Gen AI: A New Era for Operational Efficiency
The world of work is on the cusp of a transformative shift, driven by the rapid advancements in Gen AI. This technology holds the promise of unlocking unprecedented gains in workplace productivity. However, reaping these rewards is no easy feat - it requires a strategic and well-planned approach that aligns Gen AI implementation with the organization's overall goals and capabilities. The data is clear. According to research from global consulting firm The Hackett Group, the adoption of Gen AI could lead to a 51% increase in productivity across organizations over the next seven years. This figure is further corroborated by a study from Pearson, which found that Gen AI could save UK workers an impressive 19 million hours per week by automating and augmenting routine and repetitive tasks. For the US, the potential time savings are even more staggering, reaching 78 million hours per week.
The productivity gains are particularly pronounced in specific areas, such as the development of educational programs and policies (3 million hours saved in the US, 665,000 in the UK), as well as the creation and explanation of organizational policies and procedures (1.7 million hours saved in the US, 380,000 in the UK). These findings underscore the transformative potential of Gen AI in streamlining and optimizing key operational processes. While the potential productivity rewards are truly plentiful, organizations must approach Gen AI implementation with a well-defined strategy and plan of action. According to Matthieu Forrest, a Senior Manager in HR advisory at The Hackett Group, the key to success lies in educating and informing the organization's executive team on both the opportunities and expectations of Gen AI.
Such roadmaps should outline a clear path for integrating Gen AI into the workplace, with a focus on prioritizing use cases that deliver the most tangible and measurable productivity gains. A crucial component of these roadmaps are investment in learning and development programs. Empowering employees to understand how they can effectively leverage Gen AI in their day-to-day tasks, as well as the associated benefits, is essential for driving widespread adoption and realizing the full potential of this transformative technology.
Are any of outdated technology infrastructure, lack of an overarching technology strategy, disparate data definitions, limited data availability, and skills gaps, a roadblock to embracing AI? No. Do you even need an established technology team or skillset to get started with transformative Gen AI in your firm? No. This is where innovative AIaaS firms, such as RSe Global, step in.
We're on an exciting path to redefine what success looks like in the finance world, and we'd love for you to join us. Reach out, let’s start a conversation, and explore how we can work together.
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