Traditionally, we have relied on highly specialized data scientists and engineers to build models in order to access the leading technologies on the market. However, over the past decade, technological breakthroughs like generative adversarial networks (GANs)(4), variational autoencoders (VAEs)(5), and transformers(6) have emerged. These breakthroughs enable machines to analyze text and other data in parallel, allowing them to understand context, much like humans do. They can create new information and learn from limited inputs. Thanks to these advancements, Generative AI tools have made these capabilities accessible through user-friendly interfaces, including intuitive language chatbots.
Through our survey, linked here, of over 225 US Executives, 65% surveyed believe Generative AI will have a big impact on their organization in the next three to five years, and 77% said it would have a larger impact on society than any other emerging technology during that time. 60% said they are a year or two away from implementing their first Generative AI solution.(3)
There is a first-mover advantage in the rapidly progressing field of Generative AI innovation. Successful organizations will gain a competitive edge by making confident decisions swiftly, while ensuring they take steps to manage risks and use AI responsibly.
When exploring Generative AI for your organization, it is important to consider how it fits into your company and what you're ready for. For many companies, Generative AI will be leveraged for cost takeout, increased productivity, and innovation. In this new frontier, legacy companies may struggle to compete with companies that are rapidly digitizing and adopting front-end Gen AI technologies.
Here at KPMG, we are committed to being an early adopter and innovator of Generative AI technology. We use it to enhance our own operations and to drive digital transformation in industries where our clients operate. As part of this commitment, we have already implemented AdvisoryGPT, an AI-powered writing assistant, to help our teams generate more accurate and strategic content. In fact, we co-wrote the first paragraph of this post with AdvisoryGPT!
We have also partnered with Microsoft to embed Generative AI throughout our operating model. Through these initiatives, we believe that we can drive greater value to our clients, as well as deliver innovative solutions that transform the way our organization operates.
At the forefront of this technology, KPMG expertise across disciplines empowers our team to create unique and effective solutions from opportunity identification to implementation, boosting efficiency gains, cost reduction, and effective innovation across your front office organization.
