A new report by KPMG has shed light on the transformative power of Generative Artificial Intelligence (GenAI) is reshaping the corporate landscape.
A staggering 71% of industry leaders are harnessing data to drive decision-making, while 52% are leveraging GenAI for a competitive edge, and 47% are unlocking new revenue streams.
The future looks even brighter, with 83% of executives poised to ramp up GenAI investments over the next three years, and 78% expressing confidence in the return on investment (ROI) of these ventures.
Various sectors using GenAI
According to a Singapore Business Review report, GenAI’s tendrils are spreading across sectors, with industrial markets using it for inventory management (64%), healthcare and life sciences for document assessment (57%), and technology, media, and telecommunications for workflow automation (43%).
Financial services are tapping into AI for customer service and chatbots (30%), while consumer and retail sectors are following suit (19%). IT/Tech is utilizing AI for IT query support (45%), product development for design and prototyping (42%), marketing and sales for trend identification (41%), and operations for demand forecasting (39%).
Business expansions
The next three years will see a deeper integration of GenAI into business processes, with 61% of leaders planning to expand current initiatives and 55% aiming to introduce GenAI into new functions.
To fuel this expansion, 50% of businesses are considering leasing or buying AI services from vendors, 29% are exploring build, partner, and buy models, and 12% are opting to build in-house.
KPMG’s findings point to the strategic imperative of GenAI in driving revenue growth and productivity, signaling a new era of innovation and competition in the business world.
What about SMEs, is GenAI useful?
The explosion of generative AI is nothing short of astonishing. Bloomberg predicts it could swell into a $1.3 trillion behemoth by 2032, with its potential spanning across industries.
This AI revolution is poised to propel small and medium-sized enterprises (SMEs) into new markets with unprecedented ease, overcoming language and compliance hurdles that often strain their budgets.
But how will the AI surge revolutionize international expansion for SMEs and startups?
Localized Efficiency Unleashed
Venturing into new territories requires SMEs to navigate unfamiliar cultures, regulations, and languages. Natural language processing (NLP) – an AI marvel – is here to simplify localization. It translates texts, pre-translates content, ensures quality, and streamlines reviews, breaking down barriers for businesses of all sizes.
NLP is already making waves, with Noor, developed by the Technology Innovation Institute of Abu Dhabi, leading the charge in unlocking new markets. Meanwhile, Centuro Global, an AI platform backed by $3.3 million from Mercia, is making expansion into 150 countries a breeze.
Culturally-Savvy Marketing
Generative AI is also set to revolutionize marketing, enabling businesses to connect with global audiences on a deeper level. It swiftly crafts sophisticated multimedia content, translating marketing materials into various languages and tailoring messages to resonate with cultural nuances.
This cultural adaptation in marketing materials helps businesses forge stronger connections with international customers, building brand awareness and loyalty without the hefty price tag of traditional international marketing campaigns.
Human-Centric Expansion
AI is transforming HR in international businesses. Payroll systems are being automated, with predictive modeling and analytics forecasting staffing costs and customizing benefits for overseas employees.
Machine learning algorithms within AI systems can detect employee fraud and payroll anomalies, ensuring that HR operations remain efficient and secure.
For SMEs, the allure of international expansion includes the opportunity to hire talent with more competitive salary expectations, further fueling growth and innovation.