Impact of Generative AI Across Industries

From MIT SMR - how 14 companies across a wide range of industries are generating value from generative AI today: McKinsey built Lilli, a platform that helps consultants quickly find and synthesize information from past projects worldwide. The system integrates with over 40 internal sources and even reads PowerPoint slides, leading to 30% time savings and 75% employee adoption within a year. Amazon deploys AI across multiple divisions. Their pharmacy division uses an internal chatbot to help customer service representatives find answers faster. The finance team employs AI for everything from fraud detection to tax work. In their e-commerce business, they personalize product recommendations based on customer preferences and are developing new GenAI tools for vendors. Morgan Stanley empowers their financial advisers with a knowledge assistant trained on over a million internal documents. The system can summarize client video meetings and draft personalized follow-up emails, allowing advisers to focus more on client needs. Sysco, the food distribution giant, uses GenAI to generate menu recommendations for online customers and create personalized scripts for sales calls based on customer data. CarMax revolutionized their car research pages with GenAI, automatically generating content and summarizing thousands of customer reviews. They've since expanded to use AI in marketing design, customer chatbots, and internal tools. Dentsu transformed their creative agency work with GenAI, using it throughout the creative process from proposals to project planning. They can now generate mock-ups and product photos in real-time during client meetings, significantly improving efficiency. John Hancock deployed chatbot assistants to handle routine customer queries, reducing wait times and freeing human agents for complex issues. Major retailers like Starbucks, Domino's, and CVS are implementing GenAI voice interactions for customer service, moving beyond traditional phone menus. Tapestry, parent company of Coach and Kate Spade, uses real-time language modifications to personalize online shopping, mimicking in-store associate interactions. This led to a 3% increase in e-commerce revenue. Software companies are integrating GenAI directly into their products. Lucidchart allows users to create flowcharts through natural language commands. Canva integrated ChatGPT to simplify creation of visual content. Adobe embedded GenAI across their suite for image editing, PDF interaction, and marketing campaign optimization. For more information on these examples and to gain insight into how companies are transforming with GenAI, read the full article here: https://lnkd.in/eWSzaKw4 images: 4 of the 20 I created with Midjourney for this post. #AI #transformation #innovation

Back in 2008, Garrett Camp and I were walking on the Washington Mall, and he was telling me about this little startup idea he had: "UberCab" The problem was simple—getting a taxi in SF was extremely hard at the time. They called him crazy. People laughed at Brian (AirBnB) for competing with hotels. Oops. The few remaining industries that haven't yet been transformed by technology are about to have their moment. And the legacy players in those industries who like to say "but OUR industry is too human and immune to technology" are about to either adapt, or be replaced. Why? Because AI does heterogeneity and personalization better than humans do. And it does it better than any human ever could at scale - it uses that scale to its advantage. What are some examples? Well, obviously Honor's industry - home care. But let's talk about a few others... 1. Homeowners Association Management This market is incredibly fragmented, with thousands of individual associations. Companies like Anyhoa use AI to automatically manage documents and predict maintenance needs before they become problems. 2. Bookkeeping & Local Accounting Small business accounting remains stuck in manual processes with labor-intensive data entry. AI tools now transfer data from invoices to software, categorize transactions, and generate real-time financial insights. 3. Auto Collision Repair This industry operates on thin margins with variable quality across thousands of independent shops. Companies like Caliber use AI diagnostics to assess damage, streamline estimates, and provide real-time updates to customers. 4. Parking Lot Operations Parking facilities represent massive investments that operate with minimal technology. AI systems use real-time data to optimize parking spaces, automate payment, and enhance security. 5. General Contracting Construction has been notoriously slow to adopt new technologies. But McKinsey estimates AI could boost construction productivity by up to 20% through better planning and resource management. Generative AI alone could add 3.5% productivity growth to the US economy by 2032. That's roughly $1 trillion yearly in economic value. The trillion-dollar question isn't if these industries will transform, but who will lead that transformation. Embrace AI or risk being absorbed. If you're operating in one of these industries, how are you becoming AI native?

Had fun talking “All Things AI” with AiThority.Com’s Rishika Patel recently and exploring how our clients across industries are currently leveraging data-driven analytics and AI to transform their organizations.    Some highlights:    💪🏻Getting data in shape for analytics and AI is one of the biggest challenges our clients face, but it’s also an opportunity to establish a strong framework to optimize the value of #GenerativeAI.    🍏 Organizations are getting started with AI by setting their sights on tactical benefits and gaining value from “low hanging fruit” to build confidence. Others focus their AI initiatives on innovation and growth, while some are testing the waters by embedding AI functionality from major software vendors or SaaS offerings.    🛍️ In retail, AI is making a splash as our clients focus on using AI to streamline business operations and improve customer experiences. For example, AI-powered chatbots and virtual assists are providing personalized support while increasing efficiency and strengthening brand reputation.  (Annika Osterberg)   🏥 Health care is another industry that stands to benefit greatly from GenAI, especially through applications that streamline operations such as the Prior Authorization process. These applications require careful handling of sensitive patient data to maintain compliance and confidentiality. (Bill Fera, Adarsh Gosu, Kumar Chebrolu)   🏭Manufacturing applications for GenAI range from keeping equipment healthy to supply chain optimization. By incorporating GenAI into robotics on factory floors, human workers can focus on innovation and skills development.  (Tim Gaus)   Our Trustworthy AI framework (https://deloi.tt/46Hn5yx) provides underlying guidance on ethical AI development and deployment across industries. It emphasizes safeguards, risk assessment, and continuous monitoring to address ethical challenges. Beena Ammanath, Kate Schmidt, Robert Stradtman   For more on how we are helping our clients leverage AI to solve real-world problems and more advances on the horizon, check out the full Q&A here: https://deloi.tt/3yKgTJm