Reimagine your business with GenAI

  • April 30, 2024
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GenAI is here — are you ready?

Generative AI (GenAI) is rapidly evolving. New, ground-breaking developments routinely make it to the front page, heralding the strides GenAI is taking — from its infrastructure and foundation models to tools and applications. While this is leading to an array of innovative products and niche service providers, it is also making the ecosystem a complex maze that organizations find difficult to navigate.

McKinsey research indicates that GenAI will generate between $2.6 and 4.4 trillion in value every year. In a landscape like this, CXOs are in a unique position to not only gain from this value but also find a way to do it simply and in a way that is most meaningful for their business.

But what is it, anyway?

Generative AI is a type of Artificial Intelligence (AI) that is taught to generate unique assets or artifacts by analyzing existing or available data in its database. Generative AI can produce brand new content (including text, images, video, audio and structures), computer code, synthetic data, workflows and models of physical objects. Generative AI also can be used in art, drug discovery or material design.

GenAI is built on foundation models that are trained on diverse datasets for various applications. GenAI also consists of Language Learning Models (LLMs) that are trained on a large amount of text to generate human-like text-based outputs.

The benefits will resonate across businesses

There are clear benefits to adopting GenAI for any enterprise. For example, GenAI makes it easier for organizations to extract meaningful data from large and complex datasets, analyze them and arrive at interpretations. This process plays a key role in making sure that all business decisions are data-driven. As per McKinsey, about 75% of the value GenAI delivers occurs in four areas: client operations, marketing and sales, software engineering and Research and Development (R&D). For individual sectors, too, the use cases are abundant:

  1. Transforming IT operations: GenAI has the potential to revolutionize IT operations by enabling efficient and resilient systems. With GenAI, organizations can benefit from real-time incident diagnosis and prevention. This minimizes the risk of outages and disruptions. This technology also enhances threat detection capabilities, optimizes resource usage and performance and boosts the productivity of IT teams. Overall, GenAI significantly improves the efficiency and effectiveness of IT operations.
  2. Powering application operations: GenAI provides advanced capabilities in data handling, content creation, personalization, automation and analytics and understanding natural language. With GenAI, accounting and finance organizations can forecast expenses or create earnings statements. Additionally, customer support can leverage agent-assist bots, knowledge resources and generative customer-facing chatbots. GenAI can also help legal teams with document summarization and drafting contracts, HR with employee communications and offer letters.
  3. Boosting business process operations: GenAI revolutionizes BPO by improving organizational efficiency and enhancing customer satisfaction. GenAI streamlines customer interactions using chatbots that offer human-like responses. It automates repetitive tasks like data entry, uses Natural Language Processing (NLP) to analyze data and helps in fraud detection by observing transaction patterns.

Walking the tightrope to deliver business value

Incorporating GenAI into corporate operations is more than a technical undertaking — it is a strategic step. Businesses need to align it to their goals by continuously monitoring it and upgrading it to suit their needs. GenAI relies heavily on a good technology stack — with an ecosystem that supports development, testing and deployment — for the implementation to be successful.

What, then, must organizations do to gain this business value? The answer is as simple as it is complex. There are a few simple questions all organizations can ask, leading up to identifying where they need GenAI and how it can be used.

  1. What are the business's strategic objectives? What business value should be derived?
  2. What are the potential use cases that can enable strategic objectives and derive business value? Does the use case require sharing confidential information or intellectual property?
  3. What is our enterprise readiness for responsible development of applications using GenAI?
  4. What is the right GenAI technology stack for the implementation?
  5. Which foundations model should we use? How will we adapt the model to our own data for consumption?
  6. What skill set is required to build a minimum-viable product?
  7. What is the deployment approach and risk mitigation plan?

Having the right partner significantly eases the process and helps with continuously fine-tuning and training the GenAI model to produce consistently dependable results. A dependable partner makes sure that the GenAI model seamlessly integrates into the organizational workflow and data infrastructure. They monitor and adjust the outputs and adapt the model to changing business dynamics to stay relevant as organizational objectives continue to evolve.

We are experts in Generative AI

NTT DATA has been at the forefront of AI and GenAI research. Our vision is firmly rooted in the belief that GenAI, particularly large language models, will continue to shape the future of the AI landscape. We continue to actively identify use cases that unlock a new wave of measurable productivity growth.

In 2023, we set up a GenAI office with the primary goal of ethically and securely creating a unified client and employee experience with our GenAI implementations.

Our GenAI engagements start with a consulting approach to identify business value, business drivers, use cases, technology availability and appropriate models. We partner with clients to identify suitable GenAI use cases and help select the appropriate underlying infrastructure, engineering tools and foundation models, such as LLMs or domain-specific models. With our expertise, we make sure that clients have the right resources and framework in place to successfully implement GenAI in their organization.

A subfield of AI, GenAI focuses on creating algorithms and models capable of generating data that resembles human-created content. While CXOs are eager to translate the value it brings into their organization, it is also important to treat it cautiously.

As with any emerging technology, GenAI is evolving. One must not take the plunge before one has weighed the pitfalls against the advantages. A little caution and a thorough audit can lead to a great many business gains.

Partner with NTT DATA for GenAI project success. Read more about the opportunities and risks GenAI presents.

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NeerajJaitley
Neeraj Jaitley

Neeraj leads Infrastructure and Digital Workplace Services at NTT DATA. He oversees and manages the overall strategy and execution of infrastructure and Digital Workplace delivery for NTT DATA clients across key verticals. He has more than three decades of experience in profit center management, IT service delivery, strategic planning, enterprise tools and IT solution selling for large clients. He is a member of NTT DATA’s India Leadership Team and co-chairs the CSR Committee.

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