g-f(2)2736 Gen AI: The New Frontier of Business Transformation and ROI

 

genioux Fact post by Fernando Machuca and Claude

Introduction:

"The ROI of Gen AI" is a global survey conducted by Google Cloud and National Research Group, offering insights into the adoption and value of generative AI across enterprises. This report provides a benchmark for the business and financial impact of gen AI, highlighting key trends, challenges, and opportunities for organizations implementing this transformative technology.

genioux GK Nugget:

"Generative AI is rapidly delivering significant ROI for enterprises, with 74% seeing returns within the first year and 86% of those reporting revenue growth estimating increases of 6% or more." — Fernando Machuca and Claude, August 8, 2024

genioux Foundational Fact:

Generative AI is proving to be a powerful driver of business transformation, enabling rapid financial growth, boosting productivity, and enhancing business performance across various industries. Organizations that strategically implement gen AI, with strong C-level support and alignment between technology initiatives and business goals, are seeing the most substantial returns. This technology is not just improving efficiency but is also catalyzing innovation, new product development, and improved customer experiences, positioning it as a critical tool for maintaining competitiveness in the evolving business landscape.

The 10 most relevant genioux Facts:

1. 74% of organizations are currently seeing ROI from their gen AI investments, with most realizing returns within the first year.
2. 86% of organizations using gen AI in production and seeing revenue growth estimate gains of 6% or more to overall annual company revenue.
3. 84% of organizations can move a gen AI use case from idea to production in less than six months, accelerating time-to-value.
4. 45% of organizations that report improved productivity have seen employee productivity double or more as a result of gen AI.
5. 63% of organizations report that gen AI has directly driven business growth, with 77% seeing improved leads and customer acquisition.
6. 85% of organizations that report an improved user experience also report measurable improvement in user engagement.
7. 56% of organizations report improvements to their security posture due to gen AI, with 82% seeing an improved ability to identify threats.
8. Gen AI Leaders (organizations with four or more use cases in production and significant investment) are 33% more likely to report annual revenue increases of 10% or more driven by gen AI compared to other organizations.
9. 91% of organizations with robust C-level support that also report increased revenue estimate a 6% or more increase.
10. Gen AI Leaders are prioritizing long-term growth and innovation, with 55% planning to use gen AI to develop new products and services in the next 2-3 years.

Conclusion:

The survey reveals that generative AI is no longer a theoretical concept but a tangible business driver delivering significant ROI for enterprises across the globe. Organizations that strategically implement gen AI, with strong C-level support and alignment between technology initiatives and business goals, are seeing the most substantial returns. As gen AI continues to evolve, it's clear that it will play a crucial role in shaping the future of business operations, innovation, and competitiveness. To maximize the potential of gen AI, organizations should focus on building unified C-suite support, integrating gen AI into core business functions, starting with quick wins, investing in data infrastructure, pursuing transformational projects, bolstering security, and developing AI talent. By doing so, they can position themselves to harness the full power of gen AI and drive sustained growth and innovation in the rapidly evolving digital landscape.

REFERENCES

The g-f GK Context

Google Cloud and National Research Group, The ROI of Gen AI, Google, Google Cloud, August 2024.

ABOUT THE SURVEY

Based on a global survey of 2,500 senior leaders, The ROI of Gen AI benchmarks the impact of Gen AI on business and financial performance and reveals how select global enterprises are achieving breakout success with AI.

Classical Summary of the Survey:

This comprehensive global survey, conducted by Google Cloud and National Research Group, explores the adoption and value of generative AI (gen AI) across enterprises. Based on responses from 2,500 senior leaders of global enterprises with $10M+ revenue, the study provides a benchmark for the business and financial impact of gen AI implementation.

Key findings include:

1. Financial Impact: 74% of organizations see ROI from their gen AI investments, with most realizing returns within the first year. Of those reporting revenue growth, 86% estimate gains of 6% or more to overall annual company revenue.
2. Rapid Implementation: 84% of organizations can move a gen AI use case from idea to production in less than six months, accelerating time-to-value.
3. Productivity Gains: 45% of organizations reporting improved productivity have seen employee productivity double or more due to gen AI.
4. Business Growth: 63% of organizations report that gen AI has directly driven business growth, with 77% seeing improved leads and customer acquisition.
5. User Experience: 85% of organizations reporting an improved user experience also note measurable improvement in user engagement.
6. Security Enhancements: 56% of organizations report improvements to their security posture due to gen AI, with 82% seeing an improved ability to identify threats.

The survey identifies a group of "Gen AI Leaders" - organizations with four or more use cases in production and significant investment in gen AI. These leaders are 33% more likely to report annual revenue increases of 10% or more driven by gen AI compared to other organizations.

The importance of C-level support is emphasized, with 91% of organizations having robust C-level support and increased revenue estimating a 6% or more increase.

Looking ahead, Gen AI Leaders are prioritizing long-term growth and innovation, with 55% planning to use Gen AI to develop new products and services in the next 2-3 years.

The report concludes with seven key takeaways for business executives, including building unified C-suite support, focusing on core business areas, starting with quick wins, prioritizing data management, investing in transformational projects, enhancing security with gen AI, and building AI talent.

