The potential for generative AI to deliver a significant return on investment is being demonstrated by early adopters across various industries. My company provides one example.
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There has been a lot of speculation about what generative AI can do for businesses. The possibilities are endless — streamlined creative processes, automated business operations, self-service for customers, and more. Indeed the productivity implications of generative AI are huge, prompting McKinsey to assert that the technology could add trillions of dollars in value to the global economy.
And big tech is betting big on that promise. Generative AI is forecast to be a $1.3 trillion market by 2032. Consider Amazon’s record-breaking investment in Anthropic (the company behind AI model Claude) or Microsoft’s partnership with OpenAI (makers of ChatGPT).
For business downstream from these technology providers, however, quantifying the capabilities of generative AI into bottom-line figures has proved more elusive. And that is causing some organizations to hedge their bets. According to 49% …