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How GenAI strategy can transform innovation
Companies considering or investing in a transformative GenAI strategy should tie generative artificial intelligence use cases to revenue, cost and expense. Learn more
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EY Americas Strategy and Transactions AI Leader
As companies seek growth in revenue and profitability, generative AI (GenAI) strategy can be a source of transformative outcomes.
How EY-Parthenon can help
Strategy consulting
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.
Meaningful 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.
Traditional marketing methods are not able to comprehensively process and draw conclusions from all the data available and can miss trends in customer clusters. The result is broad, ineffective one-size fits-all outreach.
GenAI can process unstructured and fragmented data and empower marketers to develop more nuanced marketing strategies, including personalized messages, product recommendations, pricing, incentives, and other content that may resonate, incentivize loyalty and result in purchases. GenAI can reveal new areas of demand and enable brands to develop unique personality and likeability.
While marketing automation has advanced, a GenAI marketing campaign can help target customers better and create content at a lower cost. More broadly, because GenAI can help advance understanding of customer intent, it can be used to increase loyalty and revenue through higher quality leads and content.
Today’s rule-based chatbot customer service delivery is expensive and can be ineffective. The challenges in the customer journey may not be obvious from a company’s existing customer service data, while customer feedback can exist in a myriad of sources.
GenAI-powered chatbots are always listening and learning the semantics of language. In addition, GenAI-powered self-service tools can more effectively address customer inquiries. By resolving customer queries at the first point of contact, GenAI-powered solutions can cut costs. Customer care agents can leverage GenAI to generate live, automated and personalized insights, including tailored follow-up messages. Agents can also seek GenAI powered coaching suggestions, helping them deliver enhanced customer experiences.
GenAI can help deliver concierge-level engagement for many more customers, with a lower cost than would be required for human-only, bespoke customer service.
Today’s rule-based chatbot customer service delivery is expensive and can be ineffective. The challenges in the customer journey may not be obvious from a company’s existing customer service data, while customer feedback can exist in a myriad of sources.
GenAI-powered chatbots are always listening and learning the semantics of language. In addition, GenAI-powered self-service tools can more effectively address customer inquiries. By resolving customer queries at the first point of contact, GenAI-powered solutions can cut costs. Customer care agents can leverage GenAI to generate live, automated and personalized insights, including tailored follow-up messages. Agents can also seek GenAI powered coaching suggestions, helping them deliver enhanced customer experiences.
GenAI can help deliver concierge-level engagement for many more customers, with a lower cost than would be required for human-only, bespoke customer service.
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.
About this article
EY Americas Strategy and Transactions AI Leader
The productivity potential of GenAI
Explore the likelihood of future substantial productivity gains from the use of generative AI across sectors.
Catalyzing economic growth through capital investment in GenAI
Generative artificial intelligence (GenAI) has the potential to be a significant strategic economic lever for businesses across sectors.
Four steps to implement a large language model successfully
Organizations are eager to adopt LLMs, but navigating potential pitfalls can be challenging. Learn more.
CEO Survey: Focus on GenAI strategy to accelerate growth
Our survey finds US CEOs preparing for a new normal of costly capital while M&A intentions remain strong and divestment plans are robust.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
EY-Parthenon is a brand under which a number of EY member firms across the globe provide strategy consulting services.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Asking the better questions that unlock new answers to the working world's most complex issues.
Trending topics
Learn more
See more
C-suite agendas
AI insights
CEO agenda
CFO agenda
EY podcasts
EY webcasts
Operations leaders
Technology leaders
Marketing and growth leaders
Cybersecurity and privacy leaders
Risk leaders
EY Center for board matters
See more
Services
EY helps clients create long-term value for all stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate.
See more
Spotlight
Artificial Intelligence (AI)
Strategy, transaction and transformation consulting
Technology transformation
Tax function operations
Climate change and sustainability services
EY Ecosystems
Audit
Supply chain and operations
EY Partner Ecosystem
Explore Services
Industries
Discover how EY insights and services are helping to reframe the future of your industry.
See more
Case studies
Energy and resources
How data analytics can strengthen supply chain performance
13-Jul-2023Ben Williams
Metaverse
How Takeda harnessed the power of the metaverse for positive human impact
26-Jun-2023Edwina Fitzmaurice
Banking and Capital Markets
How cutting back infused higher quality in transaction monitoring
11-Jul-2023Ron V. Giammarco
Careers
We bring together extraordinary people, like you, to build a better working world.
