Enhanced Productivity: Outsourcing business processes to machines and increasing the speed of making decisions based on data owned enhance business and people’s productivity.
Personalized Customer Experiences: Marketing communication strategy needs to be personal or even personalized to gain market acceptance and thus offshore products or services or general marketing communication that does not suit the customer most importantly should be modified to suit the individual or segmented customer.
Innovative R&D: Reduction of timescales for research and development, enhancing product design, and market trend predictions improve innovation and competitive advantage.
New Revenue Streams: Innovating new applications and services on the basis of generative AI brings additional opportunities to increase revenues and enter new markets with the help of additional services that consumers may need.
GenAI includes both conventional and modern artificial intelligence; however, it requires core GenAI skills that assist leaders in organizations, as explained below.
To harness the full potential of generative AI, business leaders must cultivate essential skills and competencies:
1. Natural Language Processing (NLP): With NLP, leaders can transform themselves to be able to extract textual content, enhance customer satisfaction, and carry out organizational activities in an automated manner.
2. Machine Learning and Predictive Analytics: The use of analyzing capabilities of the ML algorithms and developing the predictive models assist in the proper forecasting while customizing the marketing mix the strategic implementation and the resource management plans.
3. AI-Driven Automation: RPA which is an AI-laden automation tool assists in enhancing operations, reducing expenses, and enhancing the adaptability of the company.
4. Decision Support Systems: Explaining the features of decision support systems through Artificial Intelligence skills presents real-time organization performance, analytics, and modeling for convenient decision-making.
5. AI for Sustainability: Transitioning the identified field AI solutions to enhance resource utilization that eliminates bounce rates and regulatory noncompliance enhances environmental sustainability and CSR.
