The excitement about generative AI and large language models seems to be unbounded by the industry. According to a survey of 2,300 global executives by Accenture, 97% agreed that Gen AI would revolutionize their businesses and sectors. It is rare to have such consensus, which reflects the unprecedented rapidity and inclusiveness with which this technology has captivated not only the business community but also the public at large. This evidence has inspired us at Altivate to investigate even deeper because we are eager to uncover how we can help our clients adopt AI to their use.
With the advent of Gen AI, machines can generate accurate content and insights in simple everyday language, at scale, almost instantly. This is rapidly changing how we work. In the next decade, it’s expected to have a major impact, with studies suggesting that it could affect around 40% of working hours in many industries. This is forcing us to rethink how work is done in a way we have never seen before.
Transforming the Global Business Landscape
Overwhelmingly 97% of business leaders believe that Gen AI is a revolutionary technology that warrants ongoing investment. Nearly all (97%) plan to invest in generative AI within the year. They see promising applications in IT operations, customer service, research and development, product design, coding, software development, and content creation. This underscores the potential of generative AI to drive rapid innovation across industries.
In the Kingdom of Saudi Arabia, earlier this year in Feb Minister of Communications and Information Technology, Abdullah Al-Swaha launched a new initiative called “Generative Artificial Intelligence for All Initiative for Member States of the Digital Cooperation Organization” A high-level delegation of partners and observers, including Qatar, Pakistan, and Morocco, joined the minister in inaugurating the project.
Saudi Arabia is actively supporting efforts to make digital technology accessible to all and boost economic growth through digital inclusion. This commitment aligns with the objectives of the relevant organization. Additionally, Saudi Arabia is dedicated to furthering digital advancements and fostering the advancement of Generative Artificial Intelligence (AI) for the benefit of nations worldwide. According to PwC, a global consulting firm, AI is expected to contribute $135 billion to Saudi Arabia’s economy by 2030, positioning the Kingdom as a regional leader in this technology.
Investing in digital infrastructure
To gain practical benefits from Gen AI, companies need to invest in various core digital technologies. Most organizations (95%) plan to increase their technology budgets compared to their revenue in the upcoming year. This is crucial for modern companies and forms the foundation for their strategic goals. Investments in cloud computing, data, and AI are vital to strengthen the digital base that supports a company’s broader objectives. The survey also reveals a strong emphasis on data and AI, with 67% of companies planning to increase their investment in these areas.
Reimagine how work is done
Advanced AI is expected to have a profound impact on the future of work, potentially affecting up to 40% of working hours. However, this does not mean a reduction in workload by 40%. Instead, it will lead to a fundamental shift in tasks, where certain jobs may be automated while others may be augmented. This will result in a transformation of how work is done and the value created. Generative AI, with its vast capabilities, can bring about transformative potential across various industries and sectors.
We’re encouraged to see that over 70% of organizations are already planning targeted training initiatives for 2023 to equip their employees with the skills they need to leverage generative AI tools effectively.
This forward-thinking approach to skill development is crucial. Rather than replacing human workers, it acknowledges that generative AI will complement and enhance their capabilities.
How Altivate is helping?
This is a key reason Altivate is making a huge investment in our data and AI capabilities.
We are investing in technology, industry solutions, talent, and ecosystem partnerships. We have also developed new tools like our AI Navigator for Enterprise. It is a generative AI-based platform that will help clients define business cases and make other key business decisions as they navigate their AI journeys.
By leveraging these capabilities, our clients can utilize generative AI’s full potential to reshape their strategy, technology, and work processes.
Altivate AI Lab
At Altivate we have developed our own AI lab to support our clients with tailored AI-powered tools and solutions to provide different stakeholders with an intelligent framework to facilitate their decision-making process, streamline time-consuming tasks and empower them to realize the realistic potential of AI for their business. We have experimented with various use cases that are intended to improve productivity for our clients across different business units in Finance, HR, Supply Chain, Procurement and more.
Our HR Co-Pilot provides a knowledge bank that offers personalized learning programs and materials. It offers an accurate forecast of workforce requirements, facilitates employee onboarding and offboarding and encourages employees to upskill.
I strongly believe that we are on the verge of experiencing new waves of innovation driven by Generative AI. There are endless opportunities for business growth and innovation. I firmly believe that the future of business operations will witness a profound shift in the years to come.
