The Data & AI

Revolution
Unlocking New Possibilities
Table of The Evolution of Data and AI: An Overview

Current Use-Cases of Data & AI Models Across

1

2-5

Contents Industries
BFSI

Healthcare

Retail

Professional Services

Automotive

Case Example: How Fintech Companies Utilize

Data and AI to Empower Underserved Populations

Case Example: IBM Transforming Tennis Data into

Captivating Fan Insights

The Total Economic Impact of AI 6

Generative AI and Its Endless Opportunities 7-8

Possibilities Across Business Functions 9-10

Sales and Marketing

Operations

IT/Engineering

Legal

Human Resources

Utility Employee Optimization

Security Risks Posed by Generative AI

Is Your Organization Ready to Gain the Most Out 11
of Data and AI Developments?

Ethical and Legal Considerations of Generative AI 12-13

Governance, Accountability, and Transparency: The
Three Keys for Seamless Adoption

Managing Ethical and Legal Risks in AI-Powered HR

Overcoming the Challenge of Limited Data in AI

Development

The Overarching Issue of Credibility

Other Issues

What Does It Take to Make the Leap to AI for 14-15

Growth and Profitability?

Generative AI’s Impact on Jobs 16-17

Impact of Job Roles

In-Demand Roles Within Data and AI

Three Pillars of Preparation: Potential, People, 18-19

and Policies

Conclusion 20
The Evolution of Data
and AI: An Overview
Data and artificial intelligence (AI) have
penetrated our lives, shaping how we work,
communicate, and interact with the world
around us. With AI going mainstream for a
while now, we are progressing at a breakneck
pace toward more incredible feats of this
technology.

Generative AI, for instance, is transforming

the creation of content, including text, images,
audio, video, and coding. The launching
of ChatGPT in November 2022 marked a
watershed moment in generative AI, paving
the way for new and exciting possibilities
across applications and industries.

In this ebook, we will dive into this field and

explore the immense potential data and AI hold
for businesses across various sectors. We will
delve into real-world use cases, highlighting
how organizations harness the power of data
and AI, optimize operations, drive innovation,
and create new revenue streams. We’ll round
off with AI’s impact on jobs and the economy
and what it takes to prepare the workforce for
the future.

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Current Use-Cases of Data & AI
Models Across Industries
Banking, Financial Services, and Insurance (BFSI)

In the BFSI industry, customers now have direct, secure access to personalized
information about their accounts, while banks and credit card firms use AI to detect
fraud and assess risk. Lenders rely on AI to make informed lending decisions in seconds
rather than days or weeks, and venture capital firms leverage AI for customized insights
and risk management. Robo-advisors automate trading and offer financial management
services through AI algorithms.

Healthcare

Medical professionals are harnessing the power of AI to improve diagnostic accuracy,

develop personalized treatment plans, and optimize healthcare operations. AI algorithms
analyze medical images and patient records to assist in the early detection of diseases,
predict patient outcomes, and recommend tailored treatment options – all of which
reduce the delays caused by waiting for human specialists to address these cases.

Retail

Retailers leverage data analytics to gain insights into customer behavior, preferences, and
purchase patterns. This information enables them to personalize marketing campaigns,
optimize inventory management, and enhance the overall customer experience. AI-
powered recommendation systems provide personalized product recommendations,
increasing customer engagement and driving sales.

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Professional Services

Professional services firms utilize data and AI models to streamline operations, enhance
decision-making, and deliver value-added services to clients. AI-powered data analytics
and machine learning algorithms assist in data processing, contract analysis, and risk
assessment, enabling professionals to focus on higher-value tasks.

Automotive Industry

The automotive industry is also undergoing a transformative shift with the integration of
data and AI, bringing the vision of self-driving cars into reality. AI-powered autonomous
vehicles are revolutionizing transportation, with advanced algorithms analyzing real-
time data from sensors and cameras to make split-second decisions. At the same time,
AI reduces delays and inefficiencies in the manufacturing process and supply chain.

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 Case Example:

How Fintech Companies Utilize Data

and AI to Empower Underserved
Populations
Fintech companies are utilizing data and AI to address the credit needs of underserved
populations. For instance, ZestMoney, a leading consumer lending fintech company in
India, leverages AI algorithms to extend credit instantly to over 300 million households
with limited access to formal financing options due to insufficient credit history. By
analyzing factors beyond traditional credit scores, ZestMoney’s innovative platform
utilizes mobile technology, digital banking, and AI to make life more affordable for
millions of Indian consumers.

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 Case Example:

IBM Transforming Tennis Data into

Captivating Fan Insights
IBM Consulting, serving as the official technology partner of the US Open, collaborates
closely with the United States Tennis Association (USTA) to leverage AI and automation
in transforming tennis data into captivating fan insights. The Power Index generates
predictive insights by quantifying over 25 factors, including performance metrics, court
surface, and media sentiment. AI-generated Match Insights with Watson Discovery
offer at-a-glance data and explain critical factors influencing win predictions. IBM’s AI
solutions extend beyond tennis, transforming data into insights across industries such
as finance, aviation, and healthcare.

From automating shop floors to optimizing processes, the potential of data and AI is
vast and continues to expand, shaping a future where organizations can unlock the full
potential of their data to drive growth and create value.

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The Total Economic Impact of AI
AI has the potential to make our lives easier and boost the global economy. Investing in
AI can improve how businesses work and increase their productivity.

There is a direct correlation between AI and economic growth. AI has the potential
to revolutionize industries and drive significant changes in the economy. Strategic
investments in AI technologies can unlock considerable gains in productivity and GDP
potential. Improved labor productivity, driven by AI augmentation and task automation,
will initially contribute to GDP growth. However, the real economic benefits will stem from
product enhancements, which will stimulate consumer demand through personalized,
attractive, and affordable offerings.

By 2030, according to PwC, around 45% of the total economic gains are projected
to come from these product enhancements. China and North America are expected
to experience the greatest economic gains, accounting for almost 70% of the global
impact. The total economic impact of AI could reach a staggering $15.7 trillion by 2030,
surpassing the combined output of China and India.

Businesses that harness the power of AI can position themselves for growth and
capitalize on its immense value potential.

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Generative AI and Its Endless
Opportunities
In 2023, the general interest in AI has
made a massive resurgence. This sudden
spike results from the evolution of
generative AI and its creative applications.
Generative AI tools like ChatGPT, DallE,
Bard, etc., can ‘create’ content that looks
surprisingly realistic (or human-made).
This act of ‘generating’ content like text
or images sets generative AI apart from
earlier forms of AI primarily designed to
classify or analyze existing data.
However, its potential goes far beyond
these applications. For instance, imagine
having a conversation about a company’s
performance with an AI agent. Instead
of running a report on sales in a specific
region for the last month, the AI agent
can maintain a conversational context
and provide deeper insights into the
problem. This represents a shift from
mere data retrieval to interactive and
meaningful analysis.

Generative AI uses algorithms that

generate content based on models of
the world, resulting in images, sounds,
and videos that are increasingly realistic.
When AI began to synthesize new
information, the whole world suddenly
took note again.

In many applications, generative AI

serves as a supportive tool rather than
taking center stage. For example, it can
enhance user interfaces or assist the
visually impaired by generating audio
descriptions.

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