AWS Sees Big Opportunity in How Businesses Will Use Gen AI

Amazon Web Services (AWS) sees a large opportunity in how businesses will use generative artificial intelligence (Gen AI), according to Deirdre Toner, managing director of worldwide data at AWS.

“A lot of attention has been given to how consumers are using generative AI,” she said Jan. 31, during the “AWS reInvent Recap: Best of Generative AI Live” webinar.

But she was quick to add: “I  think there’s even a bigger opportunity in how businesses will use it to deliver amazing experiences for their customers and employees.”

Meanwhile, the “true power of generative AI goes beyond a search engine or a chatbot,” according to Toner, who predicted the technology “will transform every aspect of how companies and organisations operate.”

She started off with what she called a “quick dive into the business impact of generative AI and how it’s going to reshape the economy over the next few years.”

Analysts estimate generative AI will increase the global GDP by $7 trillion over the next 10 years, and about 66% of all U. S. and EU jobs will be directly impacted by it, she said.

The generative AI market is expected to reach over $100 billion by 2030, she said. “That’s why 80 percent of current AI research is focused on generative AI and also why we hear from customers that they want to go fast and leverage their data to differentiate their business with AI.”

The fact of the matter is that Gen AI has “taken the world by storm because, via consumer-facing applications like ChatGPT, we’ve been able to experience how powerful the latest machine learning models have become,” she told viewers.

She added: “It’s important to note that at its core, generative AI is leveraging the latest advances in machine learning. Amazon and AWS have been working on AI and ML for more than 20 years. It’s part of Amazon’s heritage, ethos, and future.”

Gen AI use cases “can be grouped based on who benefits” from the technology, between “your customers, your employees, or even your business processes, she went on to say.

“Generative AI can be used to create new customer experiences through chatbots and virtual assistants,” she noted. It can also be used to “summarise and extract key insights from customer conversations online or in the contact centre,  or to create hyper personalised communications and campaigns,” she pointed out.

Gen AI can also be used to “boost your employees’ productivity and creativity through employee assistance that can discover content, summarise it, extract key insights, and generate new content,” she added. It can also be used to generate code or create customised reports.

Last, she said, “generative AI can be used to augment and optimise back end processes, like document processing, fraud detection and cybersecurity, process optimisation,  and for data augmentation by generating synthetic data.”

Although gen AI is “happening everywhere, there are specific industries that are meaningfully impacted, with use cases” that include healthcare, where the technology can be used to “automatically create transcripts, extract key details and create summaries from clinician patient interactions,” she said.

In product design, meanwhile, Gen AI “can be used to create new product designs based on set parameters and constraints,” she said. It can also “generate multiple design options and optimise for factors like cost, materials” and performance, she said.