How CXOs can unlock the power of Generative AI for enterprises

It’s been a long time since a technology has taken the world by storm like generative AI (GenAI), and for good reason. OpenAI’s decision to let anyone play with their technology for free was a powerful demonstration of the astonishing capabilities of GenAI. In fact, Goldman Sachs predicts that GenAI will generate an increase in global GDP by 7% (which is just short of $7 trillion) and productivity by 1.5 percentage points over the next 10 years. But there are many contenders in town when it comes to GenAI. Depending on the use case, there are any number of GenAI solutions that may be a good fit. But before discussing use cases, it’s important to have a baseline understanding of what GenAI is and how it works.

GenAI leverages large language models (LLMs) that have already been trained on petabytes of data such as text, images, and video. Using deep learning techniques and complex algorithms, GenAI develops an understanding of the relationships between words in sentences, images in a picture, and even elements of a video so that it can create new content that often appears as if it were made by a human being. Unlike traditional AI, which is primarily employed to look at historical data and make accurate predictions about the future, GenAI creates new data — chat responses, infographics, digital art, software code, even poetry — based on the relationships it unearths from these enormous LLMs. 

There is a wide array of potential use cases for GenAI, far too many to exhaustively detail here. To illustrate, here are examples from a few select vertical industries:

Retail

• Design social media marketing campaigns in minutes.
• Create detailed product descriptions with USPs.
• Create high-quality videos with captivating stories to demo a product.
• Analyze customer sentiments and behaviors to suggest hyper-personalized products.

Banking and Financial Services

• Help financial institutions make informed decisions on investment strategy.
• Extract information from reports to summarize insights on financial records, customer feedback, account statements, etc.
• Understand constantly changing compliance requirements and regulations and draft compliance statements with supporting evidence.

Medical and Pharmaceuticals

• Identify test patient populations, simulate trial outcomes, and optimize clinical trials to accelerate drug development.
• Analyze health records to identify patterns indicative of disease states to support faster, more accurate diagnoses and treatments.
• Suggest treatment options and design a personalized medication plan for patients.

Industrial and Manufacturing

• Suggest product design options based on material, cost, functionality, etc.        
• Reduce product development timelines with proactive insights into material fitment, design concept development, market research, etc.  
• Identify potential issues with a product’s quality through deeper analysis of the data from production lines, sensors, etc.

Media and Entertainment

• Create compelling content such as music, artwork, news stories, scripts for TV shows, and even commercials.
• Generate special effects and other visual elements.
• Restore damaged media and imperfections such as scratches from old film footage.

“GenAI is easily the most disruptive and valuable technology since the emergence of the public Internet and ushers in a new era of possibilities for digital transformation,” said Ankur Kashyap, SVP and global head of Google Cloud Ecosystem, at HCLTech. “At HCLTech, we’re working closely with Google to help CXOs accelerate responsible adoption of Generative AI and take full advantage of these solutions to drive innovation and efficiency and help increase revenue for their organizations.”

HCLTech, in collaboration with Google Cloud, is building multiple use cases leveraging enhanced Vertex AI and the Gen App Builder platform for:

1. Transformation and growth initiatives for CEOs,
2. Productivity and efficiency automation runbooks for CIOs, and
3. Innovation and technology modernization initiatives for CTOs.

These use cases from HCLTech cover industries like retail, BFSI, telco and media, life sciences and pharma, enterprise solutions for sustainability, employee and customer experience, and marketing. They also infuse the power of LLMs and other Gen AI models into the software engineering lifecycles and cloud acceleration tools.

“In partnership with HCLTech, Google Cloud enables organizations to take full advantage of GenAI,” said Victor Morales, vice president of GSI and consulting partnerships at Google Cloud. “HCLTech’s people are data experts with deep knowledge of Google Cloud and GenAI technologies. They can help our customers rapidly build and scale their generative AI projects to transform their businesses in a bold and responsible way.”

To learn more about how enterprises can adopt Generative AI to drive innovation with Google Cloud and HCLTech, visit HCLTech Google Cloud Ecosystem and join us at Google Cloud NEXT’23.