Four Ways Generative AI Can Boost Companies' Top Lines
Most discussions around enterprise AI have focused on how it cuts costs and streamlines processes, making people and systems more efficient. Of course, those are key potential benefits, but they just set the stage for what generative AI (GenAI) can do, not just in helping to save time and money, but in helping to build top-line revenue.
GenAI models' ability to ingest and use structured and unstructured data means they can quickly deliver needed information to the right people. Employees can then apply their own expertise and human intelligence to the job at hand. It is that combination of artificial and human intelligence that can make the biggest difference in the enterprise.
Boston Consulting Group (BCG) research found that more than half of CMOs surveyed expect to see at least 5% topline growth from their GenAI-related operations. Three out of 5 respondents said they will devote at least $10 million to AI and GenAI projects over the next three years.
The first point to stress is that GenAI is still in its infancy. Over time, its value is anticipated to grow as it is used to analyze workflows, and the steps employees take to perform their jobs and assume more of their lowest level tasks.
Corporate executives are witnessing this shift as AI agents are assigned routine operational activities, allowing their workforces to redirect attention toward higher-impact strategic initiatives. For example, Capgemini research indicates that 71% of organizations anticipate AI agents eliminating repetitive workloads, enabling talent to concentrate on value-creating activities. This aligns with the BCG projections of potential long-term productivity gains.
Below are four use cases where businesses are seeing GenAI help drive more revenue and profitability.
Healthcare providers are using AI to help employees concentrate on improving care instead of rote tasks. Clinicians can then spend more time with existing patients and perhaps see more cases, thus enabling improved care and potentially growing their client base.
GenAI's ability to analyze vast datasets, detect trends and make predictions is invaluable for supporting proactive disease management, efficient resource allocation and evidence-based decision-making. When used strategically, GenAI can enhance everything from continuity of care, contracting, clinical operations and overall corporate functions, including purchasing and accounts payable.
GenAI can suggest logical or even orthogonal 'upsell' and 'cross-sell' opportunities for a given type of business. If someone joins a gym, GenAI can post related products and services based on the user profile, such as dietary supplements, gym bags or sportswear. Likewise, a clothing retailer, knowing that a customer loves to roam the world, might offer travel-sized toiletries or containers—all potentially new revenue streams.
While many organizations remain in the exploratory phase of GenAI, forward-thinking businesses already use it to help create entirely new ventures and thus enable new revenue. In one example, BCG cites a financial information provider that morphed its core business of selling financial data and analysis into a conversational insight-generation platform for clients. Those enhanced interactive services exposed an estimated $100 million of potential new revenue since they give clients more value than the traditional data feeds.
The property insurance industry has faced uncommon challenges of late—dealing with flood and wildfire damage on a massive scale. In this sector, GenAI is proving to be particularly valuable as it can work with complex, unstructured data.
In claims processing, for example, insurers are deploying advanced virtual claims assistants that are designed to automate document verification and processing, summarizing policy terms, coverage limits and supporting documents, speeding the claims review process for faster settlements.
By off-loading routine and repetitive tasks from processors, actuaries and agents, GenAI can create space for insurance professionals to develop innovative policy structures. In this way, modernizing core systems with GenAI can help insurance firms proactively adjust to shifting regulations while providing better customer service.
GenAI already helps insurance providers manage risk and other challenges in writing policies and handling claims. It can also spark the innovation needed to craft new types of policies or refactor existing coverage, which can help policyholders be protected and insurers stay in business.
Job requirements are always changing. GenAI is an important tool for evaluating these adaptations and helping employees evolve to meet new needs. By integrating skills data with workforce and operational information, companies can leverage GenAI to nurture talent to boost long-term success.
For example, a global professional services firm (and customer of Oracle) is encouraging its employees through coursework and mentoring to embrace AI to update their skills. In addition, it offers services to train large customers on the use of 'augmented intelligence,' which combines human and AI expertise to enable better results than either could achieve on its own.
The combination of human and artificial intelligence is reshaping the way we work, complementing and enhancing employee capabilities. GenAI can be deployed to take on the repetitive and menial tasks, freeing up employees to focus on new, more complex or value-adding tasks.
If Jane Doe now performs X, Y and Z jobs flawlessly, GenAI can assess how that skill set can be applied or enhanced to meet new requirements. By pinpointing training to boost her qualifications in related areas, Doe can become more valuable, and this proactive training may help boost her job satisfaction as well.
People want to grow in their careers. GenAI, in what may seem paradoxical to naysayers, can help in that quest. Improving skill sets is good for the individual and the enterprise writ large.
The Human-GenAI Dynamic Duo
Regardless of how powerful the technology is, people and their knowledge remain the key asset of any business. I believe we should stop thinking about GenAI as a job killer and instead view it as a career enhancer that can help employees get productive in new areas, including the development of new products and services. Ultimately, it's the powerful human-AI combinations that can drive results for the enterprise.
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