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As companies seek growth in revenue and profitability, generative AI (GenAI) strategy can be a source of transformative outcomes.
How EY-Parthenon can help
EY-Parthenon professionals recognize that CEOs and business leaders are tasked with achieving maximum value for their organizations’ stakeholders in this transformative age. We challenge assumptions to design and deliver strategies that help improve profitability and long-term value.
Read moreMeaningful GenAI can extend far beyond driving efficiency and effectiveness. Its ability to create, simulate and understand complex data makes it a transformative force in enterprise innovation.
GenAI can help leaders reimagine their business model to secure revenue and growth advantages by helping to create innovative new products. It can also help redesign how these products get to market, speeding up commercialization. But as companies embark on an artificial intelligence (AI) strategy, it is necessary to intentionally link each use case directly to the profit and loss (P&L) statement. While the temptation is to anchor any initial GenAI strategy in the obvious and beneficial productivity impact it can have, this won’t be enough to foster differentiation, develop smart operations or create innovative products and services. The place to start for business leaders is in house by identifying and prioritizing use cases that uniquely leverage the organization’s intellectual property, financial, operations, and knowledge management systems, taking advantage of both qualitative and quantitative data. With these assets, leaders can customize foundational GenAI large language models (LLMs) to create new apps that foster a competitive advantage.
Having a stellar use case for GenAI is still not enough for it to deliver enterprise value from AI strategy. As companies embark specifically on a GenAI strategy, it is necessary to link the impact of each use case directly to the P&L to achieve adoption, accountability and scalability. Without this linkage, companies run the risk of investing in promising-but-isolated projects that leverage emerging tech but fail to get past proof of concept.
Archana Sarathy, Senior Manager, EY-Parthenon and Salil Fadnavis, Manager, EY-Parthenon also contributed to this article.
GenAI can help business leaders reimagine their future and take the fast-moving technology far beyond mere productivity improvements.
But to develop a sustainable approach to value creation, GenAI strategy should be tied to the profit and loss (P&L) statement, and should harness the proprietary data that will help a business outshine its peers and competitors alike.
GenAI strategy will be unique for every business and industry; GenAI use cases may focus on customer service and engagement; marketing; and product development. Reach out to learn how we can help.
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