AI Revolution: 75% of Tech Leaders Eye Generative AI for Business Growth
In a world where artificial intelligence (AI) is becoming increasingly important for businesses, a new report by Experian, conducted by Forrester Consulting, reveals that 75% of technology leaders are planning to implement Generative AI within the next year. This report highlights that technological disruption is the top external factor affecting businesses in the next two years, with a focus on AI supremacy to enhance efficiency and cut costs.
The report surveyed 1,320 leaders from the financial services and telecommunications sectors across ten countries, including India, Australia, and Germany. It found that 75% of these leaders believe that gaining a competitive edge in their industry will depend on effectively using AI. Additionally, the same percentage of leaders agree that Generative AI will significantly improve risk assessment processes.
Manish Jain, Country Managing Director of Experian India, emphasized the importance of AI superiority and investment in analytics tools to harness data power. The report also notes that data and analytics leaders are moving siloed datasets into unified platforms to enhance AI and machine learning capabilities, allowing faster model deployment.
Despite optimism for growth and increased technology investment, challenges remain, such as customer financial hardship. Malin Holmberg, CEO of Experian EMEA and APAC, highlighted the potential of AI and ML tools to improve credit assessment precision and protect vulnerable customers through proactive engagement.
Doubts Revealed
AI Revolution -: AI Revolution refers to the big changes happening in the world because of Artificial Intelligence (AI). AI is like a super-smart computer that can learn and make decisions, and it’s changing how businesses work.
Generative AI -: Generative AI is a type of AI that can create new things, like pictures, music, or even text, by learning from existing data. It’s like a computer that can imagine and make new stuff.
Experian -: Experian is a company that helps people and businesses understand their credit scores and financial information. They also do research to help businesses make better decisions.
Forrester Consulting -: Forrester Consulting is a company that provides advice and research to help businesses understand technology and market trends. They help companies make smart choices about using new technologies.
Technological disruption -: Technological disruption means big changes in how things are done because of new technology. It can make some old ways of doing things less useful and create new opportunities.
AI supremacy -: AI supremacy means being the best or most advanced in using AI technology. Companies want to be leaders in AI to be more efficient and save money.
Financial services -: Financial services are services provided by banks and other companies to help people manage their money, like saving, borrowing, and investing.
Telecommunications sectors -: Telecommunications sectors are companies that provide services like phone, internet, and TV. They help people communicate with each other.
Competitive edge -: A competitive edge is an advantage that makes a company better than others. Using AI can help companies be more successful than their competitors.
Risk assessment -: Risk assessment is figuring out how risky something is, like giving someone a loan. AI can help companies decide if it’s safe to lend money to someone.
Customer financial hardship -: Customer financial hardship means when people have trouble paying their bills or loans. Companies need to understand this to help their customers better.
Credit assessment -: Credit assessment is checking if someone is likely to pay back a loan. AI can help make this process faster and more accurate.
