Harnessing the power of Generative AI

Of all the major leaps in technology we have seen in recent decades, generative artificial intelligence (AI) or GenAI is perhaps the most profound.

It has the ability to unlock productivity at a level never seen before, to equip workers with the tools for unprecedented capabilities. But to achieve this, organisations must be ready to embrace the change at every level, from workers utilising this powerful productivity tool to executives restructuring in response to large industry shifts. Optus plays a key role in arming businesses with the full capabilities of the Optus 5G network, which will help industries such as financial services to revitalise and innovate.

The race to gain a competitive edge

Accessible generative AI tools such as ChatGPT and Bard have democratised the technology to a degree that allows for wider-reaching adoption than previously realised. In 2022,  MIT Technology Review found that only 14% of businesses believed AI technology could be adopted company-wide. Already, breakthroughs in generative AI technology have seen these attitudes revised. 

Research from McKinsey predicts that generative AI’s impact on productivity could add between $4 trillion and $6.7 trillion annually into the global economy. This includes between $300 billion and $540 billion across the financial services industry. Already, new roles centred around interacting with generative AI tools have emerged, with some companies hiring ‘prompt engineers’ adept at guiding the tools to produce code and written copy.

Optus’ partnership with mobile voice recording and AI platform Dubber demonstrates the impact AI is already having on sectors such as financial services, as well as showing the room for exponential growth as generative AI continues to develop. The meeting and call transcription service automates vital call monitoring and recordkeeping that helps adherence to banking and finance regulations. Generative AI then provides the opportunity to use the data gathered to train a personalised large language model, which can then effortlessly produce communications tailored to the organisation. 

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Endless possibilities from robust network technologies

What sets generative AI apart from other innovations is the scale of transformation it will bring. Where self-checkouts at grocery stores, for instance, transformed the roles of grocery store workers, their introduction brought little change at higher levels of the company. The transformation posed by generative AI, on the other hand, will be much larger and more wide-reaching. As the IDC reports, generative AI is poised to centralise knowledge in the finance industry, augmenting the capabilities of professionals at every level.

As financial institutions increasingly function as technology companies, being leaders in such a critical technology as generative AI is vital. It provides opportunities for new customer experiences, as Optus has demonstrated with its Voice Assistant customer service software, as well as enabling regulatory and security compliance at a far higher level.

The benefits of a company-wide adoption of generative AI are abundant, but it does require high computational power. This makes reinvesting in digital infrastructure and having the backing of a powerful 5G network is crucial. Optus has long been at the forefront of empowering the financial services sector through technology solutions, including its Open Banking framework, and has a history of investing in AI to improve customer experiences.

The right framework for a fast-paced adoption

For companies to prepare themselves for generative AI’s introduction, the change needs to be a key focus at every level. Organisations looking to this technology to make an impact on their operations will need to restructure their investment and resourcing priorities, and do so as quickly as possible.

According to the Tech Council of Australia, a fast-paced adoption of generative AI presents the opportunity to add $115 billion to the Australian economy annually, as opposed to the $45 billion that a slow-paced adoption would net.

Support for integrating the technology company-wide needs to be particularly strong at an executive level. There must be budget alignment and a clear strategy that prioritises technology in order to benefit from generative AI’s strengths and insulate against its risks.

Ensuring your company is armed with the right tech solutions, such as enterprise-grade 5G Fixed Wireless connectivity, makes the difference with the pace of adoption. By arming businesses with a powerful, dynamic wireless network, Optus is helping them to get the most out of generative AI.

Further information

If you would like to continue this conversation further, please reach out to your Optus Account Manager, fill in the form below for a call back or phone 1800 555 937.