Key Insights
Key takeaways from
"A new era of generative AI for everyone" report published by Accenture
CFTE summarised “A new era of generative AI for everyone” report by Accenture. The report discusses the transformative power of generative AI and the actions companies need to take to capitalize on the capabilities this technology can build for your business.
Key Aspects
- The report discusses the transformative potential of generative AI, particularly focusing on the impact of ChatGPT and similar technologies.
- It covers the journey to generative AI, the current landscape, and future prospects, emphasizing the significant changes these technologies will bring to business, science, and society.
- The report highlights how large language models (LLMs) have cracked the code on language complexity, allowing machines to be independently generative and creative, and how businesses can leverage these advancements for increased productivity and innovation
Table of Contents
- Welcome to AI’s new inflection point
- How did we get here? | Milestones in the journey to generative AI
- Consume or customize: Generative AI for everyone
- A look ahead at the fast-paced evolution of technology, regulation and business
- Embrace the generative AI era: Six adoption essentials
- The future of AI is accelerating
- Glossary and References
- Authors
Key Findings and Insights
This report will give you an insight into:
- 40% of working hours across industries can be impacted by Large Language Models (LLMs) like ChatGPT, with banking and insurance taking the lead as ones that will feel the most change. This is because these sectors lend themselves to a new world with humans and machines working together to complete tasks and many of the services take place on the computer and rely on large data sets. Almost 60% of organizations plan to use ChatGPT for learning purposes, and more than 40% are planning large investments in the technology this year.
- There are six ways that organizations and employees can embrace the new era of generative AI, according to Accenture. These include ‘diving in’ to the technology with a business-driven mindset, taking a people-first approach, getting data prepared, investing in a sustainable tech foundation, accelerating innovation, and leveling up on responsible AI.
- Job like a customer service representative could be redesigned with the use of generative AI. First, it identified 13 component tasks that each caller conducts. It noted that four of those would continue to be performed primarily by humans, another four would be automated - such as gathering, classifying, or summarizing information - and an additional five tasks could be augmented to help humans work more effectively. These include using an AI summary to provide fast solutions while keeping the human touch. New job tasks for humans might be needed to ensure the safe, accurate, and responsible use of AI such as offering unbiased information on products or pricing.
- Banking and insurance are the most impacted industries, but the report also highlights the jobs that will be most impacted by technologies like ChatGPT, like office and administrative support, as well as sales. More than half of the working hours in five of the top 22 occupations listed in the report can be transformed by LLMs, meaning that the workday is set to drastically change for millions of people around the world.Generative AI offers financial institutions a route to immense new growth—but only those that take transformative action will find their way.
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