Generative AI: Next Frontier for Competitive Advantage

Abstract

Generative artificial intelligence (GenAI) is one part of the diverse AI universe adapting to the growing needs in the business world. This adaptability covers other forms including images, writing codes, and further imitating emotional quotient as well as human-level creativity by implementing a toolkit called natural language processing (NLP), a monumental toolkit that equips the computers to understand, manipulate, and generate human-like language. This chapter explores how GenAI is impacting businesses and can use it to boost productivity to gain an advantage over their competition. To understand the opportunities and challenges posed by GenAI and to offer a new view, published literature as well as official reports by companies and government were studied. It is advised that the managers incorporate AI in their strategies not as mere IT but as a fundamental part of the company. Integrating GenAI will benefit companies by increasing their value proposition. Before the edge provided by GenAI becomes less distinct, businesses should adopt it to prevent themselves from lagging.