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Martin T . Olsen , Vice President Global of Edge and Integrated Solutions , Vertiv , discusses the most interesting uses of Generative AI happening today in the financial , healthcare , government and industrial sectors .
Generative AI was a game-changer . Although Artificial Intelligence ( AI ) is not new , the AI landscape changed drastically with the launch of ChatGPT in November 2022 .
This chatbot and the LLMs ( large language models ) behind it – and the newer versions of the LLMs that followed – transformed AI from a tool used only by specialized technologists and data scientists into a tool that can be accessed by everyone .
In the process , it unleashed a technological revolution that will be , at the very least , as disruptive as the Internet – and many believe it will be much more disruptive . Google ' s CEO Sundar Pichai claims that AI will have a deeper effect on humanity ‘ than electricity or fire ’, while Microsoft ' s Satya Nadella believes that Generative AI represents the ‘ first time a technology developed in Silicon Valley brings benefits to the lives of ordinary people so quickly and so tangibly ’.
The impact of Generative AI on companies
The emergence of Generative AI is expected to have a huge impact on businesses . Goldman Sachs projects that Generative AI has the potential to increase annual labor productivity by approximately 1.5 % points over 10 years and lead to a 7 % increase in global GDP .
McKinsey is equally optimistic . According to research conducted by the company , Generative AI could add the equivalent of US $ 2.6 trillion to US $ 4.4 trillion annually across the 63 use cases analyzed . The company also noted that this estimate would
Microsoft ’ s Satya Nadella believes that Generative AI represents the ‘ first time a technology developed in Silicon Valley brings benefits to the lives of ordinary people so quickly and so tangibly ’.
Martin T . Olsen , Vice President Global of Edge and Integrated Solutions , Vertiv almost double if it included the impact of integrating Generative AI into software currently used for other tasks not analyzed .
New use cases and new tools are emerging practically every day , but below are some of the most interesting uses of Generative AI happening today in the financial , healthcare , government and industrial sectors .
Use cases of AI in financial services and banking
The financial services sector is typically quick to adopt technologies that can improve processes and services because small gains in speed and efficiency can produce large returns . Across the segment , Generative AI has been evaluated or used in a variety of
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