Unlocking New Revenue with Applications of Generative AI

Applications of Generative AI

When you think of step changes in technological innovation, a few immediately come to mind: the personal computer, the smartphone, and now generative AI—major events that forever change how we work and live. And though these technologies may solve one problem, they often introduce several others. Applications of generative AI have the potential to unlock new revenue streams, but they also present new opportunities to fail spectacularly.     

To take advantage of this step change, you’ll need to consider the future implications and feasibility of what you’re trying to accomplish. As a business leader, you’re going to have to weigh whether your generative AI initiatives are futuristic but unattainable or within the art of the possible. What you’ll need is a growth trajectory.  

Seeing the Big Picture and Finding Your Target

There’s something to be said about the newfound clarity we experience after seeing the big picture. When a leadership team can collectively envision positive outcomes and crystallize it in an experience, the target becomes tangible. What you’re aiming for gains clarity and instills a sense of purpose, justifying the investment of blood, sweat, and tears that goes into realizing the end goal.   

For applications of generative AI to unlock new revenue, companies will need an experience vision to galvanize their talent, bring the technology into focus, and frame the benefits. Only through a clear and inspiring vision of the desired customer experience that guides the design and delivery of exceptional products and services can you achieve real value for your business and customers alike.    

This held true for one client we worked with on their path to disrupt the healthcare industry. The client had acquired a number of companies and was in the middle of refining its identity and purpose. The company was struggling to articulate a clear direction and an understanding of how to create a new value proposition and end-to-end experience with generative AI.    

The experience vision was brought to life through a compelling story told in video, for how generative AI could help their employees impact the lives of their customers for the better. This experience vision helped to bring clarity and confidence to the initiative, establishing their product and services roadmap while becoming a rallying point for the enterprise.  

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Possible Future Frames for Applications of Generative AI

Generative AI has the power to reimagine a number of industries. In healthcare, AI-powered systems might take customer care to new heights as in the experience vision above. In finance, AI could assist in customer onboarding and personalized financial guidance. In manufacturing, AI-powered solutions can streamline production processes and find opportunities for waste reduction.  

But none of this is guaranteed. There are a variety of possible futures with doors that are opening and closing, where AI may or may not gain entry. Disruption could occur at the societal level, or in specific sectors, or in fits and starts. Business leaders will need to be prepared for every possible scenario.  

When designed appropriately, generative AI has the potential to transcend legal, regulatory, and legacy barriers and unlock new customer experiences. Just as car hailing apps have reimagined mobility and digital tools have reimagined the home buying process, elegant and user-friendly design with generative AI can create a new generation of disruption.  

Because of its disruptive potential, generative AI needs to be seen as more than just a tool to enhance operational efficiency. Companies need to be asking themselves what generative AI can do to reshape market dynamics, as some industries could be disrupted beyond recognition.  

Benefits of Pivoting Your Growth Trajectory

To even begin your generative AI journey, executive alignment through an experience vision is essential. This alignment enables organizations to envision possible futures, embrace disruption—and devise strategies to defend against competitors’ disruptive actions. While not all companies perceive themselves as disruptors, there are multiple paths to consider. Some may focus on uncovering possibilities without immediate decisions, while others may seek to energize internal support to bring their vision to life.   

Here are just a few ways your organization could benefit from an experience vision for AI adoption:  

  1. How high is too high? How far is too far? Determining the very limits of what’s possible for your organization can help determine your angle of entry with generative AI. 
  2. Radical cost reduction. This strategy involves targeting the most cost-intensive areas within the organization and looking for ways to create efficiencies with generative AI.  
  3. Improving the customer experience. By analyzing customer data and examining customer journeys, you can identify opportunities for the application of generative AI to alleviate friction points and create differentiated experiences.  
  4. Addressing the ethical implications and potential risks. You’ll need a governance model to help mitigate privacy issues, algorithmic bias, and adverse effects on the workforce—as well as other key risks that need to be carefully addressed.  
  5. Unlocking new revenue streams. With thoughtful design and unique experiences, it’s possible to reimagine the fundamentals of your business model, potentially disrupting historical norms and legacy expectations.   

Generative AI represents a step change—a technological shift with market and societal implications—that will likely require your business to pivot towards a new growth trajectory. Because of generative AI’s transformative potential, you’ll have to think strategically and start adapting today. To stay ahead of the competition and open new avenues of growth, you’ll need the vision and a target for the future you want.   

Find out why human-centered design will be a difference-maker for companies looking to reimagine CX with generative AI. 

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James Kim

Managing Director, Global Head of Design, Concentrix