See more
Spotlight
Experienced professionals
MBA and advanced-degree students
Student and entry level programs
Contract workers
EY-Parthenon careers
About us
At EY, our purpose is building a better working world. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets.
See more
Spotlight
EY is now carbon negative
19-Sep-2022Carmine Di Sibio
Our commitment to audit quality
13-Nov-2023Julie A. Boland
No results have been found
Topics
General
People
Recent Searches
Trending
BEPS 2.0: as policies evolve, engagement is key
It remains to be seen whether the US will align its tax law with the OECD/G20’s global BEPS 2.0 rules. MNEs will feel the impact in 2024. Learn more.
How GenAI strategy can transform innovation
Companies considering or investing in a transformative GenAI strategy should tie generative artificial intelligence use cases to revenue, cost and expense. Learn more
Top five private equity trends for 2024
Read about the five key trends private equity firms will emphasize in 2024 as they create value
Select your location
expand_more
EY Americas Strategy and Transactions AI Leader
As companies seek growth in revenue and profitability, generative AI (GenAI) strategy can be a source of transformative outcomes.
How EY-Parthenon can help
Strategy consulting
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.
Meaningful 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.
Traditional marketing methods are not able to comprehensively process and draw conclusions from all the data available and can miss trends in customer clusters. The result is broad, ineffective one-size fits-all outreach.
GenAI can process unstructured and fragmented data and empower marketers to develop more nuanced marketing strategies, including personalized messages, product recommendations, pricing, incentives, and other content that may resonate, incentivize loyalty and result in purchases. GenAI can reveal new areas of demand and enable brands to develop unique personality and likeability.
While marketing automation has advanced, a GenAI marketing campaign can help target customers better and create content at a lower cost. More broadly, because GenAI can help advance understanding of customer intent, it can be used to increase loyalty and revenue through higher quality leads and content.
Today’s rule-based chatbot customer service delivery is expensive and can be ineffective. The challenges in the customer journey may not be obvious from a company’s existing customer service data, while customer feedback can exist in a myriad of sources.
GenAI-powered chatbots are always listening and learning the semantics of language. In addition, GenAI-powered self-service tools can more effectively address customer inquiries. By resolving customer queries at the first point of contact, GenAI-powered solutions can cut costs. Customer care agents can leverage GenAI to generate live, automated and personalized insights, including tailored follow-up messages. Agents can also seek GenAI powered coaching suggestions, helping them deliver enhanced customer experiences.
GenAI can help deliver concierge-level engagement for many more customers, with a lower cost than would be required for human-only, bespoke customer service.
Today’s rule-based chatbot customer service delivery is expensive and can be ineffective. The challenges in the customer journey may not be obvious from a company’s existing customer service data, while customer feedback can exist in a myriad of sources.
GenAI-powered chatbots are always listening and learning the semantics of language. In addition, GenAI-powered self-service tools can more effectively address customer inquiries. By resolving customer queries at the first point of contact, GenAI-powered solutions can cut costs. Customer care agents can leverage GenAI to generate live, automated and personalized insights, including tailored follow-up messages. Agents can also seek GenAI powered coaching suggestions, helping them deliver enhanced customer experiences.
GenAI can help deliver concierge-level engagement for many more customers, with a lower cost than would be required for human-only, bespoke customer service.
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.
About this article
EY Americas Strategy and Transactions AI Leader
The productivity potential of GenAI
Explore the likelihood of future substantial productivity gains from the use of generative AI across sectors.
Catalyzing economic growth through capital investment in GenAI
Generative artificial intelligence (GenAI) has the potential to be a significant strategic economic lever for businesses across sectors.
Four steps to implement a large language model successfully
Organizations are eager to adopt LLMs, but navigating potential pitfalls can be challenging. Learn more.
CEO Survey: Focus on GenAI strategy to accelerate growth
Our survey finds US CEOs preparing for a new normal of costly capital while M&A intentions remain strong and divestment plans are robust.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
EY-Parthenon is a brand under which a number of EY member firms across the globe provide strategy consulting services.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
