A Guide to Unlock Business Value from Generative AI

Generative AI is one of the most impressive emerging technologies, not only for its capabilities, but also because that it’s available to all businesses for experimentation – right now. Qualco Group, a pioneer in applied AI applications, wanted to explore and highlight the business value of this exciting technology. Thus, the Innovation Hub was created, and as a part of it, an Insights Report. 

What is the Innovation Hub by Qualco Group?

The Innovation Hub by Qualco Group, proudly powered by Found.ation,  is a dynamic space dedicated to advancing software development in the digital era. The purpose of the Hub is to be the premier destination where software professionals, technology innovators and communities collaborate to influence the future of the industry.

Valuable insights from business leaders

The Insights Report by Qualco Innovation Hub and Found.ation, is derived from analysing and researching what 12 innovation-driven leaders discussed in a roundtable discussion initiated by the Innovation Hub.  

In the form of a Think Tank moderated by Found.ation, executives shared their views on how Gen AI will affect various industries and reflected on its potential business value. The Leaders Think Tank took place in November 2023. 

How can Gen AI be utilised today?  

Gen AI currently serves as a supplementary aspect within companies, but its role is expected to evolve as companies transition beyond the exploration phase. There are inquiries regarding the business implications of AI advancements, particularly in discerning between core solutions and supplementary functions. Globally, the main hurdle in AI adoption for companies lies in identifying appropriate use cases.

Gen AI is applied to business in four axes: Customers Operations, Marketing and Sales, Research and Development and Code Development.

C-level executives and leaders play an important role in whether organisations will thrive in the AI generation. By aligning leaders with a business-focused plan, building a skilled workforce, adopting a flexible operating model, leveraging technology for rapid innovation, integrating data across all aspects, and expanding adoption and scaling, companies can strategically position themselves to succeed in the current digital and AI-driven environment. 

Training and optimizing Generation AI for tailored business requirements yields tangible benefits such as improved performance, cost reduction, competitive advantage, and enhanced decision-making capabilities. Its potential to transform work processes across industries and affect diverse tasks underscores the importance of comprehending its capabilities and fostering collaboration across sectors to adapt effectively to these transformations. 

John Gikopoulos, Chief Innovation Officer & Head of Applied Intelligence, Qualco Group, commented, 

“Like most new technologies, Gen AI stands out for its potential to disrupt business models and upheave operations. Unlike most new technologies, Gen AI and, more specifically, LLMs can live up to that expectation. So far, at scale, use case deployment has showcased savings and an upside of over 20% vs the relevant base figures. In Gen AI’s case, the early bird (and its ability to get the worm) analogy seems to be the most applicable, also in line with LLM’s light-speed developments. Companies that harness Gen AI / LLM capability in the short term will stand the best chance of capturing substantial ROI.” 

Download the full report to read more.