How Companies Used Generative AI In 2023
Generative artificial intelligence (AI) has emerged as a technology for businesses, promising heightened productivity and transformative impacts on white-collar work. Despite its potential, challenges such as legal and privacy concerns, high costs, and the need for specialized talent have hindered the realization of generative AI’s promises. Nevertheless, the technology is expected to reshape enterprise technology significantly. According to the International Data Corp’s estimates, global spending on generative AI solutions by the end of 2023 is projected to be around $19.4 billion. It is forecasted to grow to $151.1 billion by 2027.
Businesses are currently in the experimental phase, reinvesting in AI and cloud technologies, evaluating cybersecurity risks, and establishing safeguards for responsible usage. Many Chief Information and Technology Officers are eyeing 2024 as the year when generative AI demonstrates its value despite the associated high costs.
Several companies have successfully integrated generative AI into their operations, providing valuable insights into the practical applications of the technology. Wayfair, the online furniture seller, utilizes generative AI to help customers redesign their living spaces. Through the Decorify tool, customers can upload a photo, and the AI model creates new versions in various styles. The tool has proven beneficial for both customers and employee productivity.
Schneider Electric, a global leader in electrical and automation products, strategically selects smaller, energy-efficient AI models for specific applications to address the significant energy consumption associated with large language models. The company uses generative AI to assist customers in computing and analyzing their carbon emissions while prioritizing energy efficiency.
Mass General Brigham leverages generative AI to identify patients with similar profiles, enhancing personalized care based on past successful treatments. The company plans to launch commercial diagnostic products powered by AI in the first half of 2024.
Expedia, the online travel agency, employs generative AI through chatbots to enhance the travel booking process and provide personalized recommendations to customers. While viewing generative AI as an assistant, Expedia emphasizes the importance of personalization to improve the overall travel experience.
Bentley Systems, a Pennsylvania-based construction industry software maker, focuses on generative AI-powered tools for creating drawings and proposing infrastructure designs with climate resiliency. The company aims to integrate generative AI into its software next year, streamlining the time-consuming process of producing structural and construction drawings.
As these companies showcase successful implementations of generative AI, it becomes evident that the technology holds immense potential across various industries. 2024 is anticipated to be a crucial turning point, where generative AI proves its worth and becomes more accessible and widely adopted across enterprises.