Overall, the survey underscores that gen AI is no longer a theoretical concept but a tangible business driver delivering significant ROI for enterprises globally. It highlights the importance of strategic implementation, C-level support, and alignment between technology initiatives and business goals for maximizing the benefits of gen AI.

Google Cloud

Google Cloud is a suite of cloud computing services offered by Google, which includes the Google Cloud Platform (GCP) and Google Workspace (formerly G Suite). Here's a brief history and overview of its development:

Early Beginnings

Google entered the cloud computing market in April 2008 with the launch of App Engine, a platform for developing and hosting web applications in Google-managed data centers¹². This marked Google's first foray into cloud services, allowing developers to run their web applications on Google's infrastructure.

Expansion and Growth

Following the success of App Engine, Google expanded its cloud offerings to include a wide range of services. These services encompass computing, data storage, data analytics, and machine learning, among others¹. Some of the key services introduced over the years include:

• Compute Engine: Infrastructure as a Service (IaaS) to run virtual machines.
• Google Kubernetes Engine (GKE): Containers as a Service (CaaS) based on Kubernetes.
• Cloud Functions: Functions as a Service (FaaS) to run event-driven code.
• Cloud Storage: Object storage for unstructured data.
• Cloud SQL: Managed relational database service.

Current Status

Today, Google Cloud is a major player in the cloud computing industry, competing with other giants like Amazon Web Services (AWS) and Microsoft Azure. It provides a comprehensive suite of cloud services that cater to various business needs, from startups to large enterprises¹². Google Cloud's infrastructure is known for its security, scalability, and innovation capabilities, making it a popular choice for companies like Snapchat, Airbnb, and PayPal².

Leadership and Vision

Google Cloud is led by CEO Thomas Kurian, who has been instrumental in driving the company's growth and expanding its market presence¹. The platform continues to evolve, with a focus on openness, interoperability, and advanced analytics.

Google Cloud's journey from its inception to becoming a leading cloud service provider is a testament to its commitment to innovation and excellence in the cloud computing space.

¹: [Wikipedia](https://en.wikipedia.org/wiki/Google_Cloud_Platform)

²: [Pluralsight](https://www.pluralsight.com/resources/blog/cloud/history-google-cloud-platform)

If you have any specific questions or need more details, feel free to ask!

Source: Conversation with Copilot, 8/8/2024

(1) Google Cloud Platform - Wikipedia. https://en.wikipedia.org/wiki/Google_Cloud_Platform.

(2) The History of Google Cloud Platform - Pluralsight. https://www.pluralsight.com/resources/blog/cloud/history-google-cloud-platform.

(3) What is Google Cloud Platform (GCP)? - Pluralsight. https://www.pluralsight.com/resources/blog/cloud/what-is-google-cloud-platform-gcp.

(4) What is Google Cloud Platform? - Android Police. https://www.androidpolice.com/google-cloud-platform-guide/.

National Research Group

National Research Group (NRG) is a leading global insights and strategy firm that operates at the intersection of entertainment, technology, and culture. Here's a brief history and overview of its development:

Early Beginnings

NRG was founded in 1978, initially focusing on the business of making and selling movies¹. The company quickly established itself as an industry standard for market research in the film industry, providing valuable insights that have stood the test of time.

Expansion and Growth

Over the years, NRG expanded its expertise beyond the film industry to include technology, gaming, sports, and other sectors¹. The company attracted a top-notch team of experts with deep subject knowledge, allowing it to offer well-designed and thoughtfully executed research across various disciplines and methodologies¹.

Current Status

Today, NRG is known as a leading global insights and strategy consultancy. The firm works with some of the world's most creative minds and leading brands, helping them create with confidence through rigorous analysis, fresh thinking, and unmatched industry knowledge¹². NRG's research is artfully delivered, unlocking insights and crafting stories that shape decisions and drive innovation².

Leadership and Vision

NRG continues to evolve, focusing on the confluence of content, culture, and technology. The company's mission is to bring ideas to life through well-designed research, helping clients challenge conventional thinking, uncover new ideas, and build better experiences¹².

NRG's journey from its inception to becoming a leading global insights and strategy firm is a testament to its commitment to innovation and excellence in market research.

¹: [NRG - Who We Are](https://www.nrgmr.com/who-we-are/)

²: [NRG - Global Market Research Company](https://www.nrgmr.com/)

If you have any specific questions or need more details, feel free to ask!

Source: Conversation with Copilot, 8/8/2024

(1) Who We Are - nrgmr.com. https://www.nrgmr.com/who-we-are/.

(2) National Research Group: Global Market Research Company. https://www.nrgmr.com/.

(3) National Research – Pre-Employment Screening Specialists. https://nationalresearch.net/.

(4) National Research Corporation - Wikipedia. https://en.wikipedia.org/wiki/National_Research_Corporation.

(5) Records of the office of Scientific Research and Development. https://www.archives.gov/research/guide-fed-records/groups/227.html.

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REFERENCES

“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2736, Fernando Machuca and Claude, August 8, 2024, Genioux.com Corporation.

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