McKinsey and Company, in a June 2023 report, says that Generative AI is posed to unleash the next wave of productivity and estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases. Moreover, industry pundits pretty much agree that Generative AI will impact each and every vertical significantly. CXOs now know that Generative AI not only increases productivity and operational efficiency but is necessary for sustained competitive advantage. They have initiated projects with utmost urgency, allocated significant budgets and tasked talented people to make Generative AI a part of the company ethos. This is possibly the biggest, fastest and most widely applicable tectonic shift the world has seen.
MuckAI Girish writes: Rapid innovations over the past few years have yielded models and encodings that give data scientists enterprise grade software that can generate synthetic data to augment their dataset to make their models perform to their expectations. Synthetic data vests power in the hands of data scientists to align their models to achieve superior business outcomes – something much coveted by the senior leaders.