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The Value of Generative AI in Business: Unlocking New Possibilities

Summary

Generative AI, which uses algorithms to create original and creative content such as images, texts, or sounds, is a technology that holds immense potential for businesses. While the market initially experienced a phase of hype and questionable sales tactics surrounding […]

The Value of Generative AI in Business: Unlocking New Possibilities

Generative AI, which uses algorithms to create original and creative content such as images, texts, or sounds, is a technology that holds immense potential for businesses. While the market initially experienced a phase of hype and questionable sales tactics surrounding generative AI, it has now evolved into a demand for tangible results and real business value.

Recent research by McKinsey estimates that generative AI could add $2.6 to $4.4 trillion annually to the global economy in just 63 use cases analyzed by the consulting firm. To put this into perspective, the entire GDP of the United Kingdom in 2021 was $3.1 trillion.

SAP, a leading provider of business applications that store critical customer data, is uniquely positioned to deliver on the promises of generative AI. By combining customer data with the power of AI, SAP is able to truly transform the way businesses operate.

Here are some compelling examples of how SAP is already demonstrating the value of generative AI to its customers:

1. Supply Chain Automation:
SAP has integrated generative AI into its Transportation Management solution to expedite cargo verification and documentation for manufacturers. This automation replaces tedious manual tasks with a fast, automated, and fully digitized process. By reducing cargo processing time, this capability translates into real savings, delivering nearly a million dollars in annual savings at a single warehouse facility. Customers with multiple warehouses can achieve even greater savings.

2. Human Capital Management:
Delta Airlines is one of the companies leveraging SAP’s business AI to enhance its operations. By harnessing SAP SuccessFactors’ talent intelligence platform, Delta developed a generative AI tool that automatically converts general role descriptions into more accurate job requirements based on real employee and customer data. The program aims to align employee skills, career goals, and business needs. Delta has already surpassed its program goals, filling a quarter of its corporate and management positions with employees from other areas of the business, such as customer service roles. By using more accurate skill descriptions, they were also able to eliminate college degree requirements for jobs where they weren’t necessary. As a result, 90% of Delta Air Lines’ non-executive management positions no longer require a college degree.

3. Intelligent Billing Management:
Suppliers always face the risk of delayed payments from clients, which impacts liquidity planning and working capital requirements. SAP’s Collection Management for SAP S/4HANA intelligently analyzes historical data to identify customers and invoices with a higher risk of payment delays. This solution reduces costs associated with user provisioning, credit management, and collections. In one study, the solution enabled a consumer goods manufacturer with 30,000 employees to generate an additional $2.9 million in annual revenue.

4. Natural Language Quick Responses:
Time is money, and SAP’s generative AI co-pilot, Joule, helps customers save even more time. Joule is like tapping the shoulder of the smartest colleague to instantly get accurate information. Users can ask questions in plain language, and Joule extracts reliable and relevant information from SAP’s entire cloud portfolio, eliminating the need for manual information search. In a test with Joule, transactional data insights were achieved on average 10 minutes faster compared to manual search and analysis. This means more time for important tasks for users and translates into real enterprise-level resources and cost savings.

These examples represent just the beginning of the potential that generative AI holds for businesses. SAP has recently launched a range of AI innovations – from AI-infused coding tools to a unique platform for creating generative AI extensions and applications – empowering developers, the driving force behind the AI revolution, with the tools they need to transform business operations.

Who knows, soon it might be Joule tapping you on the shoulder and offering to help, saying, “Let me assist you!”

FAQ:

1. What is generative AI?
Generative AI is a technology that uses algorithms to create original and creative content, such as images, texts, or sounds.

2. What is the value of generative AI for businesses?
Generative AI can bring value to businesses through process automation, efficient resource utilization, improved operations, and increased productivity.

3. What are some concrete applications of generative AI?
Examples of generative AI applications include supply chain automation, human resource management enhancement, and intelligent billing management.

4. How does SAP utilize generative AI?
SAP delivers a wide range of business applications that combine customer data with the power of generative AI to transform the way businesses operate.

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