Surpass your competition. Utilize the power of generative AI
June 20, 2023
I'm sure you've read the news about Generative Artificial Intelligence (genAI) technology and how it will revolutionize industries and our everyday life. My daughter is headed to college and her experience in a genAI environment will be completely different from my days in school, so I’ll focus this topic on something I do know . . . how High Tech companies can do business with genAI. I want to explore the benefits of genAI technology and a few examples I've seen in the industry.
The power of Generative AI technology is revolutionizing how High Tech companies do business, enabling organizations to quickly and efficiently automate processes, which can free up time for more strategic activities while optimizing resources.
With the ability to uncover patterns, correlations, and insights from large datasets that would otherwise be impossible to see, this kind of data analysis can help businesses spot potential problems before they become major or costly issues.
GenAI is becoming a priority for companies, in the latest Accenture Tech Vision research, we saw that 96% of high tech executives are either very or extremely inspired by the new capabilities offered by AI foundation models. In my conversations with industry leaders, I could imagine genAI supporting these potential areas:
GenAI has been used by high tech companies to gain a competitive edge. The High Tech industry is in the unique, circular position of creating the devices that use the technology and then applying that tech into their development. By increasing the accuracy of predictions, these businesses have seen increased efficiency and cost savings while providing personalized customer experiences. To show how successful generative AI can be, let's look at some case studies across the industry.
Built on their oneAPI platform, Intel collaborated with Accenture to create a set of 34 open-source AI reference kits to help Enterprise developers and data scientists deploy AI at a faster rate. The kits include model code, training data and instructions for machine learning and oneAPI components. The kits can streamline process of imbedding AI into applications which can reduce the workflow time compared to traditional model development workflows.
Semiconductor companies are core to enabling AI infrastructure, chips developed by Nvidia and TSMC are being used by companies that are driving their own AI foundation platforms.
Consumer technology companies have the ability to reach a broad audience and can enhance end-user devices with generative AI capabilities, for example, Samsung is engaging in partnerships to augment AI in their mobile devices.
As genAI models grow and require internet connections, networking companies will need to support the increased demands. Cisco is rolling out the next generation of networking technology to support increased bandwidth requirements of generative AI model training and querying.
These case studies demonstrate how effective genAI can be when employed correctly and highlight the opportunities available for high tech companies who want to gain an advantage over their competition. Understanding the technology and studying successful implementations is essential if you want to make the most of it within your own organization.
Embarking on a journey with genAI can be daunting, yet high tech firms can reap the rewards from this powerful technology by properly preparing. Let me break it down:
I invite you to read the Accenture Tech Vision report, which dives into this topic in further detail. GenAI provides high tech businesses with an opportunity to become more efficient and accurate and excel in better customer experiences. To make the most out of this technology, it’s important that businesses understand how it works. With careful planning and execution of these steps, an organization can unlock valuable insights and personalized experiences better than your competition.