Unlocking the power of generative AI

GENERATIVE artificial intelligence (AI) has taken the world by storm, capturing imagination and consuming fears in equal measure. Although generative AI with massive Large Language Models (LLMs) is still in its infancy, the technology is beginning to cement itself in several applications and sectors. In fact, AI applications are estimated to create a future productivity dividend ranging between US$2.6 trillion and US$4.4 trillion annually for the global economy.

For businesses, the benefits of generative AI are immense. The technology has proven itself a powerful tool in cybersecurity, in the automation of routine tasks, and even as a personal assistant in day-to-day office work. It has also led to immediate wins such as helping create synthetic data that simulates more difficult-to-acquire real data.

Yet, it is a different story when it comes to industrial innovation, where creating enduring value will require companies to look beyond quick wins and low-hanging fruit. On its own, generative AI cannot spark the kind of revolution around the corner that stakeholders might have been led to believe.