portfolios, emphasizing NVIDIA’s significant growth. NVIDIA recently announced that it has become the fourth-largest corporate venture capital firm in 2023, with substantial investments in Generative AI startups.
Some notable investments include:
- Inflection: An AI startup focused on creating AI personal assistants, which has become a unicorn within just two years, now valued at over $1.3 billion.
- ADEPT: A startup developing automation software to streamline repetitive tasks and simplify complex processes, with an investment of $350 million.
- Cohere: An AI and Language Model startup for large enterprises, with an investment of $270 million.
“This growth in NVIDIA’s portfolio showcases its rapid expansion. Moreover, Generative AI is not only transforming Western markets but also making significant inroads in the ASEAN region. For example, Wisesight uses AI for data analysis and content creation tailored to customer segments, Grab leverages AI to optimize delivery routes, reducing time for product and food deliveries, and Gojek employs AI on its platform to boost customer engagement.”
What Might Generative Artificial Intelligence Market Look Like in The Future?
The question arises: if Generative AI is already being used in many aspects of work today, what will the future hold for competition and business opportunities? Sam shared his insights on this topic, discussing the evolution of processing models. Currently, Large Language Models (LLMs) dominate, but in the future, the development and miniaturization of Small Language Models (SLMs) will become crucial, offering improvements in both speed and energy efficiency.
He also cautioned that there are still some concerns with AI, particularly regarding criminal activities. For instance, AI could be used to create fake video calls for fraudulent money transfers. There are also safety concerns, as personal information could potentially be leaked to unauthorized parties.
“We should not fear Generative AI but rather embrace it as a part of our lives,” Sam emphasized. “AI will enhance creativity and save significant time. While there are concerns that AI might diminish analytical thinking and hinder self-learning, we must use AI to complement, not replace, human skills entirely. As Microsoft CEO Satya Nadella has said, AI is not dehumanizing; instead, it will amplify our humanity.”
Six Key Industries to be Dominated by Artificial Intelligence
One of AI’s challenges lies in its ability to learn autonomously, where AI systems can provide answers and recommendations based on the data they receive without needing specific programming. Thus, developing AI is not just about coding but about building learning models that are accurate and adaptable to uncertain conditions.
AI has been integrated into various industries, such as:
- Healthcare: AI plays a crucial role in diagnosing diseases and predicting health risks. It can analyze medical data to identify symptoms and patient conditions.
- Commerce and Economics: AI can effectively analyze market data and make investment choices, enabling businesses to make more strategic decisions.
- Manufacturing: AI is used for automatic control and product inspection, such as deploying automated inspection systems in product manufacturing.
- Transportation: AI systems can predict traffic patterns and analyze data to enhance safety and efficiency in transportation.
- Security and Facility Management: AI systems can detect individuals entering spaces using facial recognition and analyze space utilization to improve efficiency.
- Art and Media: AI can be used to create paintings, compose music, or even write articles in an artistic style.
With AI technology being applied across various fields, learning about AI will be essential for the future. It will help us understand this technology and how to apply it in daily life, whether it’s leveraging data analysis or solving problems to drive progress in different sectors. By preparing to harness the benefits of these rapid advancements, we can navigate the limitless possibilities of the technology and innovations swiftly approaching us.
