Last week, our leadership team of Igor Epshteyn, Kami Holtz, and Maksim Belov attended the Tech Services Roundtable in NYC, organized by McKinsey & Company.
The event was focused on GenAI: its past, present, and potential future. Our team had the opportunity to connect with the largest industry players and gain firsthand insights into the transformative potential of technology. Topics discussed included innovation, the latest trends shaping GenAI, and its adoption.
On the LinkedIn page, our President & CEO promptly published key insights and thoughts on the topic, and we’d like to share this noteworthy post with you.
The Evolution of GenAI
The technology behind GenAI is not new; its roots can be traced back to the early 20th century. The Google Transformer architecture, which underlies many of today’s Large Language Models (LLMs), was introduced in a paper published in 2017. However, it wasn’t until OpenAI’s ChatGPT became publicly available in November 2022 that GenAI reached a new level, sparking widespread adoption in business and technology. The capabilities and power of GenAI are now generating excitement, fears, and political debates.
The Impact of GenAI
GenAI is believed to reshape industries and job markets and present unlimited opportunities for those willing and ready to embrace it. McKinsey & Company projects that GenAI-related industries will grow by about $200 billion over the next five years, with approximately 60% of the growth coming from reshaping existing products and services and about 40% from introducing new ones. GenAI is also expected to be a catalyst for productivity enhancements, with revenue growth of about 20%, and cost reductions of approximately 30%, with a notable decrease in SG&A (Selling, General, and Administrative) costs by about 40%.
The Future of Interaction and Information
Nobody can predict the future, but it is clear that we are looking at some profound reshaping. The main areas to be affected are search functions, content generation, enhanced user interaction, and more. Forrester CEO George Colony believes that GenAI technology will replace how we interact with and search for information on the web. We will be conversing with data instead.
Consulting firms remain at the forefront of driving their clients’ transformations, focusing on critical areas such as data architecture, cloud strategy, platform selection, IP protection, privacy, and security decisions. Organizations should also be very aware of the practical risks associated with implementing GenAI, such as model bias, toxicity, and hallucinations.
We at Coherent Solutions are aware of this and offer planning, creating, and maturing an organization’s AI capabilities, aligned with business goals and priorities while managing the risks. At the heart of the company’s strategy is a proactive approach to understanding and integrating GenAI, spanning from revolutionizing the Software Development Life Cycle (SDLC) to redefining sales enablement and building robust internal data repositories. This forward-thinking mindset is not just about adapting to change but about leading it and leveraging GenAI to unlock innovation and efficiency on an unprecedented scale.
The journey ahead is exciting, and as we navigate these changes, our commitment to leveraging GenAI for innovation and improved efficiency remains unwavering. Together, we’re not just embracing the future; we’re actively shaping it.
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