A recent survey conducted by market intelligence firm International Data Corp. (IDC) reveals that generative artificial intelligence (GenAI) may significantly impact several critical business areas.
The IDC study identifies technology decision-making, financial and operational systems, and customer engagement as the top areas where GenAI could reshape organizational competitive positions and business models in the near future.
The survey highlights regional differences in the anticipated impact of GenAI. In the Asia-Pacific region, the survey points to a strong expectation that GenAI will revolutionize customer engagement, experience, and support. This aligns with the region’s focus on leveraging AI to enhance customer interactions and improve service quality.
In North America, tech buyers are most focused on the potential for GenAI to transform financial and operational systems. While respondents in Western Europe expect GenAI to have the most significant influence on IT and line of business (LOB) technology decision-making.
“GenAI’s ability to process, understand, and derive value from diverse data sources is its real superpower,” said Matt Acaro, research director for Computer Vision AI Tools and Technology at IDC.
He added that this capability allows GenAI models to be integrated into a wide array of business and customer processes.
As organizations become more familiar with GenAI, they are expected to explore new deployment areas beyond the initial ones identified in the survey. This expanding use is likely to further underscore GenAI’s transformative potential across various business sectors.
Limited Impact in some areas
While the survey identified key areas where GenAI is expected to have an impact, it also noted business functions are likely to see less influence. Customer acquisition and sales, along with talent and staffing, were viewed as areas where GenAI’s impact would be relatively limited. This suggests that while GenAI is powerful in enhancing decision-making and operational efficiency, its role in these specific functions may be less pronounced in the near term.
Turning GenAI’s potential into practical business value requires addressing its current limitations and challenges. Organizations must develop a clear understanding of where AI can be most effectively applied and be mindful of its constraints.
Converting GenAI’s potential into practical use cases that generate business value requires a clear-eyed understanding of AI’s current limitations and challenges.