AI high performers – businesses that lead the pack and set the pace for others to catch up – are demonstrating how Generative AI (GenAI) can create dramatic business impact. At least a quarter of the C-Suite executives across industries, from healthcare to legal to retail across different business functions, regularly use GenAI for work and have it on their board agendas. This technology that has bridged the gap between machines and humans like no other is set to unleash unprecedented creativity and explosive productivity in the workplace.
Augmenting human capabilities with Gen AI
One of the biggest challenges for organizations has been enhancing the productivity and efficiency of their workforce without succumbing to burnout. While companies have been investing in automating a lot of routine tasks, it was limited to repetitive, rule-based operations. For instance, you could automate data extraction from a claim form, pre-code some responses in a chatbot, or flag a fraud alert based on some rules. However, you could not automate code generation, summarize large documents, or come up with new product or design ideas. This is the boundary that Generative AI has breached. Now, teamed together with human counterparts, it is creating a massive disruption in the way work is done.
Imagine an insurance underwriter with a GenAI co-pilot. Instead of struggling to make sense of the data overload, regulatory requirements, and complexities associated with insurance products, they can simply use their co-pilot to save their precious time and effort. The co-pilot does everything from data extraction to providing comprehensive real-time insights and can even automate more complex, unstructured, natural language-oriented business processes. The underwriter now has insights at their fingertips with suggestions on various pricing options based on different scenarios- they can choose the best-fit based on their experience. How is that for productivity?
Similarly, in a banking contact center, agents armed with a GenAI guide can resolve customer queries better. Instead of wasting time searching for information or toggling between applications, they can focus on the customer. GenAI gives them the information they need – neatly tied up as a response they can read out loud. The result? Thousands of person-hours saved and better customer experience.
Getting ready for GenAI in the workplace
The power of GenAI is that, unlike its traditional counterpart, it doesn’t just support logic, calculation, and measurement. It comes with a creative flair – creating new content, expression, and perspective and is not limited by historical data or rule-based actions. It has amazing possibilities to completely change the way we work, but that would mean preparing your people to work alongside this groundbreaking tech. Here is how you can start your GenAI journey for maximum impact on workforce productivity:
- Scout for value pools: Identify GenAI use cases, focusing on workforce productivity, across different business functions and at different hierarchical levels.
- Assess skills and training needs: While GenAI will touch every role at every level, the impact won’t be uniform. Mapping these unique requirements, roles, and gaps helps in effective skilling and target coaching.
- Create a culture of change: Start with pilot projects and use the insights for an enterprise-wide application of GenAI. Make resources available to employees and develop change management strategies to handle any resistance.
Is your organization taking steps to enhance productivity, creativity, and overall business performance with GenAI? Take a deep dive into this exciting new arena with our GenAI experts. Write to us with your questions at firstname.lastname@example.org