New Delhi, Dec 22 (IANS): In 2023, we observed that organisations have laid more emphasis on boosting performance, reducing costs, improving efficiencies and getting closer to customers.
Organisations are now also exploring AI models to hit higher accuracy. AI, which is fundamentally changing the way we interact with the world and with the way businesses operate, is beginning to play an important role in augmenting human creativity and preparing businesses for growth and stability.
Generative AI is likely to have a major impact on knowledge work, activities in which humans work together and/or make business decisions.
At the very least, knowledge workers’ roles will need to adapt to working in partnerships with generative AI tools, and some jobs will be eliminated. History demonstrates, however, that technological change like that expected from generative AI always leads to the creation of more jobs than it destroys.
Specifically, generative AI is enabling businesses to learn new ways of working with customers, giving them more freedom to ask and resolve questions, and use data and analytics to make more informed decisions. This shift in the technology ecosystem is urging CEOs to consider generative AI as a strategic investment.
As per industry analysts, investments in AI and generative AI will contribute to IT spending growth world over, including in India. Businesses, large and small, are excited about generative AI as it brings benefits of technology automation to knowledge work, which until now has largely resisted automation.
Its capability can help return business benefits such as workforce productivity, help reduce time to complete routine tasks in finance, HR or supply chain functions, which in turn can help organisations to reallocate resources for more complex and strategic work. All of this can also aid in improving employee satisfaction.
Oracle has begun to reshape the boundaries of industries -- be it BFSI, healthcare, telecom, public sector and more. Very recently, we announced our advancement in generative AI strategy across our cloud infrastructure, applications, and platforms to help solve some of our customers’ biggest problems.
We are embedding the full power of generative AI to automate key business functions, improve decision-making, and enhance customer experiences. For instance, in the healthcare domain, our generative AI models can adapt automatically to generate a patient discharge summary or a letter of authorization for medical insurance.
Furthermore, our new capabilities can combine generative AI and voice to help providers focus more on patient engagement, building trust, and improving care.
What impact generative AI has on businesses and how people work remains to be seen. But this much is clear: massive investments are pouring into generative AI across multiple dimensions of human endeavour. Venture capitalists and established corporations are investing in generative AI startups at breakneck speed.
In the years to come, organisations will have access to more advanced use cases of generative AI to help them propel to success. The new year will pioneer the integration of generative AI tools and technologies into business, it will be more disruptive -- contributing to a smarter and more inclusive future for the society.